Which position did Jackson take regarding the second natinal bank of the US?

Answer 1

President Andrew Jackson did not like the idea of a centralized Bank of the United States, which was not equivalent of today's Federal Reserve, but made loans to individuals and made a profit for its shareholders. The bank had the benefits of all federal deposits and so had a lot of money to loan out. It was managed by the rich people is the East and favored them. It did little to serve the needs of the people on the Western frontier. Moreover, its management had political interests and lobbied against Jackson in Congress by offering low interest loans to anti-Jackson people.

Jackson believed that the Bank of the United States (BUS) only served the interests of northern merchants and threatened the people's liberties through a monopoly. As a Westerner and so-called "common man," Jackson was very much against the BUS. The Bank was recharted/renewed regularly, and when the proposition landed on Jackson's desk, he was reported saying to Van Buren (his vice president) "The bank... is trying to kill me, but I will kill it." And with that, Jackson vetoed the Bank's renewal. Moreover, he transferred the money into western "pet banks," which would lead to the Panic of 1837.