alleryStart learning →Up to what amount were savings-bank deposits insured under the early New Deal?
AUp to $500 for each deposit
BUp to $50,000 for each deposit
CUp to $5,000 for each deposit
DUp to $1,000 for each deposit
Answer & Solution
Correct answer: C. Up to $5,000 for each deposit
1. 1. When Roosevelt took the oath the banking and credit system was in a state of paralysis.
2. 2. The banks were reopened quickly and a policy of moderate currency inflation was adopted.
3. 3. Savings-bank deposits were insured up to $5,000.
4. 4. Severe regulations were placed on the sale of securities on the stock exchange at the same time.
_Source: An Outline of American History (U.S. Information Agency, 1990, public domain), section NEW DEAL BRINGS SOCIAL REFORMS_
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