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Emergency Banking Act of 1933

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Much to everyone's relief, when the institutions reopened for business on March 13, 1933, depositors stood in line to return their stashed cash to neighborhood banks. Within two weeks, Americans had redeposited more than half of the currency that they had legally withdrawn before the bank suspension.
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According to William L. Silber: "The Emergency Banking Act of 1933, passed by Congress on March 9, 1933, three days after FDR declared a nationwide bank holiday, combined with the Federal Reserve's commitment to supply unlimited amounts of currency to reopened banks, created 100 percent deposit
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The stock market registered its approval as well. On March 15, 1933, the first day of stock trading after the extended closure of Wall Street, the Dow Jones Industrial Average gaining 8.26 points to close at 62.10; a gain of 15.34%. As of October 2020, the gain still stands as the
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banking holiday that kept all banks shut until Congress could act. During this time, the federal government would inspect all banks, re-open those that were sufficiently solvent, re-organize those that could be saved, and close those that were beyond repair.
210:, declared an eight-day bank holiday. Fears of other bank closures spread from state to state as people rushed to withdraw their deposits while they still could do so. Within weeks, all other states held their own bank holidays in an attempt to stem the 262: 307:. 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 263: 322:, a national radio address explaining the alterations made by the federal government on the banking industry. Due to confidence in FDR and the proposed alterations, Americans returned $ 1 billion to bank vaults in the following week. 255: 2455: 2365: 1184: 2414: 1726: 336: 2438: 2371: 2331: 1122: 859: 854: 1194: 1068: 864: 1276: 1127: 1179: 296:
to issue additional currency on good assets so that banks that reopened would be able to meet every legitimate call. The Emergency Banking Act, an amendment to the
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criminalizing the possession of monetary gold by any individual, partnership, association or corporation and Congress passed a similar resolution in June 1933.
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set out to rebuild confidence in the nation's banking system and to stabilize America's banking system. On March 6, he declared a four-day
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Taylor, Jason E., and Todd C. Neumann. "Recovery spring, faltering fall: March to November 1933."
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passed later that year presented elements of longer-term response, including the formation of the
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An Act to provide relief in the existing national emergency in banking, and for other purposes.
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This act was a temporary response to a major problem and remains in effect to this day. The
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Wigmore, Barrie. “Was the Bank Holiday of 1933 Caused by a Run on the Dollar?”
3151: 2749: 2739: 2699: 2631: 2547: 2147: 2140: 1949: 1904: 1731: 1680: 1386: 1380: 1246: 1159: 319: 308: 292:'s administration, was passed on March 9, 1933. The new law allowed the twelve 289: 3194: 3136: 2729: 2689: 2586: 2565: 2353: 2130: 1853: 1576: 1465: 1424: 1359: 1102: 1088: 444:"Eight-Day Banking Holiday in Michigan Proclaimed by Governor in "Emergency"" 2780: 2759: 2626: 2559: 2553: 2541: 2493: 2219: 1320: 1083: 653:
Dighe, Ranjit S. "Saving private capitalism: The US bank holiday of 1933."
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On March 12, the evening before banks began to reopen, FDR gave his first
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Roosevelt's first fireside chat on the Banking Crisis (March 12, 1933)
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Great Depression-era U.S. legislation to stabilize the banking system
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becoming the 48th and last state to close its banks on March 4.
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The EBA was one of President Roosevelt's first projects in the
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One month later, on April 5, 1933, President Roosevelt signed
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Edwards, Sebastian. "Gold, the Brains Trust, and Roosevelt."
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Silber, William L. “Why Did FDR’s Bank Holiday Succeed?”
