1978: NOAA announces gender-neutral hurricane naming system
Federal News Network presents a daily update of important moments in the history of the U.S. government.
President Andrew Jackson announced that the government would no longer use the Second Bank of the United States, the country’s national bank, on this day in 1833. He then used his executive power to remove all federal funds from the bank, as part of what is referred to as the “Bank War.” A national bank had first been created by George Washington and Alexander Hamilton in 1791 to serve as a central repository for federal funds. Traditionally, the bank had been run by a board of directors with ties to industry and manufacturing, and therefore was biased toward the urban and industrial northern states. Jackson resented the bank’s lack of funding for expansion into the unsettled Western territories and objected to the bank’s unusual political and economic power, as well as a lack of congressional oversight over its business dealings. Jackson called for an investigation into the bank’s policies and political agenda and indicated he planned to challenge its constitutionality. Congress rejected his argument and Jackson vetoed Congress’ attempt at a new charter for the bank in 1832. The next year the president removed all federal funds from the Second Bank of the U.S., redistributing them to various state banks known as “pet banks.” Its charter officially expired in 1836, meanwhile Congress censured the president in 1834 for what they considered an abuse of power.
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