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The Continental Congress issued paper money (called Continental Notes) to fund the Revolutionary War. This caused major inflation and devaluation because the notes weren’t backed by gold or silver.

Fact: Continental Notes became nearly worthless after the war, leading to the phrase "not worth a Continental."

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1791 – First Bank of the United States Established

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1791 – First Bank of the United States Established

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The First Bank was created by Congress under President George Washington to help stabilize the U.S. economy and manage national debt. It was based on the Bank of England and served as a central bank, but was facing problems.

Fact:Alexander Hamilton, the first Secretary of the Treasury for the First Bank.

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1816 – Second Bank of the United States Established

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1816 – Second Bank of the United States Established

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The Second Bank of the United States was set up to fix economic problems after the War of 1812. It was meant to control the currency and help manage the increasing national debt.

Fact: The Second Bank was important to the U.S. economy until President Andrew Jackson blocked its renewal.

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1832 – Veto of the Bank’s Recharter by President Andrew Jackson

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1832 – Veto of the Bank’s Recharter by President Andrew Jackson

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President Andrew Jackson vetoed the renewal of the Second Bank, worrying about too much financial power being concentrated in one place. This sparked the "Bank War," where Jackson's support for the common people led to the bank's downfall.

Fact: Jackson’s actions resulted in the "free banking era," where state-approved banks replaced the federal bank.

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1836 – End of the Second Bank of the United States

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1836 – End of the Second Bank of the United States

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The Second Bank's charter expired in 1836, finally coming to an end. After that, the U.S. entered the "Free Banking Era," where state-approved banks operated without a central bank.

Fact: During this period, banking practices varied widely from state to state, leading to financial instability.

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 1863-1864 – National Banking Acts Passed

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 1863-1864 – National Banking Acts Passed

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The National Banking Acts of 1863 and 1864 set up national banks, created a standard currency and established a national banking system. It also led to the creation of the Office of the Comptroller of the Currency

fact: The National Banking Act was an important move in making the U.S. money system, which led to the creation of a national currency.

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The Federal Reserve System was created after the Panic of 1907. The Federal Reserve Act made the Fed the central bank of the U.S. to help stabilize the banking system and control the money supply.

Fact: The Federal Reserve is the central bank system that controls monetary policy, which includes setting interest rates and regulating the money supply.

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This act split commercial and investment banking to stop risky financial bets and protect depositors. It also set up the Federal Deposit Insurance Corporation (FDIC) to insure people's bank deposits.

Facts: The Glass-Steagall Act was repealed in 1999, leading to the re-merger of commercial and investment banking.

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The Gold Reserve Act moved all gold to the U.S. Treasury and banned private ownership of gold. This helped make the dollar the world's main reserve currency, backed by gold.

Fact: This act was part of the government's plan to fix the economy during the Great Depression.

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The Bretton Woods Agreement made the U.S. dollar the main global currency, tied to gold, and created the IMF and World Bank.

Fact:The Bretton Woods system collapsed in 1971 when the U.S. moved off the gold standard.

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President Nixon declared that the dollar would no longer be convertible into gold, ending the Bretton Woods system and switching the U.S. to a fiat currency system.

Fact:This was a big change in global finance, as currencies around the world became less linked to physical things like gold.

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1980 – Deregulation and Monetary Control Act

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1980 – Deregulation and Monetary Control Act

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This act expanded the Federal Reserve’s control over non-member banks and deregulated interest rates on savings accounts.

Fact: The act helped shape today's banking system, particularly when it comes to interest rates and banks that aren't part of the system.

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 1999 – Repeal of Glass-Steagall Act (Gramm-Leach-Bliley Act)

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 1999 – Repeal of Glass-Steagall Act (Gramm-Leach-Bliley Act)

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The Gramm-Leach-Bliley Act got rid of the Glass-Steagall Act, allowing commercial and investment banks to merge and work together, changing how financial institutions were structured.

Fact: The repeal of Glass-Steagall was one of the reasons behind the 2008 financial crisis, as banks grew "too big to fail."