What did Andrew Jackson do about the Bank of the United States?

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pohnpei397 | College Teacher | (Level 3) Distinguished Educator

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Andrew Jackson destroyed the Bank of the United States.  He did this in two steps.  First, in 1832, he vetoed a law that would have renewed the charter of the bank.  The bank's charter went until 1836 so that meant that the bank would "die" in that year.  But that was not good enough for Jackson so he did a second thing to kill it off.  After being reelected, Jackson decided to take all US government money out of the Bank of the United States.  He signed an executive order decreeing that all further deposits of government money would go into banks chartered by the states, not by the federal government.  Once he did that, the Bank of the United States was effectively dead.