Multiple Select Question

Question

Select all that apply

Which of the following are problems that occurred with decentralized, unregulated banking, which led Congress to decide that centralization and public control were essential for an efficient banking system?
Multiple select question.

Episodes of monetary mismanagement by banks

Unjust government control of money

Monopolization of the banking system

Numerous private bank notes being used as currency

Answer 1

The problems that occurred with decentralized, unregulated banking which led Congress to decide that centralization and public control were essential for an efficient banking system include:

1. Episodes of monetary mismanagement by banks
2. Monopolization of the banking system
3. Numerous private bank notes being used as currency

The option "Unjust government control of money" is not typically cited as a problem leading to the need for centralization; rather, it is often viewed as a consequence of the centralization efforts aimed at addressing the issues with unregulated banking.