question archive What were 3 major events in US history that took place between the time of the Second Central Bank and the Federal Reserve being created? 1
What were 3 major events in US history that took place between the time of the Second Central Bank and the Federal Reserve being created? 1
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What were 3 major events in US history that took place between the time of the Second Central Bank and the Federal Reserve being created? 1. 2.3.
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1. Andrew Jackson was against the second central bank as it was believed that Henry Clay ( congressman) was helping Jackson's opponent by using the bank. On a personal level, he was of the mindset that banks were basically a tool which induced immense power in the hands of few citizens .
2. Jackson won the election of 1832 and ordered a transfer of federal reserves into the state banks . This reduced the size and inability of the second central bank hence the demise of the bank .
3. Bank panic of 1907, induced the Congress to look into ways to strengthen the monetary and banking system from shocks hence the creation of the federal reserve system in 1913.
