Economics, Econometrics and Finance
4 years ago

Bank War leads to financial failure but paves way for efficient banking.

SSRN Electronic Journal
Jackson, the Bank War, and the Legacy of the Second Bank of the United States
Peter L. Rousseau

Paper Summary

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President Jackson vetoed the bill to renew the Second Bank of the United States in 1832, leading to its dissolution in 1836. The process involved political charges, accomplices, and the Bank's destruction with help from banks in New York City. Despite causing a financial crisis initially, the long-term result was likely a wider availability of banking services and better capital allocation. The Federal Reserve benefited from stricter regulations established by populists, free bankers, and the National Banking System.