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First National Bank
Alexander Hamilton and George Washington make the first National Bank. This is to serve as a central federal money reserve or storage. This bank's charter expired in 1811. -
Second National Bank
The bank is usually led by a board of directors with ties to industry. This means that it is biased to the urban and more northern states. Jackosn also didn't like that the bank was not funding expansion west. Jackson quickly became suspenseful of the bank's economic power and political power. -
Investigations begins
Jackson settled into the White House then began investigating the bank's policies and agendas. Jackson thought the businessmen represented oppression onto the common man. Nicholas Biddle the director of the bank used his own political power. He turned to congress which included Henry Clay. -
Split in Jackson's Cabinet
Jackson vetoed a new charter for the bank. The bank was a big part of the election between Jackson and Henry Clay. Jackson wins because of his appeal to the common man of America. Jackson thought he could finally close the bank but Biddle stood up and said no. -
Closing of the Bank
Jackson removed all federal funds from the bank. The bank became various little pet banks then officially expired after October. Jackson destroyed the bank.