mar 9, 1933 - Emergency Banking Act Passed
Description:
In response to the banking crisis in which so many people were withdrawing their money from banks that they failed, FDR declared a national bank holiday, which gave him time to pass the Emergency Banking Act, which gave him the power to personally reopen banks that were deemed stable enough to reopen, and authorized Federal Reserve Banks to issue bank notes, creating 100% deposit insurance and restoring the system.Added to timeline:
Date:
mar 9, 1933
Now
~ 92 years ago