Banking in the United States | Civics: Links to History
Updated July 22, 2020 | Infoplease Staff
Links to History: Banking in the United States
- 1781 The first U.S. commerical bank is incorporated in Philadelphia, the Bank of North America.
- 1791 The First Bank of the United States is chartered.
- 1869 A severe financial panic sweeps the nation, reaching its peak on Sept. 24, which becomes known as Black Friday.
- 1900 The United States adopts the gold standard. U.S. currency is equal to and exchangeable for gold.
- 1913 The Federal Reserve System is created.
- 1929 The stock market crashes on October 24, and becomes known as “Black Thursday.”
- 1930-33 The Great Depression begins. Nearly 10,000 banks fail.
- 1933 The Federal Deposit Insurance Corporation (FDIC) is established to protect deposits against bank failure. The United States ends the domestic gold standard. U.S. currency is no longer equal to or exchangeable for gold.
- 1935 Federal Reserve Board becomes the Board of Governors, membership terms are set at 14 years.
- 1958 Bank of America issued the BankAmericard (now Visa), the first bank credit card.
- 1969 The first automated teller machine (ATM) begins operating in Rockville Centre, N.Y.
- 1980 Massive failures of savings and loan associations begin. By the end of the decade, more than 500 are shut down.
- 1987 Alan Greenspan becomes chair of the board of Governors of the Federal Reserve.
- 1997 More than 160,000 automated teller machines (ATMs) are operating across the United States.
- 1998 More than 73 million debit cards have been issued in the United States.
- 2003 New $20 bill featuring background colors and improved security features is issued. A new $50 bill follows in 2004.