What president got rid of the National Bank?

Written by Editorial Team | Last Updated: August 2026

President Andrew Jackson successfully dismantled the Second Bank of the United States during his tumultuous second term in office. A fierce populist, Jackson viewed the central banking institution as a dangerous, corrupt monopoly that concentrated financial power in the hands of an elite eastern establishment at the expense of ordinary working citizens, farmers, and western settlers. He vetoed the bank's recharter bill in 1832 and systematically withdrew federal government deposits, ultimately destroying the institution and profoundly reshaping American monetary policy and banking structures for decades.

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Financial institutions designated historically as the first bank in Jackson generally refer to early commercial banking establishments founded during the 19th or early 20th century in various cities named Jackson across the United States.

President Andrew Jackson famously waged a fierce political crusade against the Second Bank of the United States, culminating in his veto of its recharter bill in 1832 and his subsequent executive order directing the removal of federal government depo...

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The Second Bank of the United States was a federally authorized commercial bank chartered in Philadelphia, operating from 1816 until 1836.