Second Bank of the United States

Definition

The Second Bank of the United States was chartered in 1816 with an aim to stabilize currency and state banks, following economic instability after War of 1812. It was controversial due to its significant influence over nation's economy and ended in 1836.

Related terms

Central Banking System: A banking system where a single central bank controls monetary policy, often including issuing currency, setting interest rates, and managing foreign exchange reserves.

Andrew Jackson’s Veto Message Regarding Rechartering Second Bank of US: President Andrew Jackson vetoed recharter bill for second bank citing it unconstitutional and favoring rich over common man leading to its end.

Panic of 1837: An economic crisis triggered by financial policies enacted during Andrew Jackson's presidency, including his decision not to renew charter for Second Bank.