Emergency Banking Act, 1933
- Faced with the collapse of the country’s financial institutions in the aftermath of the Wall Street Crash and onset of the Great Depression, newly elected president Franklin D. Roosevelt convened a special session of Congress to enact the emergency Banking Act on 9 March 1933. It formalized the bank holiday already declared by the president and implemented procedures to protect banks from further collapse, including action by the Reconstruction Finance Corporation to relieve banks of debts. These measures originated from earlier proposals under the administration of Herbert Hoover.See also Banking.
Historical Dictionary of the Roosevelt–Truman Era . Neil A. Wynn . 2015.
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