After the initial emergency banking act was passed on march 9, 1933, what other acts were designed by the roosevelt administrati

Question

Fofino [41]

1 year ago

15

After the initial emergency banking act was passed on march 9, 1933, what other acts were designed by the roosevelt administrati

on to shore up the american finance system?.

History

1 answer:

DiKsa [7] · Answer 1 · 2024-05-26T02:19:58+03:00

The federal Acts designed by Roosevelt's administration to improve the american finance system after the initial emergency banking Act was passed, was the Glass-Steagall Act which made provision to create the Federal Deposit Insurance Corporation (FDIC).

<h3>What is the Glass-Steagall Act?</h3>

It was the federal legislation that effectively separated the commercial banking from investment banking and created the Federal Deposit Insurance Corporation, among other things. This federal Act was one of the most debated legislative initiatives before being signed into law by Franklin Roosevelt in June 1933.

In conclusion, the main purpose of passing the Glass-Steagall Act was to serve as an emergency measure to counter the failure of banks during the Great Depression.