Answer:
President James Madison authorized the Second Bank of the United States in 1816, after he had opposed the creation of the First Bank in 1791. He did so because he believed a national bank was necessary to finance the war with Britain and to stabilize the economy after the War of 1812. The Second Bank solved some of the country’s economic problems, such as restoring a sound currency, regulating state banks, and facilitating trade and commerce. However, the bank also created some problems, such as being accused of favoring certain regions and interests over others, being involved in political controversies and corruption, and being challenged by state laws and opposition from President Andrew Jackson.