National Banking Era: 1864–1912
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Financial historians refer to the national banking era as the period between the creation of nationally chartered banks and the creation of the Federal Reserve. The opportunity to obtain national bank charters came with the passage of the 1863 National Currency Act and its subsequent revision as the National Bank Act of 1864. The Federal Reserve Act was codified in December of 1913. Thus, the national bank era refers to a period of approximately 51 years in American banking history. As this chapter details, it was a period of much greater federal regulation and instability than the antebellum era that preceded it.
KeywordsCentral Bank Federal Reserve Commercial Banking Deposit Insurance Real Gross Domestic Product
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