Glass-Steagall Banking Reform Act

of 1933

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The Glass-Steagall Banking Reform Act put $1,000,000,000 worth of gold into the economy. It insured individual bank deposits. Up until the act was passed, tax payers were unsure of how banks worked. After this act was introduced, Roosevelt made sure that the average American knew how banks worked. The point of the Glass-Steagall Banking Reform Act of 1933 was to prevent everyone from going to the banks, taking all their money out, and causing all the banks to go bankrupt again.
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As the act shows, everyone was asking for money from tax payers, but since all the banks were out of money the tax payers were out of money. With the Glass-Steagall Banking Reform Act the banks will have money again, tax payers can take money out, and pay back those who they are in debt to. As long as everyone doesn't take all their money out at once the banks won't go bankrupt.