Banking System Team Short Paper
Shemida Turner, Virginia Perales, Timothy Fields, and Rodney Brown
Fin/366
March 2, 2015
Daniel Parlagreco
Banking System Team Short Paper
The banking crisis was in the forefront when President Roosevelt took office. The faith in the banking system for Americans was all but gone, and he had to get to work to restore it and quickly. Americans were panicked and because of their actions banks were devastated when they began removing their funds from the U.S. banks. The financial state of the United States led to President Franklin D. Roosevelt stepping into action and delivering his speech on the banking crisis March 12, 1933.
The tone of the speech expresses concern and reassurance. The president's purpose of the speech was to let the American people know what the banking process is and the purpose of the bank closure. His concern for the American people leaves him to sympathize with them and reassure them that the reason for the closing was to regulate the banking process. Although the holiday closure was a significant inconvenience, he lets them know that they needed to close to replenishing the amount of currency in each bank.
The government pulled to together and made decisions quickly so that the American people could return to their normal daily activities. The immediate decisions and actions by Congress and the Federal Reserve Bank was a positive outcome and the president expressed that with reassurance in his tone. He lets the American people know that there will not be another "epidemic failure". Roosevelt was rebuilding the trust in the banking system with his speech and putting Americans fears to rest.
The banking system is built on trust because of the attributes that are shared and are experienced by the customer. Such as the safety of your information and funds, having convenient access and money movement, and trusting the banker’s word and sincerity of knowing the he or she will do what's right for your money and provide sound guidance or advice. The banks failed in America