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Published byLaureen Dinah Curtis Modified over 8 years ago
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1775-1791: First paper money - "continentals"
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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
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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.
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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.
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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
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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
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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.
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