Asked by
Abhishek Malik 7404565410
on Oct 08, 2024Verified
Why was the Glass-Steagall Act a key piece of legislation?
A) It took on the debt of commercial banks to ensure their solvency and financial health.
B) It established a gold standard to shore up the strength of the American dollar.
C) It banned commercial banks from involvement in buying and selling stocks, and set up the FDIC.
D) It proved to be a temporary financial measure that did not survive beyond the Great Depression.
E) It decreased the government's power over the financial system.
Glass-Steagall Act
Enacted in 1933, this Act separated commercial banking from investment banking and created the Federal Deposit Insurance Corporation (FDIC) to protect bank deposits.
FDIC
The Federal Deposit Insurance Corporation, a United States government agency that provides deposit insurance to depositors in American commercial banks and savings institutions.
Commercial Banks
Commercial banks are financial institutions that provide a variety of services, including accepting deposits, lending money, and offering checking and savings accounts to individuals and businesses.
- Investigate the part key New Deal entities played in the revitalization of the economy.
Verified Answer
SR
Learning Objectives
- Investigate the part key New Deal entities played in the revitalization of the economy.