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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Federal Reserve
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White House
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Congress
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NY Stock Exchange
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Detailed explanation-1: -The Federal Reserve System is the central bank of the United States. Founded by an act of Congress in 1913, the Federal Reserve’s primary purpose was to enhance the stability of the American banking system.
Detailed explanation-2: -On June 16, 1933, President Franklin Roosevelt signed the Banking Act of 1933, a part of which established the FDIC.
Detailed explanation-3: -The Reserve Bank of India Act, 1934 requires the Central Government to entrust the Reserve Bank with all its money, remittance, exchange and banking transactions in India and the management of its public debt. The Government also deposits its cash balances with the Reserve Bank.
Detailed explanation-4: -The Federal Reserve has supervisory and regulatory authority for all BHCs, regardless of whether subsidiary banks of the holding company are national banks, state “member” banks, or state “nonmember” banks (see a complete discussion of “State Member Banks” beginning on page 77).