National Bank Act
The National Banking Acts of 1863 and 1864 were two United States federal banking acts that established a system of national banks for banks, and created the United States National Banking System. They encouraged development of a national currency backed by bank holdings of U.S. Treasury securities and established the Office of the Comptroller of the Currency as part of the United States Department of the Treasury and authorized the Comptroller to examine and regulate nationally chartered banks. The legacy of the Act is its impact on the national banking system as it stands today and its support of a uniform U.S. banking policy.
Read more about National Bank Act: Background, Creation, Resurgence of State Banks, Legacy
Famous quotes containing the words national, bank and/or act:
“Being a gentleman is the number one priority, the chief question integral to our national life.”
—Edward Fox (b. 1934)
“A bank is a confidence trick. If you put up the right signs, the wizards of finance themselves will come in and ask you to take their money.”
—Christina Stead (1902–1983)
“Every constitution..., and every law, naturally expires at the end of 19 years [a generation]. If it be enforced longer, it is an act of force, and not of right.”
—Thomas Jefferson (1743–1826)