President roosevelt instituted a bank holiday early in his administration. What did this accomplish select all that apply

President Franklin D. Roosevelt instituted a bank holiday in March 1933 as one of the early measures of his administration to address the economic crisis during the Great Depression. The bank holiday aimed to accomplish several goals:

1. Stabilize the Banking System:

• The primary objective was to stabilize the banking system, which was facing a wave of bank runs and closures. By declaring a temporary bank holiday, FDR sought to halt the panic and restore public confidence in the banking sector.

2. Prevent Further Bank Runs:

• The bank holiday temporarily closed all banks to prevent further bank runs. This allowed the government and banking officials to assess the solvency of individual banks and take corrective measures where necessary.

3. Implement Emergency Banking Legislation:

• During the bank holiday, President Roosevelt and Congress developed and implemented emergency banking legislation. The Emergency Banking Act of 1933 provided a framework for reopening sound banks and restructuring those in need of assistance.

4. Reassure the Public:

• By taking swift action, Roosevelt aimed to reassure the public that the government was addressing the financial crisis. The reopening of banks that were deemed solvent helped restore faith in the banking system and encouraged people to redeposit their money.

5. Prevent Hoarding of Currency:

• The bank holiday also aimed to prevent the hoarding of currency. The fear of bank failures had led many individuals to withdraw their savings in the form of cash, exacerbating the economic challenges.

6. Initiate New Deal Reforms:

• The bank holiday set the stage for broader New Deal reforms aimed at stabilizing and revitalizing the economy. It was part of a comprehensive approach to address the economic hardships faced by the American people.

The combination of the bank holiday, the Emergency Banking Act, and subsequent New Deal measures contributed to a gradual stabilization of the financial system and a restoration of public confidence in the banking sector.