There were two such banks. The first Bank of the United States operated from 1791 to 1811 and the second from 1816 to 1836. Neither was like the current Federal Reserve Bank. They were commercial banks and made loans to private interests as well as governments. They were authorized to issue notes, make loans, and take deposits.
National banks were always controversial and the first bank expired in the face of opposition. However, the War of 1812 brought about currency instability and a second bank was chartered. It operated successfully, despite controversial loans in its early years, but it gained the enmity of Andrew Jackson, who severed the government's connection. The bank ceased to exist as a federally chartered institution in 1836, but continued as a Pennsylvania bank until 1841, when it failed as a result of international dealings.
Its best known president was Nicholas Biddle, who took over in 1823.
