When Woodrow Wilson Became President in 1912, the Most Serious

When Woodrow Wilson became president in 1912, the most serious shortcoming in the country's financial structure was that

A) federal paper money was not backed by sound gold or silver.
B) heavy state and federal regulation of big business and trusts that handicapped the development of business in America.
C) the banking system was too heavily regulated by the federal government.
D) the U.S. dollar was rigidly tied to gold.
E) money for lending was inelastic and heavily concentrated in New York City.