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Pet banks refer to the state-chartered banks that were selected by President Andrew Jackson to hold federal government deposits after he withdrew them from the Second Bank of the United States during the Bank War.
21 Νοε 2023 · Learn about the pet banks, state-run banks loyal to Jackson, that were created after the failure of the Second Bank of the United States. Find out how they contributed to the crisis of 1837 and the wildcat banking system.
1 Ιουλ 2014 · Pet Banks were state banks favored by Andrew Jackson that received large deposits of government money. Learn about the Bank War, the Free Banking Era, the Specie Circular and the Panic of 1837.
PET BANKS. An attempt by President Andrew Jackson to eliminate the Bank of the United States resulted in the rise of seven "pet banks, " state banks that received deposits of federal money on 1 October 1833. Use of the pet banks contributed to a national financial panic that year.
We study the Panic of 1837 using comprehensive bank-level data, focusing on the role of the pet banks—the network of state banks chosen by Jackson’s administration to replace the Second Bank of the United States as fiscal agents of the federal government.
16 Μαΐ 2024 · In general, finance professionals don’t often refer to specific banks as pet banks in today’s financial world. The original pet banks were also called wildcat banks. They resulted from a banking policy that involved a veto of the Second Bank of the United States by then president Andrew Jackson.
