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Actions of Roosevelt during the Banking Crisis

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Franklin Roosevelt declared war against the Great Depression as he had promised during the inaugural address towards the nation. As soon as he came to power, he declared a bank holiday from March 6-10, 1933. The congress passed the Emergency Banking Relief Act of 1933. He also addressed the 35 million Americans through radio known as the fireside chats and assured them that their money was safe. His actions created great confidence among the depositors. When the banks were reopened, there were more deposits than withdrawals. Roosevelt also signed the Glass Steagall Banking Reform Act which in turn formed Federal Insurance Deposit Corporation (FIDC) insuring the deposits upto $5000.

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This solution contains the efforts taken by Roosevelt to solve the banking crisis during the period of Great Depression. The great depression is examined.

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Franklin Roosevelt declared war against the Great Depression as he had promised during the inaugural address towards the nation. As soon as he came to power, he declared a ...

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