Sunday, October 3, 2010

"Pet Banks"

After winning reelection in 1832, Jackson had to deal with the economic consequences of his decision to oppose the Bank of the United States . Jackson "killed" the national bank not only by vetoing its recharter but also by withdrawing all federal funds. Aided by secretary of the treasury Roger Taney , he transferred the funds to various state banks , which Jackson's critics called "pet banks".

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