Historical Events tagged with "banking"

Turns out history loves a label—battles, breakthroughs, and the occasional disaster, all neatly tagged for your browsing pleasure. Because sometimes you just need every weird invention in one place.

Economics & Industry

Export-Import Bank of the United States Established

February 2nd, 1934 91 years ago

The Export-Import Bank of the United States was incorporated to facilitate international trade by providing financial assistance. Established during the Great Depression, its main goal was to support U.S. exports by offering loans and insurance to American companies involved in commerce with foreign markets. This incorporation aimed to combat the economic downturn and stimulate job creation and growth in the U.S. economy, enhancing the competitiveness of American businesses abroad.

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Politics & Government

Roosevelt Submits Emergency Banking Act for Relief

March 9th, 1933 92 years ago

In a pivotal move to stabilize the U.S. economy, President Franklin D. Roosevelt presented the Emergency Banking Act to Congress. This law aimed to address the crisis in the banking sector, which faced unprecedented failures during the Great Depression. Roosevelt emphasized the urgency of restoring public confidence in the banking system, which had seen widespread panic and bank runs. The legislation sought to provide the president with the authority to regulate banking operations and enable the reopening of solvent banks under federal supervision. The swift action marked the first of several New Deal initiatives intended to combat the economic downturn and restore stability.

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Economics & Industry

World Savings Day is Established in Milan

October 31st, 1924 100 years ago

The first International Savings Bank Congress was held in Milan, Italy, where members of the Association announced the establishment of World Savings Day. The initiative aimed to promote savings among the public and emphasize the importance of financial literacy. This congress brought together representatives from various countries, influenced by the rising need for personal financial management during the interwar period. The event highlighted the role of savings banks in fostering economic stability and growth.

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Economics & Industry

Federal Reserve Bank of the United States Opens

November 16th, 1914 110 years ago

The Federal Reserve Bank officially opened its doors, establishing a central banking system to provide stability to the U.S. economy. Designed to address banking panics and ensure a safer financial system, the Federal Reserve began operations in Washington, D.C., with the aim of regulating monetary supply and serving as a lender of last resort. By harmonizing various regional banks, it sought to facilitate smoother economic adjustments and enhance the nation's financial resources.

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Politics & Government

Creation of the Federal Reserve System

December 23rd, 1913 111 years ago

The Federal Reserve Act was signed into law by President Woodrow Wilson, establishing the Federal Reserve System as the central banking authority of the United States. The Act aimed to provide the country with a safer, more flexible, and more stable monetary and financial system. Amidst a backdrop of financial panics, the legislation was a pivotal shift in the American banking framework to respond dynamically to economic conditions. The Federal Reserve was tasked with overseeing monetary policy, managing inflation, and regulating banks to enhance financial stability.

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Economics & Industry

Knickerbocker Trust Company Run Causes Panic

October 22nd, 1907 117 years ago

A sudden withdrawal of funds from the Knickerbocker Trust Company triggered widespread panic in the financial markets. Investors rushed to sell their stocks, fearing that the company would collapse due to insufficient liquidity. On October 22, 1907, reports of the run spread quickly, sparking a crisis of confidence in banks across the nation. Set in New York City, this financial turmoil highlighted vulnerabilities in the banking system and set off a chain reaction that prompted a broader economic downturn.

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Economics & Industry

Shinhan Bank Established in Seoul

February 1st, 1897 128 years ago

Shinhan Bank was established in Seoul as South Korea's first bank, pioneering modern banking in the region. Founded by Lee Won-taek, the bank's primary goal was to enhance the financial infrastructure and support the economic development of Korea. Its inception marked a significant change in South Korea's financial landscape, allowing for greater investment and more structured financial services during a period of modernization. In the years following, Shinhan Bank grew rapidly, adapting to the needs of both individuals and businesses, thereby laying the groundwork for the banking sector's evolution in the country.

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Economics & Industry

Foundation of the Bulgarian National Bank

January 25th, 1879 146 years ago

The Bulgarian National Bank was established to provide monetary stability and promote economic growth in Bulgaria following its liberation from Ottoman rule. As the central bank, it oversaw the national currency, issued banknotes, and regulated financial institutions, aiming to consolidate the country’s financial stability and credibility in the region. Its inception marked a significant step towards modernizing Bulgaria’s financial system and strengthening its sovereignty.

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Economics & Industry

Vienna Stock Exchange Crisis Begins Long Depression

May 9th, 1873 151 years ago

The Vienna Stock Exchange crash marked the start of the Long Depression, a global economic downturn that lasted for several years. Triggered by the collapse of the banking firm of Jay Cooke & Company in the United States, this event severely impacted European economies. The repercussions were felt intensely in Vienna, where speculative investments and overextension in various industries had created a fragile financial environment. Investor panic led to a massive sell-off of securities, diminishing confidence and leading banks to retract credit. As a result, businesses collapsed, unemployment surged, and economic distress became widespread.

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