What happened to the First Bank of the United States?
The First Bank of the United States, chartered by Congress in 1791 based on a controversial plan proposed by Alexander Hamilton to stabilize the young American economy and manage government funds, operated successfully for its mandated twenty-year charter period. However, fierce political opposition from states' rights advocates, agrarian interests, and politicians who viewed the bank as unconstitutional or overly influenced by foreign investors led to a bitter congressional battle. When the charter came up for renewal in 2011, Congress narrowly voted against extending it, causing the bank to close its doors and transition its assets into state-chartered banks.
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