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==History== {{main|History of banking in the United States}}Merchants traveled from Britain to the United States and established the [[Bank of Pennsylvania]] in 1780 to fund the [[American Revolutionary War]] (1775–1783).<ref name=":0">{{Cite news|url=https://www.wsj.com/articles/SB122360636585322023|title=A Short Banking History of the United States|last=Gordon|first=John Steele|date=October 8, 2008|work=Wall Street Journal|access-date=May 20, 2018|language=en-US|issn=0099-9660}}</ref> During this time, the [[Thirteen Colonies]] had not established a currency, and used informal trade{{clarify|date=July 2023}} to finance their daily activities.<ref name=":0" /> On January 4, 1782, the first commercial bank in the U.S., [[Bank of North America]], opened.<ref name=":0" /> In 1791, [[United States Secretary of the Treasury|U.S. Treasury Secretary]] [[Alexander Hamilton]] created the [[Federal Reserve System|Bank of the United States]], a national bank intended to maintain American taxes and pay off foreign debt.<ref name=":0" /> However, President [[Andrew Jackson]] closed the bank in 1832 and redirected all bank assets into [[U.S. state]] banks.<ref name=":0" /> State banks began printing money rapidly, sparking [[Inflation|runaway inflation]] and leading to the [[Panic of 1837]].<ref name=":0" /> [[Investment banking]] began in the 1860s with the establishment of [[Jay Cooke & Company]], one of the first selling agents for government bonds.<ref name=":0" /> In 1863, the [[National Bank Act]] was passed to create a national currency and a federal banking system, and to make public loans.<ref name=":0" /> But at that time not all parts of the country had become states. In [[Oklahoma Territory]], which did not become a state until 1907, [[Muskogee, Oklahoma|Muskogee]] mayor H.B. Spaulding resigned in 1902 from his position as vice-president of the Territorial Trust and Surety Company, after his Spaulding Mercantile Company was given a [[Banking license|charter]] to found a private bank. Similarly in 1903 several more private banks were founded. One contemporary banker from Oklahoma defending the vitality of these private non-US banks did note that a small number of bank failures had resulted from a "dip in deposits due to partial crop failure".<ref>{{cite book |last1=Hightower |first1=Michael |title=Banking in Oklahoma Before Statehood |date=2011 |publisher=University of Oklahoma Press |isbn=9780806150260 |url=https://books.google.com/books?id=efpKAQAAQBAJ&pg=PA263 |access-date=24 July 2019}}</ref> In 1913 the [[Federal Reserve System]] was established and began executing [[monetary policy]].<ref name=":0" /> The [[Great Depression in the United States|Great Depression]] led to the separation between investment and commercial banking known as the "[[Glass–Steagall legislation|Glass-Steagall Act]]",<ref name=":0" /> but the Act was repealed in 1999, leading to the [[2008 financial crisis]].<ref name=":0" /><!-- Do not copy and paste content from History of banking in the United States, there is a {{MA}} link to it. This section should just be a brief overview of its history. -->
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