7.3 The History of American Banking

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Notes

1791: Congress chartered the First Bank of the United States, backed by Treasury Secretary Alexander Hamilton. Its charter expired in 1811.
1816: the Second Bank of the United States was chartered. President Andrew Jackson opposed it and vetoed its recharter in 1832.
From 1837 to 1863, state-chartered banks issued their own paper money, and many failed. National Banking Acts (1863 and 1864) created nationally chartered banks and a uniform national currency.
After the Panic of 1907, Congress passed the Federal Reserve Act (1913), creating the Federal Reserve as the nation's central bank.
During the Great Depression, thousands of banks failed in bank runs. The Banking Act of 1933 created the FDIC, which insures bank deposits up to a set limit so depositors do not lose their money if a bank fails.
In the 1980s, many savings and loan institutions failed. In 2008, a financial crisis led to large government rescues and new rules, including the Dodd-Frank Act (2010).

Which leader opposed the Second Bank of the United States and vetoed its recharter?

The FDIC was created during the Great Depression to:

Which event led most directly to the creation of the Federal Reserve in 1913?