Second Bank of the United States

The Second Bank of the United States was a federal bank established in 1816 to manage the country’s money supply, stabilize the economy, and regulate currency. It was similar to a modern central bank, providing a national currency and helping prevent financial instability. The bank’s existence was controversial; supporters believed it helped grow the economy, while opponents, including President Andrew Jackson, viewed it as too powerful and believed it favored wealthy elites. The bank’s charter was not renewed in 1836, leading to its closure and contributing to economic challenges in the years that followed.