According to the video, how was the Banking Act of 1933 a reaction to the Great Depression?

Answer:

The Banking Act of 1933, also known as the Glass-Steagall Act, was a direct response to the massive bank failures that occurred during the Great Depression. It sought to restore public confidence in the financial system by creating the Federal Deposit Insurance Corporation (FDIC), which insured individual bank deposits. Additionally, it separated commercial banking from investment banking to prevent banks from using depositors' money for risky stock market speculation.