Historical Timeline
- 1700s |
- 1800-1849 |
- 1850-1899 |
- 1900-1919 |
- 1920s |
- 1930s |
- 1940s |
- 1950s |
- 1960s |
- 1970s |
- 1980s |
- 1990s |
- 2000s
The 1960's
The 1960s
- Banks make term-loans in dollars to foreign governments and enterprises.
- U.S. banks lend to less-developed countries that have a need for capital.
- The U.S. has a trade deficit.
- Europe and Japan, ravaged by the war, start to recover, and their markets expand.
- U.S. banks create offshore funding centers to avoid taxes.
- Inflation rises.
- Most banks' bookkeeping systems are manual. Computer systems are rudimentary.
- President Lyndon B. Johnson increases government spending, which is tied to the Great Society Programs and the Vietnam War.
- The ATM's predecessor is installed into bank lobbies so that customers can pay utility bills without waiting in line for a teller.
1960
- Only five banks are listed on any stock exchange.
- The FDIC's insurance fund has a balance of more than $2 billion.
- The FDIC has about 3,000 employees: 2,500 bank examiners and 40 bank liquidators.
- Four FDIC-insured banks fail.
1966
U.S. Presidents
during the 1960s
John F. Kennedy (1961-1963)
Lyndon B. Johnson (1963-1969)
- The FDIC deposit insurance limit increases to $15,000.
- Interest rates increase.
- The U.S. government borrows to cover war debt.
- The U.S. experiences economic growth because of the war economy.
1967
- Citibank creates a venture capital group with $5 million.
- The first automatic cash dispenser is installed in a Barclays Bank near London.
- Several U.S. banks license MasterCharge (MasterCard).
1968
- Hoping to control the trade deficit, President Johnson attempts to control imports to the U.S.
- Congress charters The Federal National Mortgage Association (Fannie Mae) to assist low-, moderate-, and middle-income families to buy homes.
1969
- The FDIC deposit insurance limit increases from $15,000 to $20,000.
- ATMs are installed in New York's Chemical Bank; the installation marks the first use of magnetically encoded plastic.
- Wall Street processes about 20 million shares a day, with difficulty. Today, Wall Street processes several billion shares per day.
