Federal bill passed following the Great Depression requiring a four-day closing of US banks. The Act allows Congress to examine banking conditions, and requires authorities to determine which institutions must close and which may be reorganized to remain solvent. The Act is intended to prevent massive fund withdrawals (called a "run on the bank") during crisis periods of low consumer and investor confidence.
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A bill passed during the administration of former U.S. President Franklin D. Roosevelt in reaction to the financially adverse conditions of the Great Depression.
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Aug 13, 2010 ... At the height of the Great Depression, FDR took extreme measures to halt massive bank closures with the Emergency Banking Act of 1933.
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