Emergency Banking Act
03/09/1933 AD enacted
Roosevelt sent to Congress the Emergency Banking Act, drafted in large part by Hoover's top advisors. The act was passed and signed into law the same day. It provided for a system of reopening sound banks under Treasury supervision, with federal loans available if needed. Three-quarters of the banks in the Federal Reserve System reopened within the next three days. Billions of dollars in hoarded currency and gold flowed back into them within a month, thus stabilizing the banking system.
The sense of urgency was such that the act was passed with only a single copy available on the floor of the House of Representatives and legislators voted on it after the bill was read aloud to them by Chairman of the House Banking Committee Henry Steagall. Copies were made available to senators as the bill was being proposed in the Senate, after it had passed in the House.
Lattitude: 38.9072° N
Longitude: 77.0369° W
Region: North America
Modern Day United States
Subjects Who or What enacted?
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Franklin Delano Roosevelt (FDR) 32nd President of ...
Timelines (that include this event)
Events in 1933 MORE
