First Bank of the United States

The First Bank of the United States, established in 1791, was the first federally authorized national bank, created to stabilize and improve the young nation's economy. It served as a central bank, managing government funds, issuing currency, and regulating financial institutions. Its goal was to foster economic growth, provide credit, and create confidence in the U.S. financial system. The bank helped unify the currency and stabilize the economy, but faced opposition from those who believed it favored elites and concentrated too much power in the federal government. It operated until 1811, playing a foundational role in American financial development.