After 1790, the Washington administration became polarized into two main factions. One faction, led by Jefferson and Madison, broadly represented Southern interests and sought close relations with France. This faction became the Democratic-Republican Party opposition to Secretary of the Treasury Hamilton. The other faction, led by Hamilton and the Federalists, broadly represented Northern financial interests and favored close relations with Britain.[98] In 1791, Hamilton introduced a plan that called for the establishment of a national bank to provide loans to emerging industries and oversee the money supply.[99] Madison and the Democratic-Republican Party fought back against Hamilton's attempt to expand the power of the Federal Government with the formation of a national bank. Therefore, they opposed Hamilton's plan and Madison argued that under the Constitution, Congress did not have the power to create a federally empowered national bank.[100] Despite Madison's opposition, Congress passed a bill to create the First Bank of the United States, which Washington signed into law in February 1791.[99] As Hamilton implemented his economic program and Washington continued to enjoy immense prestige as president, Madison became increasingly concerned that Hamilton would seek to abolish the federal republic in favor of a centralized monarchy.