How did the Banking Act of 1933 make banks more stable in the long run?

A. It separated commercial and investment banking.
B. It made bank runs and bank holidays illegal.
C. It created a system of regional federal banks to oversee local banks.
D. It required people to take out insurance on their bank deposits.

Question

31-07-2024
History

Answered

How did the Banking Act of 1933 make banks more stable in the long run?

A. It separated commercial and investment banking.
B. It made bank runs and bank holidays illegal.
C. It created a system of regional federal banks to oversee local banks.
D. It required people to take out insurance on their bank deposits.

Answer :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-07-31T15:44:14-04:00

Final answer:

The Banking Act of 1933, also known as the Glass-Steagall Act, made banks more stable by separating commercial and investment banking, establishing the FDIC, and prohibiting banks from certain activities.

Explanation:

The Banking Act of 1933, also known as the Glass-Steagall Act, made banks more stable in the long run through several key measures:

It separated commercial and investment banking, reducing risk exposure for banks.
It established the Federal Deposit Insurance Corporation (FDIC), which insured bank deposits and restored confidence in the banking system.
It prohibited banks from engaging in activities like securities and insurance, preventing conflicts of interest and enhancing stability.

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