What date was the bank's charter approved by the Congress?
May 26, 1781
July 4, 1776
September 10, 1782
January 1, 1780
Answer
On May 26, 1781, the Continental Congress, the governing body of the United States during the American Revolution, approved the charter for the Bank of North America, making it the first federally chartered bank in the nation's history. This significant event laid the groundwork for the development of the American financial system and facilitated economic growth during a critical period in the nation's early years.
Keeping Up with the First: Bank of North America Quiz
More Questions
Who was the Superintendent of Finance at the time of the bank's creation?
Which bank replaced the Bank of North America as the national bank?
What financial struggle was the bank established to help resolve?
What was the objective of the bank?
Which U.S. document made the original national banking status unsustainable?
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