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Military history of the United States during World War II
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Federal Reserve Bank of New York Economic Policy Review,
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Federal Reserve Bank of New York Economic Policy Review
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Public–Private Investment Program for Legacy Assets
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Black 2462: 2160: 2152: 2119:Discount window 2107: 2081: 2077: 2072: 2049: 2016: 2011: 1981: 1976: 1940: 1917:Isaac Roosevelt 1905:Sara Ann Delano 1851: 1846: 1840: 1836:Other namesakes 1829:2023 miniseries 1821:2022 miniseries 1789:1997 miniseries 1781:1979 miniseries 1620: 1601:Campobello home 1560: 1475: 1439: 1336: 1330: 1196: 1189: 1123:Cannabis policy 890:Second New Deal 833:Inaugurations ( 817: 809: 801: 793: 782: 771: 763: 758: 715: 697:Wicker, Elmus. 650: 648:Further reading 645: 644: 636: 632: 622: 620: 611: 610: 606: 594: 592: 583: 582: 576: 575: 571: 561: 559: 553: 549: 539: 537: 522: 515: 505: 503: 494: 493: 489: 479: 477: 467: 463: 453: 451: 442: 441: 437: 432: 397: 392: 390: 383: 378: 376: 373: 357: 345: 328: 326:Public reaction 286: 285: 277: 275: 274: 273: 272: 269: 261: 258: 251: 245: 240: 200: 172: 163:Signed into law 106: 94: 70:Enacted by 57: 28: 23: 22: 15: 12: 11: 5: 3229: 3219: 3218: 3213: 3208: 3203: 3186: 3185: 3183: 3182: 3177: 3171: 3168: 3167: 3165: 3164: 3159: 3154: 3152:Herbert Hoover 3149: 3144: 3139: 3134: 3129: 3124: 3118: 3116: 3112: 3111: 3109: 3108: 3103: 3098: 3093: 3088: 3083: 3073: 3068: 3063: 3058: 3053: 3048: 3042: 3040: 3036: 3035: 3033: 3032: 3027: 3025:Securities Act 3022: 3017: 3012: 3007: 3002: 2997: 2992: 2987: 2982: 2977: 2972: 2967: 2962: 2957: 2952: 2947: 2942: 2937: 2932: 2927: 2922: 2916: 2914: 2910: 2909: 2907: 2906: 2901: 2896: 2891: 2886: 2880: 2878: 2874: 2873: 2866: 2865: 2858: 2851: 2843: 2834: 2833: 2831: 2830: 2825: 2820: 2819: 2818: 2808: 2803: 2798: 2793: 2788: 2783: 2777: 2775: 2771: 2770: 2768: 2767: 2757: 2747: 2737: 2727: 2717: 2707: 2700:Raphael Bostic 2697: 2687: 2677: 2667: 2657: 2646: 2644: 2638: 2637: 2635: 2634: 2632:Adriana Kugler 2629: 2624: 2619: 2614: 2604: 2594: 2583: 2581: 2573: 2572: 2570: 2569: 2568:(2018–present) 2563: 2557: 2551: 2548:Alan Greenspan 2545: 2539: 2533: 2527: 2521: 2515: 2509: 2503: 2497: 2491: 2485: 2479: 2472: 2470: 2464: 2463: 2461: 2460: 2452: 2446: 2439:Dodd–Frank Act 2436: 2430: 2424: 2419: 2411: 2405: 2399: 2393: 2387: 2381: 2375: 2369: 2363: 2357: 2351: 2343: 2335: 2329: 2323: 2317: 2311: 2305: 2299: 2293: 2287: 2281: 2275: 2269: 2268:(1961–present) 2263: 2257: 2251: 2246: 2240: 2235: 2229: 2223: 2217: 2211: 2205: 2199: 2193: 2187: 2181: 2175: 2168: 2166: 2154: 2153: 2151: 2150: 2148:Primary dealer 2145: 2144: 2143: 2141:Overnight rate 2133: 2128: 2127: 2126: 2115: 2113: 2109: 2108: 2106: 2105: 2100: 2095: 2089: 2087: 2083: 2082: 2075: 2073: 2071: 2070: 2065: 2059: 2057: 2051: 2050: 2048: 2047: 2042: 2037: 2032: 2027: 2021: 2018: 2017: 2010: 2009: 2002: 1995: 1987: 1978: 1977: 1975: 1974: 1961: 1960: 1953: 1945: 1942: 1941: 1939: 1938: 1932: 1926: 1920: 1914: 1913:(half-brother) 1908: 1902: 1896: 1890: 1884: 1878: 1872: 1866: 1859: 1857: 1842: 1841: 1839: 1838: 1833: 1832: 1831: 1823: 1819:The