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Pivotal Events: Recessions, Social Challenges & WarsPivotal Events: Recessions, Social Challenges & Wars1421 1422 1423 1424 1425 1426 1427 1428 1429 1430 1431 1432 1433 1434 1435 1436 1437 1438 1439 1440 1441 1442 1443 1444 1445 1446 1447 1448 1449 1450 1451 1452 1453 1454 1455 1456 1457 1458 1459 1460 1461 1462 1463 1464 1465 1466 1467 1468 1469 1470 1471 1472 1473 1474 1475 1476 1477 1478 1479 1480 1481 1482 1483 1484 1485 1486 1487 1488 1489 1490 1491 1492 1493 1494 1495 1496 1497 1498 1499 1500 1501 1502 1503 1504 1505 1506 1507 1508 1509 1510 1511 1512 1513 1514 1515 1516 1517 1518 1519 1520 1521 1522 1523 1524 1525 1526 1527 1528 1529 1530 1531 1532 1533 1534 1535 1536 1537 1538 1539 1540 1541 1542 1543 1544 1545 1546 1547 1548 1549 1550 1551 1552 1553 1554 1555 1556 1557 1558 1559 1560 1561 1562 1563 1564 1565 1566 1567 1568 1569 1570 1571 1572 1573 1574 1575 1576 1577 1578 1579 1580 1581 1582 1583 1584 1585 1586 1587 1588 1589 1590 1591 1592 1593 1594 1595 1596 1597 1598 1599 1600 1601 1602 1603 1604 1605 1606 1607 1608 1609 1610 1611 1612 1613 1614 1615 1616 1617 1618 1619 1620 1621 1622 1623 1624 1625 1626 1627 1628 1629 1630 1631 1632 1633 1634 1635 1636 1637 1638 1639 1640 1641 1642 1643 1644 1645 1646 1647 1648 1649 1650 1651 1652 1653 1654 1655 1656 1657 1658 1659 1660 1661 1662 1663 1664 1665 1666 1667 1668 1669 1670 1671 1672 1673 1674 1675 1676 1677 1678 1679 1680 1681 1682 1683 1684 1685 1686 1687 1688 1689 1690 1691 1692 1693 1694 1695 1696 1697 1698 1699 1700 1701 1702 1703 1704 1705 1706 1707 1708 1709 1710 1711 1712 1713 1714 1715 1716 1717 1718 1719 1720 1721 1722 1723 1724 1725 1726 1727 1728 1729 1730 1731 1732 1733 1734 1735 1736 1737 1738 1739 1740 1741 1742 1743 1744 1745 1746 1747 1748 1749 1750 1751 1752 1753 1754 1755 1756 1757 1758 1759 1760 1761 1762 1763 1764 1765 1766 1767 1768 1769 1770 1771 1772 1773 1774 1775 1776 1777 1778 1779 1780 1781 1782 1783 1784 1785 1786 1787 1788 1789 1790 1791 1792 1793 1794 1795 1796 1797 1798 1799 1800 1801 1802 1803 1804 1805 1806 1807 1808 1809 1810 1811 1812 1813 1814 1815 1816 1817 1818 1819 1820 1821 1822 1823 1824 1825 1826 1827 1828 1829 1830 1831 1832 1833 1834 1835 1836 1837 1838 1839 1840 1841 1842 1843 1844 1845 1846 1847 1848 1849 1850 1851 1852 1853 1854 1855 1856 1857 1858 1859 1860 1861 1862 1863 1864 1865 1866 1867 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1892 1893 1894 1895 1896 1897 1898 1899 1900 1901 1902 1903 1904 1905 1906 1907 1908 1909 1910 1911 1912 1913 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Bernard Madoff Ponzi Scheme RevealedFraud/loss to investors $10-17 Billion
Economic ContractionApril 1865 – December 1867
First Hebrew Free Loan Society forms in AmericaMicrofinance for immigrant & indigent to build working lives
National Banks issue "emergency currency" unbacked by banks' depositing US Government Bonds as collateralAt outset of WWI, avoids money supply shrinking due to foreign withdrawals from U.S. stock market & banks
Long Term Capital Management collapsesFederal Reserve organizes $.6 billion bailout
Economic ContractionAugust 1918 – March 1919
Economic ContractionJanuary 1913 – December 1914
Allen Stanford 20 year Ponzi Scheme revealed$7 Billion Loss to Investors
Economic ContractionJanuary 1893 – June 1894
Bay of Pigs Invasion vs. CubaApril 1961
Second Coalition Invasion of IraqMarch–May 2003
UBS Rogue Trader in London$2 Billion Loss
Economic ContractionAugust 1957 – April 1958
Galleon's Raj Rajaratnam arrested on insider trading chargesformer hedge fund manager
$35 Million Golden Gate Bridge Bonds Issued locally (without Wall Street)approved by voters in SF & Marin Counties in depths of the Great Depression
CERES launches to rank Corporate Environmental PerformanceBegins era of Shareholder Activism
Cuban Missile CrisisOctober 1962
