22h 23min, oct 29, 1931 y - Glass-Steagall Banking Act enacted

Description:

On March 5, 1933, Roosevelt closed all banks and ordered them to be inspected by the federal government. 10 days later, most banks would reopen. During the time the banks were closed, many Americans would have renewed confidence in the banks especially after hearing that they were inspected by the government. The Banking Act of 1933 (Glass-Steagall Banking Act) would also be the beginning of the creation of the Federal Deposit Insurance Corporation (FDIC) which would basically ensure Americans that their deposit with FDIC Banks would be safe, and would not be lost. This put many American's faiths back into banks.

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