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Was the creation of the US bank.

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Congress refused to renew the US bank charter, so the number of state owned banks increased.

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Creation of the second US bank. However, many thought that it favored the rich.

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President Jackson didnt renew the second US bank because it was biased towards the wealthy, so he reinvested its money into smaller state banks.

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These state banks were careless and gave out risky loans, so before long an economic crisis occured.

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US civil war happened, and both sides created unique currencies. The north used greenbacks, which were a fiat currency. Many people were worried about how it would work. On the other hand, the confederate banks failed because of the rapid production of money.

The government had now set up a new National bank.

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US inacted the gold standard act so that money would become more trustworthy, and it could prevent rapid inflation by having a standard.

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People started losing trust in banks after they gave out too many loans. Eventaully, the banks didnt have enough cash to pay investors.

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Created National Monetary Commision to help prevent the Bank run from occuring again.

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Created the first true central bank. All banks must meet requirements set up by the Fed Res. System.

Also created the Federal Reserve Notes, which is also the same currency that we use today.

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Created the 250000 dollar rule for bank failure, and created more inspections after the depression.