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1690 - 1776: Colonial Money and Banking 

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1690 - 1776: Colonial Money and Banking 

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Shift from using European coins, barter, and commodity money to colonies minting coins and issuing paper money backed by land or precious metals; credit provided by merchants and individuals, not banks.

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After War of Independence, controversial efforts to create a federal bank to provide credit to government and businesses, and to establish a national currency; First Bank of the United States (1791-1811) and Second Bank of the United States (1816-1836) were created, but each was not re-chartered.

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American banking consisted of state-chartered banks without federal regulation (by 1860, an estimated 8,000 state banks issuing own notes); National Banking Act of 1863 ended Free Banking Era by establishing a national banking system and a uniform national currency backed by federal government bonds.

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1873 - 1913: Financial Panics and the Creation of the Federal Reserve 

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1873 - 1913: Financial Panics and the Creation of the Federal Reserve 

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Country still plagued by bank panics even after a national currency and banking system was established; Federal Reserve System created in 1913 as nation’s central bank to provide a flexible supply of currency to meet changing demand

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Longest and deepest economic downturn in U.S. history and a collapse of the banking system; banking reform established deposit insurance and created the FDIC and created the modern structure of the Federal Reserve’s monetary policymaking body.

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Persistently high inflation rates caused major U.S. economic disruption; reforms to the Federal Reserve made price stability an explicit national policy goal.

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Period of low, stable inflation and long economic expansion; financial system changes included consolidation in the banking industry and integration of financial services; technological advances in methods of payments.

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2007 - present: Great Recession and Aftermath 

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2007 - present: Great Recession and Aftermath 

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Significant economic downturn precipitated by severe financial crisis; subsequent wide-ranging financial reform (Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010) aimed at increasing the stability of the financial system