What was the purpose of the emergency banking relief act

Asked by admin @ 26/11/2021 in History viewed by 224 People

What was the significance of the Emergency Banking Relief Act?

to create a national bank that could be relied on by citizens
to create an influx of capital to ailing banks
Oto monitor banks and issue approval to those that were still sound
Oto regulate the use of bank holidays among the states

Answered by admin @ 26/11/2021

The Roosevelt administration created the Emergency Banking Relief Act in 1933 to address the banking panic and the overall banking crisis.

Knowing this, lets take a look at the options:

to create a national bank that could be relied on by citizens
- Nope

to create an influx of capital to failing banks
- This seems to be the best option, all of the others

to monitor banks and issue approval to those that were still sound
- As long as the bank was running, they where happy.

to regulate the use of bank holidays among the states- Nope, they issues an enormous bank holiday to shut down the banking system.

B seems to be the best option.

I hope this helps! :)

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