Answer:
Tom Vartanian, Bob Ledig and Lynn Bruneau's book, 21st Century Money, Banking and Commerce has an excellent chapter on the Business of Banking in the US. In 1781 the Continental Congress authorized the creation of the Bank of North America. The First Bank of the United States received a 20-year charter from Congress ten years later, in 1791. It wasn't until the late 1830's when state banks began to be chartered. In 1864, the National Currency Act was enacted. This law provided for the Comptroller of the Currency to establish national bank of examiners to oversee and supervise the activities of national banks. The Federal Reserve Act enacted in 1913 produced the Federal Reserve System. The Banking Act of 1935 changed the name to the Board of Governors of the Federal Reserve System. The FDIC was established in 1933 through an amendment of the Federal Reserve Act passed by Congress as the Banking Act of 1933.
First published on BankersOnline.com 12/1/03
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