Between 1929 and 1931,about 2,000 Banks Failed Across the United

Between 1929 and 1931,about 2,000 banks failed across the United States.A major reason for this was probably that the Fed

A) had little power since it was not created until mid-1931.
B) had no power to lend money to commercial banks.
C) felt its main obligation was to assist only those banks that were solvent.
D) was under the direction of the president and Congress and could act only at their specific request.
E) pursued a restrictive monetary policy to prevent the loss of gold reserves from the banking system.