How were banks regulated between 1836 and civil war?

Answer 1

Between 1836 and the Civil War, banks in the United States were primarily regulated at the state level, leading to a patchwork of banking laws and practices. Many states enacted charters for banks, requiring them to obtain licenses and adhere to specific capital and reserve requirements. However, there was minimal federal oversight, and the lack of a central banking system contributed to financial instability, with frequent bank failures and the issuance of unreliable currency notes. This period culminated in the establishment of the National Banking Act in 1863, which aimed to create a more uniform banking system.