2099History of Banking Timeline Project by Angely Dagio Flores

1791 – First Bank of the United States Established

adagio207958 — 2024-12-06 17:32:46 UTC

The First Bank of the U.S. was chartered to manage debt and stabilize the national economy.

1816 – Second Bank of the United States Established

adagio207958 — 2024-12-06 17:35:49 UTC

Created to address economic challenges after the War of 1812, the Second Bank aimed to provide a more stable financial system

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

adagio207958 — 2024-12-06 17:36:44 UTC

President Andrew Jackson vetoed the recharter of the Second Bank, initiating the "Bank War" and leading to its eventual demise

1836 – End of the Second Bank of the United States

adagio207958 — 2024-12-06 17:38:11 UTC

The charter of the Second Bank expired, ushering in the "Free Banking Era," where state-chartered banks dominated

1816 – Second Bank of the United States Established

adagio207958 — 2024-12-06 17:39:22 UTC

National Banking Acts Passed

These acts created a system of national banks, regulated the issuance of banknotes, and established the Office of the Comptroller of the Currency.

1913 – Federal Reserve Act Passed

adagio207958 — 2024-12-06 21:05:52 UTC

The Federal Reserve System was established to provide a centralized banking structure and help prevent financial panics.

1933 – Glass-Steagall Act Enacted

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The Glass-Steagall Act separated commercial banking from investment banking and established the Federal Deposit Insurance Corporation (FDIC) to protect depositors.

1934 – Gold Reserve Act Passed

adagio207958 — 2024-12-06 21:08:32 UTC

This act transferred all gold ownership to the U.S. Treasury and prohibited private gold ownership, cementing the use of fiat currency.

1944 – Bretton Woods Agreement Signed

adagio207958 — 2024-12-06 21:09:21 UTC

The U.S. dollar became the world's primary reserve currency, pegged to gold, and the International Monetary Fund (IMF) and World Bank were established

1971 – End of the Gold Standard

adagio207958 — 2024-12-06 21:10:35 UTC

President Nixon announced the suspension of the dollar’s convertibility into gold, ending the Bretton Woods system and solidifying fiat currency

1980 – Deregulation and Monetary Control Act

adagio207958 — 2024-12-06 21:12:10 UTC

The Act expanded the Federal Reserve’s control over non-member banks and deregulated interest rates on savings accounts

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

adagio207958 — 2024-12-06 21:15:45 UTC

The repeal of Glass-Steagall allowed commercial and investment banks to consolidate, altering the structure of financial institutions.