In what year was the charter of the First Bank of the United States allowed to expire? Its charter expired in 1811.
Congress chartered the First Bank of the United States for 20 years, beginning in 1791. The bank was a central part of Treasury Secretary Alexander Hamilton’s financial program, which aimed to strengthen federal credit, manage government funds, and provide a more stable financial system for the young republic.
The charter was controversial from the beginning. Thomas Jefferson, James Madison, and other opponents argued that Congress lacked constitutional authority to create a national bank and feared that it would concentrate too much economic power. Supporters viewed it as a practical instrument for managing public debt and encouraging commerce.
When the 20-year term ended in 1811, Congress did not renew the charter. The United States later created a Second Bank of the United States in 1816, but that institution also became politically contentious and lost its charter in the 1830s. The 1811 date therefore marks the end of the nation’s first federally chartered bank.