National charter banks are the financial organizations that accept and safeguards money depositions by individuals and companies, they also lend money as loans.
In the aftermath of the renewal of charter bank of America, the following occurred:
Option A. President Andrew Jackson vetoed the bill.
This event can be explained as:
- Andrew Jackson in July 1832 vetoed the bill for the renewal of the charter bank system as he did not favor a strong centralized form of government and did not want the government to supervise banks as well.
- He argued that the charter bank system was biased because banks were having monopolistic power and transferred funds in and out of the country easily.
- The bank powers led to a rise in their stock prices and profited shareholders who were majorly wealthy Americans or foreigners.
Therefore, Jackson vetoed the renewal of charter banks.
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