"The emergency banking legislation passed by the Congress today is a most constructive step toward the solution of the financial
and banking difficulties which have confronted the country. The extraordinary rapidity with which this legislation was enacted by the Congress heartens and encourages the country."—Secretary of the Treasury William Woodin, March 9, 1933 What was the aim of the legislation referred to in this excerpt? (5 points)
Reopen banks and convince people to redeposit their cash
Create a federal insurance program for funds held in banks
Separate the banking from the investment industries
Permanently close all of the poorly performing banks
<span>The aim of the legislation referred to in this excerpt is:
Reopen banks and convince people to redeposit their cash
President Franklin Roosevelt said three days after the signing of the Act "</span><span>“I can assure you that it is safer to keep your money in a reopened bank than under the mattress.”
During the Great Depression, a lot of depositors withdrew their money and kept it at home for fear of losing their money when banks declare bankruptcy.
The above Act was passed for the purpose of restoring American confidence in banks when they reopen. The banks underwent financial examination and only those banks deemed financially secure were reopened. </span>
Following the storming of the Bastille on July 14, the National Assembly became the effective government and constitution drafter that ruled until passing the 1791 Constitution, which turned France into a constitutional monarchy.