World Trade Center Terrorist AttacksSeptember 2001
Quakers ban slave trade of buying/selling humansStart of Quaker leadership in SRI: Socially Responsible Investing
Creek War vs. Creek IndiansJanuary 1813 – January 1814
Spanish-American War vs. SpainApril–August 1898
Economic ContractionJuly 1990 – March 1991
Queen Anne's War of Spanish Succession vs. FranceJanuary 1702 – January 1713
Bankers' Panic of 1907 & J.P. Morgan Intervenescreated impetus for U.S. to form a Central Bank
King George's War (War of Austrian Succession) vs. FranceJanuary 1744 – January 1748
Economic ContractionNovember 1948 – October 1949
Golden Gate Bridge Completed in 4 years $1.3 million under $35 million budget
Economic ContractionOctober 1860 – June 1861
Enron Accounting Scandal & BankruptcyLeads to Sarbanes Oxley
Admiral Zheng He explores Pacific Trade Routeson behalf of the Ming Dynasty in China
Panic of 1873 triggering Global DepressionIn U.S., 115 railroads bankrupt, thousands of businesses failed
World War I vs. Germany, Italy, and Austria-HungaryJuly 1914 – November 1918
"Black Thursday" - "Black Tuesday" Wall Street Stocks fall 31%over 4 trading days, in 2 weeks (Nov13) lose 48% of Sept 1929 high
King William's War vs. FranceJanuary 1688 – January 1697
Economic ContractionJuly 1890 – May 1891
Economic ContractionDecember 2007 – June 2009
World War II vs. Germany, Italy & JapanJanuary 1939 – January 1945
American Revolution vs. Great BritainJanuary 1775 – January 1783
Economic ContractionMarch 1882 – May 1885
War of Texas Independence vs. MexicoJanuary 1836
Economic ContractionNovember 1973 – March 1975
French and Indian War (Seven Years War) vs. Great BritainJanuary 1754 – January 1763
Pax World Fund launched as first SRI Fund opposed to Vietnam War, weapons, tobacco, alcohol, or gambling
Barbary Coast Wars vs. Morocco, Algiers, Tunis, and TripoliJanuary 1801 – January 1805
Economic ContractionMay 1907 – June 1908
Invasion of GrenadaOctober 1983
Christopher Columbus "discovers" North AmericaJanuary 1492 – January 1493
Martin Luther King "Operation Breadbasket"Boycotted businesses that discriminated in hiring or serving Negroes
Philippine-American War vs. PhilippinesJune 1899 – July 1902
Cold War with USSRJanuary 1947 – January 1991
Economic ContractionPart of Global Long Depression
Benevolent & Family Assns consolidate as Chinese Six Companies in San FranciscoInformal banks & advocates for immigrant family businesses
King Philip's War vs. Native American Indian TribesJuly 1675 – August 1676
Economic ContractionJanuary–July 1980
Barclays Bank manipulation of LIBOR revealed in LondonJune 2012
Vietnam War vs. No. VietnamJanuary 1960 – January 1975
Saddam Hussein captured, tried & executedDecember 2003 – December 2006
Persian Gulf War vs. IraqAugust 1990 – February 1991
Panic of 1893 triggers Depression - 500 banks & 15,000 businesses failFree Silver movement required U.S. buy silver, inflating price
Economic ContractionFebruary–October 1945
War of 1812 vs. Great BritainJanuary 1812 – January 1815
John F. Kennedy AssassinatedNovember 1963
Economic ContractionDecember 1895 – June 1897
Second Hebrew Free Loan Society in Americaformed in New York City
U.S. Civil War vs. ConfederacyApril 1861 – May 1865
Mexican-American WarApril 1846 – February 1848
Franco-American Naval War vs. FranceJanuary 1798 – January 1800
Economic ContractionJune 1899 – December 1900
A.P. Giannini's Bank of America responds to 1906 Earthquake in San FranciscoApril 1906
EXXON Valdez Oil Spill in Prince William Sound, AlaskaActivates Environmentally-conscious investment & lending
VP Al Gore's Inconvenient Truth premiers at Sundance Film FestivalDraws focus to Climate Change
Economic Contraction - Great DepressionAugust 1929 – March 1933
John Wesley, founder of Methodists "Use of Money" SermonBans participating in abusive commerce
