What did Jackson do to oppose the Second Bank of the United States?

What did Jackson do to oppose the Second Bank of the United States?

• A. He reformed it into a national bank
• B. He let it collapse
• C. He nationalized it
• D. He increased its funding

Answer: (B)

Andrew Jackson opposed the Second Bank of the United States primarily through his actions that ultimately led to its collapse. He believed the Bank wielded too much power over the economy and favored the wealthy elite at the expense of the common man. Jackson's opposition included vetoing the recharter of the Bank, which had been an attempt by its supporters to extend its charter, as well as removing federal deposits from the Bank and placing them into smaller state banks, often referred to as "pet banks." This action drained the Second Bank's resources and contributed significantly to its eventual demise in 1836. By allowing the Bank to collapse, Jackson aimed to diminish the influence of what he perceived as an institution that was detrimental to democracy and the interests of ordinary citizens. His actions sparked a significant debate about the role of banks and federal authority in economic matters, reshaping the landscape of American finance for years to come.

Andrew Jackson opposed the Second Bank of the United States primarily through his actions that ultimately led to its collapse. He believed the Bank wielded too much power over the economy and favored the wealthy elite at the expense of the common man. Jackson's opposition included vetoing the recharter of the Bank, which had been an attempt by its supporters to extend its charter, as well as removing federal deposits from the Bank and placing them into smaller state banks, often referred to as "pet banks." This action drained the Second Bank's resources and contributed significantly to its eventual demise in 1836.

By allowing the Bank to collapse, Jackson aimed to diminish the influence of what he perceived as an institution that was detrimental to democracy and the interests of ordinary citizens. His actions sparked a significant debate about the role of banks and federal authority in economic matters, reshaping the landscape of American finance for years to come.