The Glass-Steagall Act separated commercial banks in the US from investment banks

Some argue that investment banking could be a health hazard

Back in 2012, a University of Southern California researcher published a decade-long study in which she observed investment bankers’ health. The results weren’t exactly stellar. Every individual the researcher observed developed a stress-related physical or emotional ailment within several years of working in investment banking.

Congress banned banks from paying checking account interest for 80 years

Known as "Regulation Q," the act sought to stop bank competition for customers involving increasing interest rates in the 1930s. This competition led banks to make reckless investment decisions to pay higher interest rates. During the ban, banks competed by focusing on convenience (ATMs, branches), relying on fees, and building relationships.

How JPMorgan Chase became America's biggest bank

From the railroad and steel consolidations brokered by John Pierpont Morgan on Wall Street more than a century ago, to the repeal of Glass-Steagall, the financial crisis, and Jamie Dimon’s leadership, J.P. Morgan Chase has been at the center of finance for more than a century.

After the 9/11 terrorist attacks in New York City’s Financial District in 2001, many banks decided to relocate

Much has been said about why today’s top banks are typically no longer headquartered on Wall Street itself. The terrorist attacks in New York City’s Financial District on Sept. 11, 2001, are one reason many banks decided to relocate.

Why the SEC was started

The Securities and Exchange Commission was created during the Great Depression to restore public trust in financial markets after the 1929 crash. Established in 1934, it enforces transparency, investigates fraud, and protects investors by requiring companies to disclose accurate information and holding violators accountable.

Visualize the balance sheets of US banks

The US banking industry is the most profitable in the world, with loans and leases driving the lion’s share of those profits. In fact, at the end of 2022, 53% of all bank assets fell into the loan and lease category. This rich visualization makes sense of that and highlights how traditional banks operate in stark contrast from their not-for-profit credit union peers. See it here.

Central banking in the US has had a fraught political history

That history includes its doomed early efforts in the First and Second National Banks, as well as its failure to address the worst financial period in US history, the Great Depression.

The separation of powers is a pivotal component of the US Constitution

Explore how the three branches interact through the Supreme Court case of US v. Alvarez. The Supreme Court first struck down a law, then Congress and the president later revised it—illustrating how judicial review can reshape legislation and executive action.

American Express briefly owned Lehman Brothers

In 1984, Shearson, a retail banking company and American Express subsidiary, bought the investment banking company Lehman Brothers—best known for its historic 2008 collapse—for $360M. The businesses were then called Shearson Lehman/American Express. American Express spun off Lehman Brothers with an IPO in 1994 that attracted nearly $3B in new capital.

For every $100 you deposit, your bank puts a few cents in the FDIC insurance fund

This is a result of the 1933 Banking Act that established the Federal Deposit Insurance Fund. The law sought to prevent bank runs like those that decimated the banking industry amid the Great Crash and subsequent major depression. Today, individual depositors are insured up to $250K at each bank where they have an account.

London bankers created the first clearinghouse to process checks in 1770

Until that time, each banker was required to bring that day's checks to every other bank for settlement. Perhaps understandably, the first place bankers opted to gather to clear and settle checks was a tavern known as the Five Bells. The innovation gave rise to what would become clearinghouses, key institutions that facilitate payments.

The main bank serving Silicon Valley startups and venture capitalists collapsed in 2023

Silicon Valley Bank—the 16th largest bank in the US—served many tech startups in the area as well as many venture capitalists. The bank collapsed in 2023—in a single day, bankers took out $42B.

Anti-money laundering laws forcing banks to report data have become important foreign policy tools

Since the Bank Secrecy Act of 1970, which required banks to report transactions exceeding $10K and keep records on customers, anti-money laundering laws have become an important proxy for American foreign policy initiatives. Increased regulation via financial institutions helps curb drug and human trafficking, as well as destabilize the financial infrastructure for terrorist organizations.

Securities is a term used to describe different types of investments

Not every type of investment qualifies as a security (like property or gold). Securities fall under four main categories (equity, debt, derivative, and hybrid) that serve different functions in the market.

The shadow banking system is a group of intermediaries that operate outside of normal banking regulations

The nonbank financial intermediaries that make up the shadow banking system legally provide services that are similar to those of traditional commercial banks. Although the term isn't used as often as it once was, private credit firms are technically part of the shadow banking system, as are hedge funds, payday lenders, buy now, pay later companies, and more.

How is credit reporting regulated in the US?

While the three main credit bureaus and the credit scoring companies aren't government entities, they are subject to certain US government regulations, such as the Fair Credit Reporting Act.

The 1948 Supreme Court ruling was overturned in 2020

In 2020, US District Court Judge Analisa Torres overturned the 1948 Supreme Court ruling that broke up the studio system—effectively allowing the film industry to become vertically integrated once again—with companies like Amazon and Disney taking advantage of the relaxed regulations.

Between 2007 and 2009, the housing market saw its most significant downturn since the Great Depression: the Great Recession

The early 2000s were a prosperous period for the housing market, until some lending practices eventually destabilized it, leading to banks collapsing and people losing their homes.

