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Historical Timeline

The 1960's

The 1960s
    Photo of moon landing
  • 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.
  • 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.

U.S. Presidents
during the 1960s

John F. Kennedy  John F. Kennedy (1961-1963)
Lyndon B. Johnson  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.
  • 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).
  • 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.
  • 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.