People waited outside banks to withdraw their savings.
New Deal Information

Banking Act of 1935

Overview- It reorganized control of the banking system. It assured business people of a more stable and predictable economic environment and allowed longer-range planning. It established the FDIC as a permanent agency of the government. In addition, it also provided the permanent deposit insurance and maintains it at the $5,000 level.

Purpose- Was to regulate the nation’s money supply and the interest rates on loans.

Who it helped?- It helped everyone like workers, business companies, farmers and everyone who had money in the bank.

Contributed by:"TH"