How couples today manage their finances

In relationships, shared bank accounts used to be the default. Not anymore. Many couples maintain separate finances for practical reasons or to retain greater independence, though many couples experience trust issues as a result. This article checks in on the status of relationship finances and highlights, among other insights, how attitudes toward money are often determined by family history.

The GENIUS Act passed in the US in 2025 was a major milestone for stablecoin regulation

GENIUS stands for the "Guiding and Establishing National Innovation for US Stablecoins." The GENIUS Act defines payment stablecoins as digital money rather than investments and was the first significant piece of stablecoin legislation in the United States.

Tariffs once fueled the US economy

US tariffs peaked in 1930 with the Smoot-Hawley Tariff Act, which slashed global trade by 65%. Once a key revenue source, tariffs gave way to income taxes in 1913, leading to decades of lower trade barriers. Today, US tariffs remain among the lowest worldwide.

The Social Security Act was formed to protect retired workers amid the Great Depression

President Franklin Delano Roosevelt’s New Deal created new government agencies and programs in the wake of the Great Depression, including the Social Security Act.

The Budget and Accounting Act of 1921 created the modern federal budget

Before 1921, federal funding was fragmented and ad hoc. This article traces how inefficiency and postwar pressures led Congress to pass the Budget and Accounting Act, creating a standardized, centralized federal budgeting process.

In 1992, sports betting was outlawed in places where it wasn't already legal

On Oct. 29, 1992, then-President George HW Bush signed the Professional and Amateur Sports Protection Act, outlawing sports gambling where it was not already legal.

The first US stock exchange dates back to the 1790s in Philadelphia

Only two years after that stock exchange in Philadelphia started, the largest stock exchange in the US to date was created: the New York Stock Exchange.

Hedge funds, the private investment firms that trade a wide swath of financial assets, make money by imposing steep fees on investors and from the fund's investment performance.

While the first exchange-traded fund (a 'basket' of different assets that can be bought and sold on a stock exchange) in the US only launched in 1993, the global ETF market has grown to more than $10T in the short time since.

Roughly 43 million US borrowers owe roughly $1.7T in student debt, the second-largest source of consumer debt behind mortgages.

The idea for the Federal Reserve was conceived in secret in 1910—with bankers donning duck hunt gear for disguise while traveling to a remote country club on Georgia's Jekyll Island

The United States is one of only around two dozen countries with a fully federal system of government, in which power is divided between national and state governments.

Some coin denominations have ridges etched on their sides, partly to prevent counterfeiting, in a practice called 'reeding.'

Warren Buffett's former professor Benjamin Graham is known as the 'father of value investing,' a strategy in which investors seek to buy stocks trading below their intrinsic worth.

The USPS spent $3.97B in 2024, accounting for .058% of the federal budget.

The United States has had a tumultuous relationship with Cuba since its 1959 revolution, highlighted by a nuclear crisis and a decades-long trade embargo.

The American Society of Civil Engineers' infrastructure report card gave the US a C in 2025, its highest grade since the project launched in 1998.

Watch this video that uses Lego bricks to explain how venture capital works.

70 years ago today, city officials in Santa Cruz, California, banned rock 'n' roll to protect its youth from corruption after witnessing a 'provocative' concert the night before.

Budweiser stores yeast derived from the original 1800s strain in a secret bunker, which only the Head of Yeast Management can access—not even the CEO

In 1945, Surrealist artist Salvador Dalí and legendary animator Walt Disney began collaborating on a short film that was not completed until 2003, years after both men had died.

Long before Major League Baseball began allowing instant replay for balls and strikes, an umpire reluctantly used the technology to determine whether a hit was a home run, a move that inadvertently ushered in a new era for the sport.

In 2025, four executives from large tech companies were given positions in the US Army Reserves—including Palantir Chief Technology Officer Shyam Sankar, which reinforced Palantir's ties with the US military and its role as a leading defense partner.

In 1939, baseball star Lou Gehrig delivered his inspirational 'Luckiest Man' speech after retiring due to the health condition that now bears his name.

For centuries, Niagara Falls has been a magnet for daredevils seeking to conquer one of nature's most powerful wonders, with its 200-foot drop and water rushing at 32 feet per second with 280 tons of force.

Corals are themselves not coral reefs—the term refers to the tiny marine invertebrates that build the rigid reef.

Doctors differentiate between a phobia and fear by asking patients whether their fear interferes with their day-to-day activities.

In its famous catalog, Sears sold $600 DIY house kits from 1908 through the 1940s, resulting in an estimated 100,000 'Sears and Roebuck homes.'

Most of the observable universe's volume consists of voids and supervoids—enormous regions of space with little to no galaxies, stars, or light.

Pure water does not conduct electricity because this flow of energy requires the movement of charged particles, and water is a neutral molecule.

The most expensive ad of all time was for Chanel No. 5 perfume and cost roughly $33M to produce in 2004—about $57M in today's dollars.

Ebola species have historically been named after where they were discovered, stigmatizing residents who live there, including Bundibugyo, in Uganda.