Because so many banks had failed during the Depression, Roosevelt's first act on
becoming president was to restore confidence in the solvency of the banking
industry by declaring a "Bank Holiday” that
a. Closed all banks in the country for four days, mimicking what many states
had done to prevent a collapse of the banking system.
b. Closed all banks in the country for four days of federal inspection audits,
after which most were pronounced sound and allowed to reopen.
c. Revealed that the Federal Reserve had $1 billion in currency it was keeping
out of the economy believing government spending should be reduced.
d. Revealed that there had been nearly 10,000 bank failures since 1929.

The first action that was taken by President Roosevelt to restore confidence is that closed all banks in the country under the heading "Bank Holiday” which was for four days so that federal inspection audits can be done. Hence, Option B is correct.

What is an audit?

During the process of the audit, the focus on the point is to make sure that all the tests that have been conducted by the auditors are appropriate tests and the conclusion that will be derived from it will also provide adequate information.

For all this process, there is the requirement of proper and adequate documentation. Basically, in audit also there are a few types. They are external audits, internal audits, and Internal Revenue Service (IRS) audits. It is the Certified Public Accounting (CPA) firm who are mainly engaged in external audits.

Thus, after the failure of many banks during the time Depression, the banks were closed for four days so that federal inspection audits can be done. Hence, Option B is correct.

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