 In 1921 the first banking law was enacted, and that year the Consejo Superior Bancario or CSB (High Banking Council) was established by private commercial banks.The role of the CSB was to co-ordinate the actions of private commercial banks as their economic power became more important.By the beginning of the Spanish Civil War (1936–1939), private commercial banks dominated financial markets, and were organised through the cartel that built around the Consejo Superior Bancario and supervised by the Ministry of Employment, Commerce and Industry (and later on by the Ministry of Employment and Welfare).