First Lady 1815: 1811:The Roosevelts 1807: 1799: 1791: 1783: 1775: 1761: 1753: 1742: 1734: 1732:Roosevelt dime 1729: 1724: 1717: 1709: 1704: 1696: 1688: 1683: 1678: 1677: 1676: 1666: 1661: 1656: 1655: 1654: 1649: 1639: 1634: 1628: 1626: 1622: 1621: 1619: 1618: 1613: 1608: 1603: 1598: 1597: 1596: 1586: 1581: 1580: 1579: 1568: 1566: 1565:Life and homes 1562: 1561: 1559: 1558: 1553: 1548: 1543: 1542: 1541: 1531: 1526: 1521: 1516: 1511: 1506: 1501: 1496: 1491: 1485: 1483: 1477: 1476: 1474: 1473: 1468: 1463: 1458: 1453: 1447: 1445: 1441: 1440: 1438: 1437: 1432: 1427: 1422: 1417: 1412: 1407: 1402: 1395: 1390: 1387:Look to Norway 1383: 1381:Fireside chats 1378: 1373: 1368: 1363: 1356: 1351: 1346: 1340: 1338: 1332: 1331: 1329: 1328: 1323: 1318: 1313: 1308: 1307: 1306: 1296: 1295: 1294: 1289: 1284: 1274: 1269: 1264: 1259: 1254: 1249: 1247:Four Policemen 1244: 1239: 1234: 1229: 1224: 1219: 1218: 1217: 1212: 1201: 1199: 1197:foreign policy 1191: 1190: 1188: 1187: 1182: 1177: 1172: 1167: 1162: 1160:March of Dimes 1157: 1152: 1147: 1146: 1145: 1140: 1135: 1125: 1120: 1115: 1110: 1105: 1100: 1099: 1098: 1086: 1081: 1076: 1071: 1066: 1061: 1060: 1059: 1054: 1049: 1044: 1031: 1026: 1025: 1024: 1019: 1009: 1008: 1007: 1005:Silver seizure 1002: 992: 987: 986: 985: 975: 974: 973: 963: 962: 961: 951: 950: 949: 944: 934: 929: 924: 919: 914: 909: 904: 899: 894: 893: 892: 887: 885:First 100 days 882: 877: 867: 865:Foreign policy 862: 857: 852: 847: 842: 837: 831: 825: 823: 811: 810: 808: 807: 799: 791: 780: 768: 765: 764: 757: 756: 749: 742: 734: 728: 727: 721: 714: 713:External links 711: 710: 709: 702: 695: 688: 678: 671: 661: 649: 646: 643: 642: 630: 617:New York Times 604: 569: 547: 513: 502:. 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Daly 2674:Philadelphia 2627:Lisa D. Cook 2607:Michael Barr 2560:Janet Yellen 2554:Ben Bernanke 2542:Paul Volcker 2500:Eugene Meyer 2494:Roy A. Young 2454: 2413: 2345: 2337: 2266:FOMC actions 2220:Regulation Q 2208:Regulation D 1964: 1955: 1948: 1937:(family dog) 1931:(family dog) 1826: 1818: 1810: 1802: 1795:Warm Springs 1794: 1786: 1778: 1770: 1764: 1756: 1748: 1740:1937 musical 1737: 1720: 1712: 1700: 1692: 1632:Bibliography 1444:Other events 1335:Presidential 1321:Europe first 1195:Presidential 1170:Official car 1093: 1084:Roerich Pact 705: 698: 691: 681: 674: 664: 654: 633: 621:. Retrieved 616: 607: 595:|title= 577: 572: 560:. Retrieved 550: 538:. Retrieved 533: 529: 504:. Retrieved 499: 490: 478:. Retrieved 474: 469:Bryan, Dan. 464: 452:. Retrieved 447: 438: 416: 399:Money portal 385:Banks portal 358: 346: 333: 329: 317: 315:insurance". 313: 302: 287: 278: 230: 223:inauguration 220: 201: 198:Bank holiday 183: 179: 177: 162: 156: 150: 132: 3115:Individuals 2925:Economy Act 2894:Brain Trust 2750:Lorie Logan 2744:Kansas City 2740:Jeff Schmid 2734:Minneapolis 2562:(2014–2018) 2556:(2006–2014) 2550:(1987–2006) 2544:(1979–1987) 2538:(1978–1979) 2532:(1970–1978) 2526:(1951–1970) 2520:(1948–1951) 2514:(1934–1948) 2508:(1933–1934) 2502:(1930–1933) 2496:(1927–1930) 2490:(1923–1927) 2484:(1916–1922) 2478:(1914–1916) 2451:(2020–2021) 2429:(2009–2010) 2410:(2008–2010) 2404:(2008–2010) 2386:(2007–2010) 2278:Nixon shock 2245:(1944–1971) 2190:Pittman Act 2180:(1909–1912) 2163:Antecedents 1611:Top Cottage 1589:Adams House 1205:Banana Wars 805:(1911–1913) 797:(1913–1920) 