First Central Bank, 1791 and Second Central Bank, 1816 The first U.S. institution with central banking responsibilities was the First Bank of the United States, chartered by Congress and signed into law by President George Washington on February 25, 1791, at the urging of Alexander Hamilton. This was done despite strong opposition from Thomas Jefferson and James Madison, among numerous others. The charter was for twenty years and expired in 1811 under President Madison, when Congress refused to renew it.
First, Central Bank, 1791 and Second Central Bank, 1816 The first US. institution with central banking responsibilities was the First Bank of the United States, chartered by Congress and signed into law by President George Washington on February 25 1791, at the urging of Alexander Hamilton. This was done despite strong opposition from Thomas Jeffers.on and James Madison, among numerous others. The charter was for twenty years and expired in 1811 under President Madison, when Congress refused to renew it.