The Emergency Banking Act (also known as the Emergency Banking Relief Act) was an act of the United States Congress spearheaded by President Franklin D. Roosevelt during the Great Depression. It was passed on March 9, 1933. Allowing a plan which would close down insolvent banks and reorganize and reopen those banks strong enough to survive. Congress in Joint Session. ... Franklin Delano Roosevelt (January 30, 1882–April 12, 1945), 32nd President of the United States, the longest-serving holder of the office and the only man to be elected President more than twice, was one of the central figures of 20th century history. ... The Great Depression was a massive global economic recession (or depression) that ran from 1929 to approximately 1939. ... March 9 is the 68th day of the year in the Gregorian Calendar (69th in Leap years). ... 1933 (MCMXXXIII) was a common year starting on Sunday (link will take you to calendar). ...

On March 6, 1933, the day after Roosevelt's inauguration, he called a special session of congress which instituted a mandatory four-day bank holiday. This act provided for the re-opening of banks after federal inspectors had declared them to be financially secure. March 6 is the 65th day of the year in the Gregorian Calendar (66th in Leap years). ... An inauguration is a ceremony of formal investiture whereby an individual assumes an office or position of authority or power. ...

Within 3 days of the act's passage, 5,000 banks had passed inspection and were re-opened. Roughly two thirds of US banks quickly re-opened under this act, and faith in banking institutions was somewhat restored.

This act was a temporary solution to a major problem. The 1933 Banking Act passed later that year presented elements of a more permanent solution, including the formation of the Federal Deposit Insurance Corporation (FDIC). Two separate laws are known as the Glass-Steagall Act. ... The Federal Deposit Insurance Corporation (FDIC) is an independent federal agency created by the Glass-Steagall Act of 1933. ...

See also

• Bank holiday

-This Portion was contributed by Biejan Amini Nothing to do with sexy ones. ...

External links

• Full Text of the Emergency Banking Act