THE LEGACY OF AMERICAN BANKING On July 4, cities and towns across the nation celebrated 250 years of American independence. By and large, Americans all know our founding story: how a group of 13 original colonies broke free from Great Britain, formed a union and grew over two and a half centuries into a global superpower. But perhaps a lesser-known part of that story is the critical role that banks played in securing American independence and transforming this nation into what it is today. Great Britain forbade its American colonies from operating their own banks — just one of the many restrictions that pushed the colonies to rebel. With no established banking system, the colonists found themselves at a disadvantage, and the Revolutionary War effort faltered until the Bank of North America was chartered by the Second Continental Congress in 1781. WASHINGTON UPDATE ROB NICHOLS President and CEO American Bankers Association 8
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