The Emergency Banking Act (the official title of which was the Emergency Banking Relief Act) was an act of the United States Congress spearheaded by President Franklin D. Roosevelt during the Great Depression. It was passed on March 9, 1933. This act allows only Federal Reserve-approved banks to operate in the United States of America.
Read more about Emergency Banking Act: Summary, Proposal and Implementation
Famous quotes containing the words emergency, banking and/or act:
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—George Bernard Shaw (1856–1950)