What was President Martin Van Buren's new solution to the problem of what to do about the federal government's relationship to banking?

a. He set up a program of federal insurance on individual bank accounts to protect them in times of panic.

b. He created the Third Bank of the United States, but this time headed by a reliable Democrat.

c. He proposed that federal funds be controlled by government officials rather than by bankers.

d. He called for federal money to be deposited in state-chartered banks known as "pets."

e. He proposed the creation of the Federal Reserve Bank, with branches in key cities.

Question

Coco

Business

21 January, 10:04

What was President Martin Van Buren's new solution to the problem of what to do about the federal government's relationship to banking?

a. He set up a program of federal insurance on individual bank accounts to protect them in times of panic.

b. He created the Third Bank of the United States, but this time headed by a reliable Democrat.

c. He proposed that federal funds be controlled by government officials rather than by bankers.

d. He called for federal money to be deposited in state-chartered banks known as "pets."

e. He proposed the creation of the Federal Reserve Bank, with branches in key cities.

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Answers (1)

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Braiden Phillips · Answer 1

c. He proposed that federal funds be controlled by government officials rather than by bankers.

Explanation:

Martin Van Buren was born on December 5, 1782 he was the 8th president of the United States from (1837-1841).

On May 10, 1837, State banks in New York refused to convert paper money into gold or silver because they were running out of hard currency reserves this was named The Panic of 1837 because it affected the economic growth of The United States of America.

Martin Van Buren proposed that federal funds be controlled by government officials rather than by bankers to tackle the problem.