# 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.

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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