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In 1791, Congress gave the Bank of the Untied States or "First Bank", a 20 year charter. The Bank had not yet made a fiscal policy but due to the size of the bank it wielded great influence.

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Congress opted not to renew the bank's charter when it expired

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The Second Bank was established to stabilize the country's economy. It served the same purpose as the First Bank and was also given a charter.

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the bank war developed over the issue of rechartering the second bank of the U.S

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Banks in New York City run out of gold and silver, immediately suspending specie payments.

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United States federal banking established a system of national banks chartered at the federal level, and created the United States National Banking System.

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Congress amends the National Bank Act in order to form national banks in small towns.

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what was called "The Panic of 1907" was a financial crisis set off by a series of bad banking decisions due to the public distrust of the banking systems.

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A build up of excessive speculative investment built on loose monetary policy caused a major panic in the US.

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the Senate passes the Federal Reserve Act due to the havoc of "the panic of 1907"

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People start withdrawing money from banks and keeping it at home. The Emergency Banking Act is passed.