Before 1863, the Federal Reserve System did not exist, and the Comptroller of the Currency had not been established to regulate banks. The National Banking Acts of 1863 and 1864 created the system of nationally chartered banks and established the Office of the Comptroller of the Currency, marking the beginning of federal regulation of banks.

Solved

Before 1863

Question 10

Multiple Choice

Before 1863,

A) the Federal Reserve System regulated only federally chartered banks.
B) the Comptroller of the Currency regulated both state and federally chartered banks.
C) the number of federally chartered banks grew at a much faster rate than at any other time since the end of the Civil War.
D) none of the above occurred.

Correct Answer: