First Bank of the United States

The First Bank of the United States was the country's first national bank, established in 1791. The bank did not perform the functions of a central bank, such as regulating private banks or setting monetary policy. Its primary purpose was to stabilize and improve the nation's credit and handle the financial business of the US government. The bank's establishment was part of a three-part expansion of federal fiscal and monetary power, championed by Alexander Hamilton, first Secretary of the Treasury. The bank's establishment faced resistance from opponents of increased federal power, including Thomas Jefferson and James Madison. The bank's charter expired in 1811, and it was succeeded by the Second Bank of the United States. The bank building is a National Historic Landmark located in Philadelphia, Pennsylvania, and is currently closed to the public, with plans to reopen as a museum in 2026. References