The disappearance of the Second Bank left the U.S. without a central bank, and therefore, without an official lender of last resort for banks. Private institutions, such as New York Clearing House, attempted to fill the void, but severe nationwide financial panics in 1873, 1884, 1893, and 1907- and accompanying economic downturns- raised fears in Congress that the U.S. financial system was unstable. After a panic and economic recession in 1907, Congress considered options for government intervention. Many officials worried that banks such as New York financier J.P. Morgan, who in the past helped organize loans to banks suffering temporary liquidity problems, would be unstable to manage future crises. Congress appointed the NationalMonetary Commission for help!