Effectiveness Of The New Deal Factor 2: Banking Flashcards
What did Roosevelt do to tackle the banking crisis?
Ordered all banks to close until government officials had checked them
5000 trustworthy banks were re-opened
Emergency banking Act was implicated to give people confidence and stop withdrawing/ start re-investing money
What was the emergency banking act?
A set of new rules and regulations to prevent the reckless speculation that contributed to the Wall Street crash.
It seem to say to the people that the Federal government was offering a guarantee that the public should have confidence in the banks.
Give evidence that Roosevelt was successful in improving and resorting peoples confidence in the banking system
The banking measures introduced in the first hundred days saved 20% of home owners from repossession.
People began re- investing smaller and hope was being revived
Why would some people argue that FDR was not successful in improving and restoring people’s confidence in the banking system?
Left wing critics argued that FDR should have gone further and nationalised banks.
