Question
This law created the Federal Deposit Insurance Corporation (FDIC). This guaranteed individual bank deposits up to $2,500. This guarantee helped restore public confidence in banks. It also helped stabilize the banking system. The law also limited the freedom of banks to trade in stocks and bonds.
is this recovery or relief or reform
is this recovery or relief or reform
Answers
GPT-4o mini
The law you're referring to is the Glass-Steagall Act, which was part of the New Deal reforms in the 1930s. It aimed to restore public confidence in the banking system and prevent future banking crises by creating the Federal Deposit Insurance Corporation (FDIC) and regulating bank activities.
This law is considered a **reform** because it instituted changes in the banking system to make it safer and more reliable for individuals, thereby stabilizing the financial system and preventing similar issues in the future.
This law is considered a **reform** because it instituted changes in the banking system to make it safer and more reliable for individuals, thereby stabilizing the financial system and preventing similar issues in the future.