Prior to 1863,all commercial banks in the United States

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Prior to 1863, all commercial banks in the United States were chartered by the banking commission of the state in which they operated. There was no centralized regulatory body such as the Federal Reserve or a central bank to oversee the banking system. It was not until the National Banking Act of 1863 that a system was established for chartering and regulating banks at the federal level.

Prior to 1863,all Commercial Banks in the United States