Question

Supporters of a chartering a second national bank hoped that such an institution could do all of the following EXCEPT which one?

Answer 1

The correct answer to this question is letter "B. make state financial institutions obsolete." Supporters of a chartering a second national bank hoped that such an institution could do all of the following EXCEPT to make state financial institutions obsolete

Answer 2

The correct answer is B) make state financial institutions obsolete.

Supporters of a chartering a second national bank hoped that such an institution could do all of the following EXCEPT make state financial institutions obsolete.

The US federal government authorized the creation of a Second National Bank in 1816 in Philadelphia, Pennsylvania. The bank was chartered to be private with public duties and had to follow the recommendations of the US Congress and the Department of the Treasury. Indeed it was accountable to them. The US federal government owned 20% of the bank's assets.