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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Which New Deal program was created to protect peoples deposits in banks?
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WPA
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CCC
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SSA
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FDIC
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Explanation:
Detailed explanation-1: -On June 16, 1933, President Franklin Roosevelt signed the Banking Act of 1933, a part of which established the FDIC.
Detailed explanation-2: -FDIC is one of the longest-lasting and greatest accomplishments of the New Deal. Its policies have changed little over the years. Notably, the upper limit on the amount insured per account has risen and regulators have come to favor bank mergers over the bankruptcy of major banking houses.
Detailed explanation-3: -The FDIC insures deposits; examines and supervises financial institutions for safety, soundness, and consumer protection; makes large and complex financial institutions resolvable; and manages receiverships.
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