Second Bank of the US
About Second Bank of the US
The Second Bank of the United States was chartered in 1816 to stabilize the economy after the War of 1812. Under president Nicholas Biddle, the Bank regulated state banks and maintained sound currency. President Andrew Jackson vetoed the recharter bill in 1832 and withdrew government deposits, killing the Bank in what became the Bank War. Jacksons actions contributed to the Panic of 1837. The Bank War defined American politics in the 1830s, pitting Jacksonian Democrats against Whigs. Jacksons destruction of the Bank remains controversial: it ended financial stability but also corporate political power.
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