BANKING AFFAIRS

Detailed explanation-1: -After a month-long run on American banks, Franklin Delano Roosevelt proclaimed a Bank Holiday, beginning March 6, 1933, that shut down the banking system. When the banks reopened on March 13, depositors stood in line to return their hoarded cash.

Detailed explanation-2: -Following his inauguration on March 4, 1933, President Franklin Roosevelt set out to rebuild confidence in the nation’s banking system and to stabilize America’s banking system. On March 6, he declared a four-day national banking holiday that kept all banks shut until Congress could act.

Detailed explanation-3: -Roosevelt, Franklin D. “Proclamation 2039-Declaring Bank Holiday, ” March 6, 1933. Online by Gerhard Peters and John T. Woolley, The American Presidency Project.