During what is now referred to as the Bank War (1829 - 1837,) the United States Congress attempted to again nationalize the banking industry. Andrew Jackson, who was President at the time, loathed the idea of central banking originally created by Alexander Hamilton in 1790. Supposedly, he had lost a small fortune during the 20 year term of the First bank of the United States. When the bill to create the Second Bank of the United States reached Jacksons desk he promptly vetoed it. Congress was not to have any of opposition and ran the bill through both houses once again and passed it without Jackson or his signatures. In the first months of his second term as President, while congress was out, Andrew jackson quietly redistributed all the federally deposited funds in the Central bank to a few dozen smaller private banks around the country. When congress came back to hear what had happened, they were so furious with Jackson and censured him on the terms that he abused his executive powers.
