Second Bank of the US

Definition

The Second Bank of the US was chartered in 1816 with similar responsibilities as its predecessor such as holding federal funds, issuing currency, and regulating state banks.

Analogy

Consider it like your school's treasurer who manages all financial transactions, keeps track of money coming in and going out, and ensures everything runs smoothly financially.

Related terms

First Bank of the US: Chartered by Congress in 1791 at request by Alexander Hamilton; it was intended to stabilize and improve nation's credit through handling government funds.

Nicholas Biddle: He was president of Second Bank who struggled against political attacks particularly from President Andrew Jackson who thought bank had too much power over economy.

Bank War (1832-36): A political struggle during Andrew Jackson’s presidency involving control over Second Bank.