Economic ContractionJanuary 1910 – January 1912
Korean War vs. No. Korea & ChinaJune 1950 – July 1953
Economic ContractionMay 1923 – July 1924
MERS & Foreclosure Irregularities revealed Subprime lenders took shortcuts in wake of housing bubble bursting
Economic ContractionMay 1937 – June 1938
Economic ContractionJune 1869 – December 1870
Bosnian WarApril 1992 – December 1995
Economic ContractionApril 1960 – February 1961
JP Morgan Chase CDS Credit Default Swap Losses in London revealedEstimated loss $2 - 9 Billion
Panic of 1857 triggered by Peel Bank Charter Act in UKOctober 1857 – January 1858
Economic ContractionMarch–November 2001
Coaliion Invasion of AfghanistanOctober 2001 – August 2012 BP's Deepwater Horizon Oil Spill in Gulf of Mexico
Propels search for cleaner energy
Chinese immigrants 10,000 "recruited" to build railroadsNaturalization Act of 1870: Ineligible for citizenship until 1943
Economic ContractionDecember 1969 – November 1970
Economic ContractionJune 1857 – December 1858
Economic ContractionJuly 1981 – November 1982
Anglo-Cherokee War vs. Cherokee Indian TribeJanuary 1758 – January 1761
Economic ContractionJuly 1953 – May 1954
America's First Bank Robbery, in PhiladelphiaJuly 1798
Lehman Brothers declares bankruptcystemming from subprime lending
Economic ContractionJanuary 1920 – July 1921
Fed Chairman Alan Greenspan's Irrational Exuberance SpeachPredicted Dot.com boom & bust.
Economic ContractionMarch 1887 – April 1888
Economic ContractionOctober 1926 – November 1927
Savings & Loan Crisis - 747 of 3,234 S&Ls fail in USKeating 5 accused of blocking FHLBB action against Lincoln Savings
Economic ContractionSeptember 1902 – August 1904
AIG downgraded & bailed out by Federal Reserve$182 Billion in government supports provided
John F. Kennedy sets goal of landing man on moonSpace Race begins
US Invasion of PanamaDecember 1989 – January 1990
Internet "Dot.Com" BuubbleJanuary 1995 – March 2000
Bear Stearns hastily merged into JP Morgan Chasea subprime mortgage hedge fund dealer Legislative History: Bank & Economic ResponsesLegislative History: Bank & Economic Responses
1421 1422 1423 1424 1425 1426 1427 1428 1429 1430 1431 1432 1433 1434 1435 1436 1437 1438 1439 1440 1441 1442 1443 1444 1445 1446 1447 1448 1449 1450 1451 1452 1453 1454 1455 1456 1457 1458 1459 1460 1461 1462 1463 1464 1465 1466 1467 1468 1469 1470 1471 1472 1473 1474 1475 1476 1477 1478 1479 1480 1481 1482 1483 1484 1485 1486 1487 1488 1489 1490 1491 1492 1493 1494 1495 1496 1497 1498 1499 1500 1501 1502 1503 1504 1505 1506 1507 1508 1509 1510 1511 1512 1513 1514 1515 1516 1517 1518 1519 1520 1521 1522 1523 1524 1525 1526 1527 1528 1529 1530 1531 1532 1533 1534 1535 1536 1537 1538 1539 1540 1541 1542 1543 1544 1545 1546 1547 1548 1549 1550 1551 1552 1553 1554 1555 1556 1557 1558 1559 1560 1561 1562 1563 1564 1565 1566 1567 1568 1569 1570 1571 1572 1573 1574 1575 1576 1577 1578 1579 1580 1581 1582 1583 1584 1585 1586 1587 1588 1589 1590 1591 1592 1593 1594 1595 1596 1597 1598 1599 1600 1601 1602 1603 1604 1605 1606 1607 1608 1609 1610 1611 1612 1613 1614 1615 1616 1617 1618 1619 1620 1621 1622 1623 1624 1625 1626 1627 1628 1629 1630 1631 1632 1633 1634 1635 1636 1637 1638 1639 1640 1641 1642 1643 1644 1645 1646 1647 1648 1649 1650 1651 1652 1653 1654 1655 1656 1657 1658 1659 1660 1661 1662 1663 1664 1665 1666 1667 1668 1669 1670 1671 1672 1673 1674 1675 1676 1677 1678 1679 1680 1681 1682 1683 1684 1685 1686 1687 1688 1689 1690 1691 1692 1693 1694 1695 1696 1697 1698 1699 1700 1701 1702 1703 1704 1705 1706 1707 1708 1709 1710 1711 1712 1713 1714 1715 1716 1717 1718 1719 1720 1721 1722 1723 1724 1725 1726 1727 1728 1729 1730 1731 1732 1733 1734 1735 1736 1737 1738 1739 1740 1741 1742 1743 1744 1745 1746 1747 1748 1749 1750 1751 1752 1753 1754 1755 1756 1757 1758 1759 1760 1761 1762 1763 1764 1765 1766 1767 1768 1769 1770 1771 1772 1773 1774 1775 