Question

a Fill in the Blank: Roosevelt first began working to restore faith in the banking system. The day after his inauguration, he declared a ____ and stopped the gold trade. Within a week, Congress passed the Emergency Banking Act. This law allowed the government to review, reorganize, and reopen banks that had enough money to operate. The relief plan worked. When banks began reopening later that month, people deposited more money than they withdrew.​

Answer 1

Roosevelt declared a bank holiday to stabilize the banking system, and Congress passed the Emergency Banking Act, leading to restored public confidence as more money was deposited than withdrawn when banks reopened.

Step-by-step explanation:

Roosevelt first began working to restore faith in the banking system by declaring a bank holiday the day after his inauguration and halting the gold trade. Congress quickly passed the Emergency Banking Act, facilitating a government review and restructuring of financial institutions. This decisive action aimed to stabilize the banking system, prevent further bank runs, and restore consumer confidence. Banks reopened after this reassessment period, and the public responded positively, depositing more funds than they withdrew, signaling the start of a recovery of faith in the United States banking system.