The federal bank of US was first created in 1791under Hamilton's economic plan. In 1816, the Bank of US's charter was renewed. Because of the economic recession of the 1810's, the bank suffered great mismanagement until 1822 when Nicholas Biddle, a Philadelphia financier, became its president. Andrew Jackson, in 1831, vetoed the charter act to renew the bank's charter which would expire in 1836. This made the government to store all its funds to the state banks (aka King Andrew's pet banks). Because of the lack of the federal bank in 1836, US suffered through its first major economic depression. -Stock market fell, paper money became worthless, etc.-