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In 1791, the federal government granted the First Financial institution of the United States a charter to function as the U.S. central financial institution till 1811. 146 The First Financial institution of the United States came to an end under President Madison because Congress refused to renew its charter. The Second Bank of the United States was established in 1816, and misplaced its authority to be the central bank of the U.S. twenty years later underneath President Jackson when its constitution expired. Each banks have been primarily based upon the Bank of England. 147 Ultimately, a third nationwide financial institution, known as the Federal Reserve, was established in 1913 and still exists to today.
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