President Andrew Jackson vetoed the recharter bill on July 10, 1832. The bill was designed to renew the Second Bank of the United States, which had been created after the War of 1812. This veto is considered one of the most important acts of Jackson's presidency.
Although the bank was chartered through 1836, supporters of the bank urged Nicholas Biddle, the bank's president, to renew early. The bill passed both chambers of Congress, but Jackson, who opposed the bank for his entire career, vetoed the bill. Jackson acted against the advice of the majority of his cabinet and many of his supporters in the Eastern and Midwestern states.