At 1:00 am on Monday, March 6, 1933, President Roosevelt, who had taken his first oath of office a mere 36 hours earlier, declared a bank holiday. For one week, all of the nation’s banks were closed. This presidential action followed more than 4,000 bank closures in early 1933, which put particular strain on the country’s bedrock institutions, New York’s large banks, because these banks often held balances for other banks across the country. For the banking industry, this was the low-point of the Great Depression.
To read further, please click the PDF link below . . .
2023 - 01, FDIC
.pdf
Download PDF • 666KB