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Emergency Banking Act
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Emergency Banking Act

United States [1933]
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Quick Summary

The Emergency Banking Act of 1933 was a crucial piece of legislation enacted during President Franklin D. Roosevelt's "Hundred Days" to address the severe banking crisis in the United States. Following his inauguration, Roosevelt declared a nationwide "bank holiday," closing all banks to prevent further runs and restore public confidence.1

This act allowed sound banks to reopen under government supervision and established the Federal Deposit Insurance Corporation (FDIC) to protect depositors' accounts. This measure, combined with Roosevelt's reassuring "fireside chats," helped to stabilize the banking system and prevent its complete collapse, marking a significant step in the New Deal's efforts to revive the economy.1

Summary created from Britannica articles using AI. AI can make mistakes, so verify using Britannica articles.
3 Britannica Sources
  1. Franklin D. Roosevelt - “The Hundred Days ”
  2. Dodd-Frank Wall Street Reform and Consumer Protection Act - Title XIII: Pay It Back Act
  3. financial crisis of 2007–08

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