What was one short-term effect of the Emergency Banking Act? Roosevelt declared a bank holiday. Commercial and investment banking were split. Banks began to fail because of ongoing bank runs. People stopped rushing to banks to withdraw all their savings.

2 answers
Question:

What was one short-term effect of the Emergency Banking Act?
Roosevelt declared a bank holiday.
Commercial and investment banking were split.
Banks began to fail because of ongoing bank runs.
People stopped rushing to banks to withdraw all their savings.

Answers

The correct answer is A: Roosevelt declared a bank holiday.The Emergency Banking Act started with the declaration of an eight-day bank holiday, which has alarmed people all around the country and people rushed to withdraw their deposits while they still could do so, fearing more banking closures. About a month later, President Roosevelt declared a four-day national banking holiday, which kept all banks closed until an act from the Congress.

The answer is D-people stopped rushing to banks to withdraw all their savings

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