Death to the Central Bank

“The bank, Mr. Van Buren, is trying to kill me, but I will kill it.”

– Andrew Jackson

Old Hickory neutered the central bank. President Andrew Jackson, a staunch critic of central banking, believed these institutions held too much power and were constitutionally unsound. He had many W’s during his tenure but this is perhaps his greatest accomplishment (I am biased).

Timeline

  • 1791: First Bank of the United States established.
  • 1811: Charter of the First Bank not renewed.
  • 1816: Second Bank of the United States created.
  • 1832: Jackson vetoes the recharter of the Second Bank.
  • 1833: He orders the withdrawal of government funds from the Second Bank, redistributing them to various state banks.
  • 1836: Charter of the Second Bank expires, marking the end of central banking in the U.S. until the Federal Reserve’s establishment in 1913.
  • 1913: Federal Reserve Act signed, creating the Federal Reserve System, restoring central banking in the U.S.