The First New Deal - Banking Flashcards
1
Q
When was the Emergency Banking Relief Act passed?
A
1933
2
Q
When was the first bank holiday
A
On 6th March 1933
3
Q
What did Roosevelt do to increase confidence in the banking system
A
On 6th March 1933 he closed all banks for 4 days to allow draft of emergency legislation, led to EBRA
4
Q
What is EBRA
A
The Emergency Banking Relief Act
5
Q
What powers did EBRA allow for
A
Gave treasury power to investigate all banks threatened with collapse
6
Q
What happened to solvent banks with EBRA
A
They were allowed to reopen, while others were reorganised by gov officials
7
Q
What was the effect of EBRA
A
At the beginning of April, 1$ billion returned to bank deposits and crisis averted
