SECOND BANK OF THE UNITED STATES

Headquartered in Philadelphia, it operated as a quasi-central bank, overseeing state banks and regulating credit. Despite its intended economic stability, the bank faced controversy over its constitutionality and perceived elitism. President Andrew Jackson opposed its existence, leading to its eventual demise with the expiration of its charter in 1836. Its closure exacerbated economic instability, contributing to the Panic of 1837. The Second Bank's legacy remains debated, reflecting the ongoing tension between centralized and decentralized banking in American history.