On This Day

1933 Bank Holiday

On March 6th, 1933, President Roosevelt, only in office for 36 hours, issued a Proclamation to suspend all banking immediately. Americans could not access their money or make deposits.

The crisis of the stock market crash of October 1929, and the Great Depression that followed caused thousands of banks to fail, but a new round of problems that began in 1933 placed a huge strain on the New York banks, which held balances for banks all across America.

The Banking Holiday lasted until March 9th, which gave Congress time to passed the Emergency Banking Act on March 13th, which was aimed at reopening failed banks and restoring public confidence in the financial system.

An estimated 9,000 banks failed during the Great Depression.

Photo - Encyclopedia of Greater Philadelphia