What Is the Bank Recharter Bill of 1832?

The Bank Recharter Bill of 1832 was a bill designed to renew the corporate charter of the Second Bank of the United States. Although Congress passed the bill, Andrew Jackson vetoed it a week later.

The Second Bank of the United States was created after the War of 1812. Many Americans felt the bank's lending policies favored Northerners instead of people living in the South and West. The bank's charter was supposed to last until 1836, but Daniel Webster and Henry Clay convinced the bank's president to apply for early renewal of the charter. President Jackson was one of the most vocal opponents of the bank because he felt its policies were elitist. His veto of this bill helped him win re-election in 1832.