Question
Multiple Select Question
Select all that apply
Which of the following were deemed by Congress in the early 20th century to be essential for an efficient banking system?
Multiple select question.
Centralization
Decentralization
International involvement
Freedom from regulation
Public control
Select all that apply
Which of the following were deemed by Congress in the early 20th century to be essential for an efficient banking system?
Multiple select question.
Centralization
Decentralization
International involvement
Freedom from regulation
Public control
Answers
GPT-4o mini
In the early 20th century, Congress deemed the following as essential for an efficient banking system:
- **Centralization**
- **Public control**
These elements were part of the discussions leading to reforms and the establishment of regulatory structures, notably with the creation of the Federal Reserve System in 1913, which aimed to centralize and regulate the banking system to enhance stability and public confidence. Decentralization, international involvement, and freedom from regulation were generally not seen as essential for the efficiency and stability that Congress sought at that time.
- **Centralization**
- **Public control**
These elements were part of the discussions leading to reforms and the establishment of regulatory structures, notably with the creation of the Federal Reserve System in 1913, which aimed to centralize and regulate the banking system to enhance stability and public confidence. Decentralization, international involvement, and freedom from regulation were generally not seen as essential for the efficiency and stability that Congress sought at that time.