Congressional Charter of February 25, 1791

The United States Congress chartered the President, Directors and Company of the Bank of the United States, commonly known as the First Bank of the United States, on February 25, 1791, for a term of twenty years. Convinced that the Constitution authorized the measure, President Washington signed the bank bill into law that day. The charter ran from 1791 to 1811, after which Congress would decide on renewal; no other federal bank could be authorized during that period, while states remained free to charter intrastate banks.