1776 1777 1778 1779 1780 1781 1782 1783 1784 1785 1786 1787 1788 1789 1790 1791 1792 1793 1794 1795 1796 1797 1798 1799 1800 1801 1802 1803 1804 1805 1806 1807 1808 1809 1810 1811 1812 1813 1814 1815 1816 1817 1818 1819 1820 1821 1822 1823 1824 1825 1826 1827 1828 1829 1830 1831 1832 1833 1834 1835 1836 1837 1838 1839 1840 1841 1842 1843 1844 1845 1846 1847 1848 1849 1850 1851 1852 1853 1854 1855 1856 1857 1858 1859 1860 1861 1862 1863 1864 1865 1866 1867 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1892 1893 1894 1895 1896 1897 1898 1899 1900 1901 1902 1903 1904 1905 1906 1907 1908 1909 1910 1911 1912 1913 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Aldrich–Vreeland Act of 1908 - let National Banks issue Currencyformed National Monetary Commission to reform banking after Panic of 1907
Glass-Steagall Act Separates commercial from investment bankingFDIC created as temporary agency
Garn-St. Germain Depository Institutions Act of 1982To revitalize housing industry, deregulated Savings & Loans, authorized ARM mortgages
Bank Secrecy Act of 1970Requires banks to report fund transfers exceeding $10,000
Massachusetts poundJanuary 1690 – January 1790
Sarbanes-Oxley Act of 2002Bans conflicts of interest for public company auditing firms
Equal Credit Opportunity ActBanned discrimination in consumer credit decisions
First Bank of the United StatesFebruary 1791 – February 1811
New Hampshire poundJanuary 1709 – January 1790
Fourth Coinage Act of 1857Outlawed use of Spanish, British & other foreign currency International Banking Act of 1978
Brought foreign banks under US regulatory control & required deposit insurance
Real Estate Settlement Procedures Act of 1974 HUD-protection of homebuyers & borrowings
New York poundJanuary 1709 – January 1790
North Carolina poundJanuary 1712 – January 1790
Fair and Accurate Credit Transactions Act of 2003Regulates national consumer credit reporting bureaus & processes
QE 3: Operation Twist - Fed swaps $400 Billion in TreasuriesSeptember 2011
Declaration of IndependenceJuly 1776
Liberty Bonds issued to pay for World War IJanuary 1917 – January 1918
First Coinage Act of 1792 (The Mint Act)makes Silver Dollar the unit of US. currency Banking Act of 1935
FDIC becomes permanent independent agency
Children's Online Privacy Protection Act of 1998Limits online personal information collection
Rhode Island poundJanuary 1710 – January 1790
New York PoundJanuary 1758 – January 1790
Federal Deposit Insurance Act of 1950Consoldates FDIC authority
Second Coinage Act of 1834 raised gold:silver ratio in U.S. coins to Avoided reauthorizing Second Bank of US by de facto devaluing its base silver notes
Housing and Community Development Act of 1992Restructured GSEs, comabated money-laundering
QE 2: Fed buys $600 Billion Treasury SecuritiesNovember 2010 – June 2011
National Bank Act of 1864 created National Bank ChartersStarts chartering & national banking system
WPA: Works Progress Administration New Deal passedCreated jobs to combat high unemployment, homelessness
Bank Holding Company Act of 1956 Federal Reserve Board approval before create BHC or acquire BHC in another state
Pennsylvania poundJanuary 1723 – January 1790
Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994Permits interstate branching & mergers, subject to concentration limits & CRA
PATRIOT ActIn wake of 9/11, added teeth to AML & funds movement
Continental Congress issues first National CurrencyJune 1775 – January 1790
Right to Financial Privacy Act of 1978Permits person a right to object to bank disclosure of information
Community Reinvestment Act of 1977Intended to outlaw discriminary lending, "redlining" poor neigborhoodsVirginia pound
January 1755 – January 1790
Financial Institutions Reform, Recovery, and Enforcement Act of 1989After S&L Crisis, required S&Ls to insure through FDIC, not FSLIC. Created RTC.
