The Bank of the United States refers to two successive federally chartered central banks—the First and Second—established to stabilize the early American economy, manage federal funds, and regulate currency. Both institutions became fierce centers of political controversy between proponents of a strong federal financial system and states' rights advocates like President Andrew Jackson. President Jackson famously vetoed the recharter of the Second Bank of the United States, withdrawing federal deposits and leading to its expiration, which left the nation without a central bank for decades until the creation of the Federal Reserve.