The belief that bank failures were regularly caused by fraud or the lack of sufficient bank capital explains,in part,the passage of

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The National Bank Act of 1863 was passed in part as a response to the frequent failures of state-chartered banks, which were believed to have been caused by fraud or the lack of sufficient capital. The act created a national banking system that required banks to meet certain capital and regulatory standards.

The Belief That Bank Failures Were Regularly Caused by Fraud