Question

With the Emergency Banking Act, the government created the FDIC which did what?

a. allowed for free checking
b. gave out popcorn when customers spent $500
c. guaranteed deposits up to $5000
d. helped businesses get industrial loans

Answer 1

The Emergency Banking Act created the FDIC, which insured bank deposits up to $5,000.

Step-by-step explanation:

The Emergency Banking Act, passed in 1933, created the FDIC (Federal Deposit Insurance Corporation). The FDIC was established to restore confidence in the banking system during the Great Depression. It provided insurance for individual bank deposits up to $5,000, which meant that if a bank failed, depositors would not lose their money.

Learn more about Emergency Banking Act and FDIC