EBA

reingruber

,United States

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EBA

Emergency Banking Act

The goal is to help banks get back on track. Four days before was approved in congress, there was a four day holiday for the banks. The act allowed a plan that would close down insolvent banks and reorganize and reopen those banks strong enough to survive. It benifited us because it was able to fix the banking crisis during the Depression.

Goal

Cons

Pros

It was able to restore the banks in America as well as establish trust between bank and citizen

The cons of this act that some banks had to close because they did not meet the standards for the bank to stay open. So some citizens had to find a new bank to go to

Affect of Program

This effected American life because it restored trust back into the banking system. People were able to put their money into the system and not have to worry that their money won't be there later.

Effectiveness

This act was a temporary solution to a major problem. The 1933 Banking Act passed later that year presented elements of a more permanent solution, including formation of the Federal Deposit Insurance Corporation (FDIC).

Impact on Today

Obviously, this act no longer exist because it was a once and done thing. But there is talk that a similar deal will be passed within the next 2 years.This did create new idea for the FDIC and other deals like that. This deal provides insurance to all bank depositors and they are allowed 250,000 dollars in the bank.

1933 “Brain trust” Expression referring to President Roosevelt’s advisers.

“So, first of all, let me assert my firm belief that we have nothing to fear but fear itself. FDR

Images

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- FDRbankingact
- thumbnail money

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