President Roosevelt instituted a "bank holiday" early in his administration. What did this accomplish? Select all that apply.

It gave bankers a break from angry customers who had lost their money.
The administration took time to look at banks and reopen the solvent ones.
Struggling banks were allowed to reopen with government financial help.
It gave the administration time to ask wealthy businesspeople for assistance.

Question

President Roosevelt instituted a "bank holiday" early in his administration. What did this accomplish? Select all that apply.

It gave bankers a break from angry customers who had lost their money.
The administration took time to look at banks and reopen the solvent ones.
Struggling banks were allowed to reopen with government financial help.
It gave the administration time to ask wealthy businesspeople for assistance.

sammixboo · Answer

Roosevelt created the Bank Holiday in March 1933, which shut down the entire banking system. He did this for a few different reasons, one major one was because of people panicking and trying to get their money out of the bank as soon as possible. Anytime this has ever happened in history, it's always yielded bad results to our banking system. So, Roosevelt did this to give the banks the ability to be looked over and see which ones can reopen, and which ones would need financial help to reopen.