Hamilton's three step financial plan was composed of three ideas. The first was the assumption of the State's war debts by the central government to enhance national unity and the government's legitimacy. The second was the formation of the United States Bank to ensure the new nation has a more stable, national currency. The third was to establish a protectionist strategy that involved the central government subsidizing local producers and enacting high import tariffs to boost American industry.
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Hamilton created three different reports that outlined his program and proposals. The reports were the First Report on Public Credit, the Second Report on Public Credit, and the Report on Manufactures. Congress implemented Hamilton's economic program.
