Finalized by President Franklin D. Roosevelt on March 9, 1933, the legislation had been directed at restoring general general general public self- self- self- confidence when you look at the nation’s financial system after having a bank holiday that is weeklong.
“The crisis banking legislation passed away by the Congress today is a many constructive step toward the answer for the economic and banking problems which may have confronted the united states. The rapidity that is extraordinary which this legislation ended up being enacted by the Congress heartens and encourages the nation. ” – Secretary of this Treasury William Woodin, March 9, 1933
“i could ensure you it is safer to help keep your profit a reopened bank than underneath the mattress. ” – President Franklin Roosevelt in the Fireside that is first chat March 12, 1933
Right after their inauguration in March 1933, President Franklin Roosevelt attempt to reconstruct self- confidence within the nation’s bank operating system. The Great Depression was crippling the US economy at the time. Lots of people were withdrawing their funds from banks and maintaining it in the home. In reaction, the brand new president called an unique session of Congress your day after the inauguration and declared a four-day banking getaway that shut down the banking system, like the Federal Reserve.