Presidential Leadership Lesson from Andrew Jackson and Second Bank Charter Veto | Thomas Fox – Compliance Evangelist

In this episode, Richard Lummis and I examine the leadership lessons that can be learned from the 7th US President, Andrew Jackson. We focus largely on the crisis surrounding the second charter of the National Bank of the United States, which took place over 5 years from 1831 to 1836. This conflict pitted Jackson against most of the nation’s political and financial elites , in particular Nicolas Biddle, the President of the Bank. However, major politicians of the day, including Henry Clay and Daniel Webster, were also aligned against See more +

In this episode, Richard Lummis and I examine the leadership lessons that can be learned from the 7th US President, Andrew Jackson. We focus largely on the crisis surrounding the second charter of the National Bank of the United States, which took place over 5 years from 1831 to 1836. This conflict pitted Jackson against most of the nation’s political and financial elites , in particular Nicolas Biddle, the President of the Bank. However, major politicians of the time, including Henry Clay and Daniel Webster, were also aligned against President Jackson.

The crisis came to a head in the summer of 1832 when the House and Senate passed a bill renewing the charter of the Second Bank of the United States early. Not only did Jackson veto the bill and deliver one of the most memorable veto speeches of any president, but he went on to directly attack Biddle by removing the first people from the administration and the government who were pro-Bank and pro-Biddle. In the knockout blow for the Bank, Jackson, the Bank’s gold specie, moved into state banks across the country. Jackson completely won the battle. His actions were not without consequence, as the distribution of species across the country led to runaway inflation and the Panic of 1837. However, by then Jackson had left the presidency and the fallout were left to his successor Martin Van Buren. See less –

Kevin E. Boling