The Second Bank of the United States was established in 1816, following the expiration of the charter of the first bank. It aimed to stabilize the nation's currency and provide a uniform banking system. The bank was located in Philadelphia and operated under a 20-year charter, serving as a central financial institution for the country. The bank played a crucial role in managing government funds and regulating state banks. However, it faced opposition, particularly from President Andrew Jackson, who believed it concentrated too much power in the hands of a few. The bank's charter was ultimately not renewed in 1836, leading to its closure.