The Second Bank of the United States was established in 1816 as a successor to the first bank, which had expired in 1811. It served as a national bank, regulating currency and providing credit to the government and private businesses. The bank aimed to stabilize the economy after the War of 1812 and played a crucial role in managing inflation and promoting economic growth. The Second Bank faced significant opposition, particularly from President Andrew Jackson, who believed it concentrated too much power in the hands of a few. This conflict led to the bank's charter not being renewed in 1836, ultimately resulting in its closure and the rise of state-chartered banks.