2.  1775-1791: First paper money - "continentals"

3. 1791-1811: First Attempt at Central Banking  Alexander Hamilton 1791- First Bank of the United States  1863:National Banking Act  1873-1907: Financial Panics Prevail  1907: A Very Bad Year

4.  1913: The Federal Reserve System is Born  December 23, 1913- President Woodrow Wilson signed the Federal Reserve Act into law  a decentralized central bank that balanced the competing interests of private banks and populist sentiment.

5. 1920s: The Beginning of Open Market Operations  Benjamin Strong, head of the New York Fed from 1914 to his death in 1928  Gold no longer served as the central factor in controlling credit.  promoting relations with other central banks, especially the Bank of England.

6. 1929-1933: The Market Crash and the Great Depression  October 1929-worst depression in its history, stock market crashed  From 1930 to 1933, nearly 10,000 banks failed  Glass-Steagall Act- separation of commercial and investment banking

7.  1970s-1980s: Inflation and Deflation - The federal deficit more than doubled -Paul Volcker -Fed chairman, brought double-digit inflation under control.  1990s: The Longest Economic Expansion -October 19, 1987 : the stock market crashed -The expansion came to close in March 2001, followed by a short shallow recession in November 2001  September 2007- subrime crisis

8. Conclusion  The tools have changed, but for the OCC, the basic mission remains the same as in the days of Lincoln: to ensure a safe, sound, and competitive national banking system that supports the citizens, communities, and economy of the United States.