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:
“Maybe it’s understandable what a history of failures America’s foreign policy has been. We are, after all, a country full of people who came to America to get away from foreigners. Any prolonged examination of the U.S. government reveals foreign policy to be America’s miniature schnauzer—a noisy but small and useless part of the national household.”
—P.J. (Patrick Jake)
“That strain again, it had a dying fall;
O, it came o’er my ear like the sweet sound
That breathes upon a bank of violets,
Stealing and giving odor. Enough, no more,
‘Tis not so sweet now as it was before.”
—William Shakespeare (1564–1616)
“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)