According to the video, how was the Banking Act of 1933 a reaction to the Great Depression?

The Banking Act of 1933 was a reaction to the Great Depression because it worked to protect deposits from risky investments by banks. These investments caused many citizens to lose their money during the Great Depression. Protections occurred through the creation of regulations and new agencies to oversee financial institutions.
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nikitavidya0 nikitavidya0 · Answer 2 · 2022-02-07T16:03:14+01:00

The great depression was a product of mismanagement and inexperience of the federal reserve to control the money supply.

What was the banking act 1933?

The Banking Act of 1933 brought various banking reforms that has the aim of protecting the investments of people. The formation of new organizations and various policies to control financial institutions was initiated.

It is because Great Depression made people to losses their funds, which hindered the confidence of people in the banking system. Hence, the banking act was enacted to resort to the same.

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