<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>
