What Factors Led To The End Of The Bank Of America?

The Bank of America was established by the first Secretary of Treasury of the United States, Alexander Hamilton. With its initial role in solving the nation's debt problems, the bank's legacy had continued with aplomb during the terms of many further presidents. However Andrew Jackson was not comfortable with the idea of further continuing with the Bank of America.

Being the 'people's president', his mindset focused keenly on the good of the common people and felt that the Bank of America was not playing its role in helping the common income classes in America and was instead playing its part in serving the wealthy and the affluent. It was during his second term in the year 1832 that Congress formulated a bill regarding the prospect of giving another charter to the Bank of America. Jackson exercised his veto power and nullified the bill and moreover even pulled all the government's money out of the Bank of America, without which the bank could not function and hence reached its end.

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