Facts About Program

The law was passed as the first of FDR's series of New Deal Programs to stabilize and regulate the banking system.

At 1:00 a.m. on Monday, March 6,1933 President Roosevelt issued a proclamation ordering the suspension of all banking transactions. No banks were allowed to pay out or allow the withdrawal or transfer of any form of money, make loans or discounts or deal in foreign exchange.

The 1933 Emergency Banking Relief Act was replaced,in 1933 by the Banking Act of 1933, aka the Glass-Steagal Act