What did President Andrew Jackson removed federal deposits from the Bank of the US by putting them into?

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2026-05-17 22:10

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President Andrew Jackson removed federal deposits from the Bank of the United States by transferring them into a number of state-chartered banks, often referred to as "pet banks." This move was part of his broader opposition to the Bank, which he believed concentrated too much financial power in a single institution. The withdrawal of these deposits significantly weakened the Bank and contributed to its eventual demise.

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