Because of the Abuses by State Banks and the Clear

question 18

Multiple Choice

Because of the abuses by state banks and the clear need for a central bank to help the federal government raise funds during the War of 1812,Congress created the

• A) First Bank of the United States in 1812.
• B) Bank of North America in 1814.
• C) Second Bank of the United States in 1816.
• D) Federal Reserve System in 1813.

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Definitions:

Forced Savings

A policy or situation where people are required to save a portion of their income, either through government policies or economic conditions.

Temporary Assistance

Temporary Assistance often refers to government-provided financial aid or welfare programs aimed at helping those in immediate financial need on a short-term basis.

Food Stamps

A government-provided voucher program, now commonly known as the Supplemental Nutrition Assistance Program (SNAP), designed to help low-income individuals and families afford food.

Contributory

Relating to or involving contributions; in the context of social security or insurance, it refers to systems where benefits are contingent upon the beneficiary's prior contributions.