January 07

On January 7, 1782, the Bank of North America commenced operations in Philadelphia as the first chartered commercial bank in the newly independent United States. Chartered by the Continental Congress, the bank aimed to stabilize the fledgling nation’s finances and facilitate wartime funding. It issued the first circulating banknotes backed by specie reserves and provided loans to the government and private merchants. Prominent financier Robert Morris, the Superintendent of Finance, played a key role in its establishment. The bank’s success demonstrated the viability of a national banking system and influenced the creation of the First Bank of the United States in 1791. Its legacy endures as a cornerstone of American financial infrastructure.

Facing severe financial distress, the Chrysler Corporation teetered on the brink of collapse in late 1979. On January 7, 1980, President Jimmy Carter signed legislation providing $1.5 billion in federal loan guarantees. The bailout aimed to stabilize the U.S. auto industry and protect thousands of jobs. Congressional debates highlighted concerns over government intervention in private business. The plan included oversight measures and management changes at Chrysler. Ultimately, the intervention succeeded in reviving the company, setting a precedent for future federal rescues. The episode underscored the challenges of balancing free markets with economic stability.