Question

Why were banks important to American economic development?

Answer 1

Banks were important because The role that banks have in the economic growth of the early 1800s was pumping money back into America. By allowing businesses to borrow funds, businesses were able to hire new workers. They sparked economic growth by being insured by the federal government.

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Answer 2

Answer:

The role that banks have in the economic growth of the early 1800s was pumping money back into America. By allowing businesses to borrow funds, businesses were able to hire new workers.

Explanation:

because They sparked economic growth by being insured by the federal government.