THE GREAT DEPRESSION 1929 1940
THE GREAT DEPRESSION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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bank audit
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bank tax
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bank holiday
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None of the above
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Detailed explanation-1: -After a month-long run on American banks, Franklin Delano Roosevelt proclaimed a Bank Holiday, beginning March 6, 1933, that shut down the banking system. When the banks reopened on March 13, depositors stood in line to return their hoarded cash.
Detailed explanation-2: -For an entire week in March 1933, all banking transactions were suspended in an effort to stem bank failures and ultimately restore confidence in the financial system.
Detailed explanation-3: -Following his inauguration on March 4, 1933, President Franklin Roosevelt set out to rebuild confidence in the nation’s banking system and to stabilize America’s banking system. On March 6, he declared a four-day national banking holiday that kept all banks shut until Congress could act.