Bank Act of 1791
E111551
The Bank Act of 1791 was the federal law that created the First Bank of the United States, establishing the young nation’s first national bank and a cornerstone of its early financial system.
All labels observed (1)
| Label | Occurrences |
|---|---|
| Bank Act of 1791 canonical | 3 |
How this entity was disambiguated
This entity first appeared as the object of triple T927512 — resolving that mention is where its identity was fixed. The disambiguator weighed these candidate entities and picked the highlighted one (or “None”, minting a new entity). This is how homonymy is resolved: the same surface form can point to different entities.
NED1
Entity disambiguation (via context triple)
gpt-5-mini-2025-08-07
Target entity: Bank Act of 1791 Context triple: [First United States Congress, enacted, Bank Act of 1791]
-
A.
National Banking Act of 1863
The National Banking Act of 1863 was a U.S. Civil War–era law that created a system of nationally chartered banks and a uniform national currency, reshaping the American banking and monetary system.
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B.
Funding Act of 1790
The Funding Act of 1790 was a key early U.S. federal law, championed by Alexander Hamilton, that consolidated and refinanced Revolutionary War debts to establish the credit of the new national government.
-
C.
Second Bank of the United States
The Second Bank of the United States was a federally chartered national bank (1816–1836) that became a central focus of early American financial policy and political conflict, particularly during Andrew Jackson’s presidency.
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D.
Treasury Act of 1789
The Treasury Act of 1789 was a foundational U.S. law that created the Department of the Treasury and established the federal government's core financial and fiscal administration.
-
E.
Federal Reserve Act of 1913
The Federal Reserve Act of 1913 is the U.S. law that created the Federal Reserve System as the nation’s central bank to provide a safer, more flexible, and more stable monetary and financial system.
- F. None of above. chosen
- G. Unsure - the case is ambiguous/there is not enough information to decide.
NED2
Entity disambiguation (via description)
gpt-5-mini-2025-08-07
Target entity: Bank Act of 1791 Target entity description: The Bank Act of 1791 was the federal law that created the First Bank of the United States, establishing the young nation’s first national bank and a cornerstone of its early financial system.
-
A.
National Banking Act of 1863
The National Banking Act of 1863 was a U.S. Civil War–era law that created a system of nationally chartered banks and a uniform national currency, reshaping the American banking and monetary system.
-
B.
Funding Act of 1790
The Funding Act of 1790 was a key early U.S. federal law, championed by Alexander Hamilton, that consolidated and refinanced Revolutionary War debts to establish the credit of the new national government.
-
C.
Second Bank of the United States
The Second Bank of the United States was a federally chartered national bank (1816–1836) that became a central focus of early American financial policy and political conflict, particularly during Andrew Jackson’s presidency.
-
D.
Treasury Act of 1789
The Treasury Act of 1789 was a foundational U.S. law that created the Department of the Treasury and established the federal government's core financial and fiscal administration.
-
E.
Federal Reserve Act of 1913
The Federal Reserve Act of 1913 is the U.S. law that created the Federal Reserve System as the nation’s central bank to provide a safer, more flexible, and more stable monetary and financial system.
- F. None of above. chosen
Statements (49)
| Predicate | Object |
|---|---|
| instanceOf |
United States federal law
ⓘ
banking law ⓘ federal statute ⓘ |
| appliesTo |
United States government
ⓘ
surface form:
United States federal government
banking activities under the national charter ⓘ |
| authorizedCapital | 10 million dollars ⓘ |
| bankCharterTerm | 20 years ⓘ |
| branchOfLaw | financial regulation ⓘ |
| charterExpirationYear | 1811 ⓘ |
| constitutionalBasisClaimedBySupporters |
Necessary and Proper Clause
ⓘ
surface form:
Necessary and Proper Clause of the U.S. Constitution
|
| constitutionalDebate | implied powers under the Necessary and Proper Clause ⓘ |
| country | United States of America ⓘ |
| created | First Bank of the United States ⓘ |
| dateSigned | February 25, 1791 ⓘ |
| debatedIn |
United States House of Representatives
ⓘ
United States Senate ⓘ |
| effect | strengthened federal authority over national finance ⓘ |
| enactedBy |
First United States Congress
ⓘ
surface form:
1st United States Congress
|
| era |
Early Republic of the United States
ⓘ
surface form:
Early National Period of United States history
|
| federalOwnershipShare | 20 percent of bank stock ⓘ |
| grantedPower |
to hold federal government deposits
ⓘ
to issue banknotes redeemable in specie ⓘ to make loans to the U.S. government ⓘ |
| grantedPowerTo | First Bank of the United States ⓘ |
| historicalSignificance |
created the first national bank of the United States
ⓘ
served as a cornerstone of the early U.S. financial system ⓘ set precedent for later central banking institutions in the United States ⓘ |
| languageOfDocument | English ⓘ |
| legalStatus | repealed by expiration of charter ⓘ |
| locationOfHeadquarters |
Philadelphia
ⓘ
surface form:
Philadelphia, Pennsylvania
|
| opposedBy |
James Madison
ⓘ
Thomas Jefferson ⓘ |
| ownershipStructure | mixed public-private ownership of the bank ⓘ |
| principalArchitect | Alexander Hamilton ⓘ |
| privateOwnershipShare | 80 percent of bank stock ⓘ |
| purpose |
to establish a national bank for the United States
ⓘ
to facilitate the collection of taxes ⓘ to provide a depository for federal funds ⓘ to provide credit to the federal government ⓘ to stabilize the early American financial system ⓘ |
| relatedDocument | Report on a National Bank ⓘ |
| relatedTo |
First Bank of the United States
ⓘ
Second Bank of the United States ⓘ |
| signedBy | George Washington ⓘ |
| sponsorInCongress |
Federalists
ⓘ
surface form:
Federalist Party members
|
| subjectMatter |
central banking
ⓘ
monetary policy ⓘ public finance ⓘ |
| yearEnacted | 1791 ⓘ |
How these facts were elicited
The pipeline generated the facts above by prompting gpt-5.1 with this entity's name + description and the instruction below.
Instruction
You are a knowledge base construction expert. Given a subject entity and a description of it, return factual statements that you know for the subject as a JSON list of dictionaries(triples), where keys must be "subject", "predicate" and "object". The number of facts may be very high, between 25 to 50 or more, for very popular subjects. For less popular subjects, the number of facts can be very low, like 5 or 10. # Requirements - If you don't know the subject at all, return an empty list. - If the subject is not a named entity, return an empty list. - Include at least one triple where predicate is "instanceOf". - Do not get too wordy. - Separate several objects into multiple triples with one object.
Input
Subject: Bank Act of 1791 Description of subject: The Bank Act of 1791 was the federal law that created the First Bank of the United States, establishing the young nation’s first national bank and a cornerstone of its early financial system.
Referenced by (3)
Full triples — surface form annotated when it differs from this entity's canonical label.