Question

The Second Bank of the United States was created: a. by President Monroe’s executive order in 1820. b. by Congress in 1832, with the support of President Jackson. c. to counterbalance the power of the First Bank of the United States. d. by Congress in 1816, with the support of President Madison. e. by a group of New York bankers after the First Bank of the United States failed.

Answer 1

Answer:

d. by Congress in 1816, with the support of President Madison.

Explanation:

The Second Bank of the United States was modelled based on Alexander Hamilton's First bank of the United States. It was chartered during the administration of President James Madison,beginning operations in 1817 in its headquarters in Philadelphia and by 1832 it had 25 branches nationwide. It was established to help stabilize national currency through regulation of private banking institutions.