Civil Rights Act of 1964Guaranteed Equal Employment, Voting & Other Rights to all
Crime Control Act of 1990Prohibited golden parachutes & indemnifications at under-capitalized banks
Bankruptcy Abuse Prevention and Consumer Protection Act of 2005Limits consumer debt relief via bankruptcy
Mortgage Forgiveness Debt Relief Act of 2007Forgave taxes on portion of mortgage debt forgiven. 3 year term
Home Ownership and Equity Protection Act of 1994Tries to limit home equity lending abuse through disclosure
Dodd-Frank Wall Street Reform and Consumer Protection ActComprehensive bank reform. Volcker Rule (watered down) included. Living Wills for SIFIs
QE 1: Fed buy $1.75 Trillion of housing debt fromFannie Mae & Freddie Mac, plus MBS & Treasury Notes
McFadden Act of 1927Prohibits interstate banking
Peel Bank Charter Act of 1844 in UK requires gold/silver reserve currency thereJuly 1844
Bland-Alison Act of 1878 to stabilize money supplyRequired U.S. Treasury buy & sell silver coinage
Second Bank of the United StatesJanuary 1816 – January 1836
Connecticut poundJanuary 1709 – January 1790
Quantitative Easing Programs amongst US & European Central Bankerspump $2.5 trillion into their economies through debt purchases
Bank of North America, chartered as private bank by Congress of ConfederationJanuary 1781 – January 1785
Homeowners Refinancing Act, lent at low-interest to keep people in their homespart of FDR's New Deal to stem Great Depression's impacts
Georgia poundJanuary 1735 – January 1790
Fifth Coinage Act of 1873 reaffirms U.S. Gold StandardJanuary 1873 – January 1971
Pecora Commission finds Wall Street conflict or interest/underwriting abusesset stage for 1929 Stock Market collapse - led to Glass Steagall Bank Reform Act
New Jersey poundJanuary 1709 – January 1790
Federal Reserve Act of 1913Federal Reserve System becomes central banking system
Competitive Equality Banking Act of 1987Recapitalized FSLIC, Expaned FDIC resolution authority
QE 3 1/2: Fed Raises agrees to swap an additional $267 Billion TreasuriesJune 2012
Fair Credit Reporting Act of 1971Fair credit guidelines for consumer protection
Depository Institutions Deregulation and Monetary Control Act of 1980Created NOW accounts, phased out interest rate ceilings on deposits raised insurance to $100k
National Housing Act of 1934Created Federal Housing Adminisration
Sherman Silver Purchase Act of 1890Requires U.S. Treasury buy silver to stem threats on coinage authority Soldiers and Sailors Civil Relief Act of 1940
Removed lender enforcement risk from active duty personnel
Check 21 ActReplaces paper checks with electronic checks
Maryland poundJanuary 1733 – January 1790
War Bonds issued to finance World War IIDecember 1940 – January 1980
Financial Institutions Regulatory and Interest Rate Control Act of 1978Creates FFIEC Council, requires insider transaction reports, authorizes EFTs
TARP: Troubled Asset Relief ProgramAuthorized $700 Billion bailout of banks
International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001AML: Anti-Money Laundering to stop terrorism & crime
RTC Completion ActJanuary 1993
Delaware poundJanuary 1723 – January 1790
Economic Growth and Regulatory Paperwork Reduction Act of 1996 Added consumer protections
Servicemember Civil Relief ActExpanded credit & insurance protections for active duty personel
Abraham Lincoln's Treasurer issues "Greenback" NotesAugust 1861 – April 1862
Riegle Community Development and Regulatory Improvement Act of 1994Created CDFI Fund. Outlawed targeting poor for financial abuse
Naional Monetary Commission drafts Federal Reserve ActSen. Aldritch meets with NY Bankers on Jekyll Island GA, in secret
FDIC Improvement Act of 1991Enhanced FDIC resolution authority & assessed deposit premiums based on risk
South Carolina poundJanuary 1703 – January 1790
Gramm-Leach-Bliley Act of 1999Repeals Glass Steagall's ban on commercial banks doing investment banking. Allows banks & insurers to affiliate.
Third Coinage Act of 1849added new gold coin denominations: $1 & $20
Abraham Lincoln AssassinatedApril 1865