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Fantom [35]
3 years ago
15

Upon assuming office, how did roosevelt respond to the collapsing bank system?

History
1 answer:
Orlov [11]3 years ago
4 0

The President first response to the collapsing bank system is the National bank holiday and Enactment of Emergency Act 1933

The former President Franklin Roosevelt was the 32nd Elected U.S. President and inherited problem of collapsing bank system from his Predecessor.

When he observed the problem, he declared a national banking holiday for all banks to be shut till after the enactment of Emergency Banking Act by the Congress.

The Emergency Banking Act 1933 was passed under Roosevelt to stabilize and restore confidence in the U.S. banking system

Therefore, in conclusion, the President first response to the collapsing bank system is the national bank holiday and enactment of the Emergency Act 1933 to stabilize the banking system.

Read more on Emergency Act 1933 here

<em>brainly.com/question/8864787</em>

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