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  • 3 years ago

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.

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  1. LaynaMae
    • 3 years ago
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    The Emergency Banking Act only had short term effects because it closed banks and then reopened them when they could be financially secure. A short term effect of it is that people would leave their money in the banks.

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