<P> A later act, passed on March 3, 1865, imposed a tax of 10 percent on the notes of state banks to take effect on July 1, 1866 . Similar to previous taxes, this effectively forced all non-federal currency from circulation . It also resulted in the creation of demand deposit accounts, and encouraged banks to join the national system, increasing the number of national banks substantially . </P> <P> The National Banking Acts served to create the (federal - state) dual structure that is now a defining characteristic of the U.S. banking system and economy . The Comptroller of the Currency continues to have significance in the U.S. economy and is responsible for administration and supervision of national banks as well as certain activities of bank subsidiaries (per the Gramm - Leach - Bliley Act of 1999). In 2004 the Act was used by John D. Hawke, Jr., Comptroller of the Currency, to effectively bar state attorneys general from national bank oversight and regulatory roles . Many blame the resulting lack of oversight and regulation for the late - 2000s recession, the bailout of the U.S. financial system and the subprime mortgage crisis . </P>

The national banking acts of 1863 and 1864 gave the federal government power to do