789:(1929–1932) 778:(1933–1945) 540:22 February 3195:Categories 2601:Vice Chair 2202:Phelan Act 2093:Beige Book 2030:Vice Chair 1871:(daughter) 1539:theme song 1257:Lend-Lease 829:Transition 815:Presidency 623:October 9, 536:(1): 19–30 506:January 5, 480:5 December 454:January 5, 430:References 281:media help 133:Introduced 86:Public law 62:Long title 3147:Huey Long 2904:Criticism 2828:Sahm rule 2791:Fed model 2724:St. Louis 2684:Cleveland 2579:governors 2366:FIRRE Act 2332:DIDMC Act 2210:(c. 1930) 2124:Bank rate 2055:Banknotes 2035:Governors 1849:Roosevelt 1715:paintings 1701:Roosevelt 1594:FDR Suite 1481:Elections 1267:Hull note 1175:Criticism 586:cite news 212:bank runs 81:Citations 3175:Category 2913:New Deal 2870:New Deal 2796:Fedspeak 2694:Richmond 2664:New York 2196:Edge Act 1971:Category 1907:(mother) 1901:(father) 1337:speeches 875:overview 870:New Deal 820:timeline 371:See also 367:(FDIC). 231:national 216:Delaware 204:Michigan 112:48  3180:Commons 2816:History 2801:Fed put 2774:Related 2714:Chicago 2704:Atlanta 2577:Current 2441:(2010; 2435:(2009–) 2158:History 2086:Reports 1637:Statues 1150:Cabinet 562:3 March 214:, with 91:Pub. L. 2754:Dallas 2654:Boston 2468:Chairs 2459:(2024) 2418:(2009) 2398:(2008) 2392:(2008) 2380:(1999) 2374:(1991) 2368:(1989) 2362:(1987) 2356:(1987) 2350:(1985) 2342:(1981) 2334:(1980) 2328:(1978) 2322:(1978) 2316:(1978) 2310:(1977) 2304:(1977) 2298:(1975) 2292:(1974) 2286:(1971) 2280:(1971) 2274:(1968) 2262:(1956) 2256:(1951) 2234:(1934) 2228:(1933) 2222:(1933) 2216:(1933) 2204:(1920) 2198:(1919) 2192:(1918) 2186:(1913) 2174:(1908) 1865:(wife) 1854:Delano 1845:Family 1744:Films 1625:Legacy 686:online 669:online 659:online 116:  97:  2591:Chair 2025:Chair 1935:Major 1895:(son) 1889:(son) 1883:(son) 1877:(son) 1767:1976, 1435:1945) 114:Stat. 1929:Fala 1805:2012 1797:2005 1773:1977 1759:1960 1751:1947 1699:USS 1691:USS 1556:1944 1551:1940 1546:1936 1534:1932 1524:1944 1519:1940 1514:1936 1509:1932 1504:1924 1494:1930 1420:1940 1415:1939 1410:1938 1037:9102 850:4th) 784:44th 773:32nd 625:2020 599:help 564:2021 542:2020 508:2024 482:2014 456:2024 178:The 99:73–1 73:the 3080:Act 1827:FDR 845:3rd 840:2nd 835:1st 3197:: 615:. 590:: 588:}} 584:{{ 534:15 532:. 528:. 516:^ 498:. 473:. 446:. 194:. 145:AL 3082:) 3078:( 2862:e 2855:t 2848:v 2766:) 2762:( 2756:) 2752:( 2746:) 2742:( 2736:) 2732:( 2726:) 2722:( 2716:) 2712:( 2706:) 2702:( 2696:) 2692:( 2686:) 2682:( 2676:) 2672:( 2666:) 2662:( 2656:) 2652:( 2613:) 2609:( 2603:) 2599:( 2593:) 2589:( 2445:) 2165:) 2161:( 2006:e 1999:t 1992:v 1856:) 1847:( 1401:" 1397:" 1389:" 1385:" 1362:" 1358:" 822:) 818:( 753:e 746:t 739:v 627:. 601:) 597:( 566:. 544:. 510:. 484:. 458:. 283:. 143:- 141:D 139:( 118:1 20:)

Index

Emergency Banking Act
Great Seal of the United States
73rd United States Congress
Pub. L.
73–1
Statutes at Large
Stat.
1
Henry B. Steagall
D
AL
Franklin D. Roosevelt
United States Congress
banking system
Michigan
Great Depression in the United States
bank runs
Delaware
inauguration
Franklin Roosevelt
Fireside Chat 1 On the Banking Crisis
media help
Herbert Hoover
Federal Reserve Banks
Trading with the Enemy Act of 1917
first 100 days of his presidency
Henry Steagall
fireside chat
largest one-day percentage price increase ever
Executive Order 6102

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