The Bank of the United States was a financial institution established in 1791 that served as the country's first central bank. It was created to stabilize and regulate the nation's money supply and promote economic growth.
Related terms
Alexander Hamilton: He was one of the key figures behind the establishment of the Bank of the United States, serving as Secretary of Treasury. Hamilton believed that a centralized bank would strengthen America's economy.
Federalists: This political party supported Hamilton's plan to create a national bank. They believed in a strong central government and saw value in having a stable banking system for economic development.
Anti-Federalists: This political group opposed the creation of a national bank, fearing it would give too much power to centralized institutions and threaten individual liberties. They preferred more local control over financial matters.