Question

Pet banks were created when Select one: a. Jackson authorized the removal of federal funds from the Bank of the United States' vaults and their deposit in local banks. b. the Federal Reserve was created and districts were outlined based on population. c. the population rose to the extent that a new bank was needed in the area. d. both houses of Congress approved the president's appointment for a new pet bank, which handled more gold and silver than paper money.

Answer 1

President Jackson directed that this money should used to pay the government's expenses, and that no more government money should be deposited in the bank. All future deposits were to made into certain state banks - those that were controlled by Jackson's political friends and referred to as the 'Pet Banks