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Emergency Banking Act (EBA).

The purpose of the Emergency Banking Act was to stabilize the banking system, in 1933 the congress passed the EBA which was a reopening of banks when they had become financially stable. Also, prevent people from taking out a big lump sum at one time.

Relief from banking grief!

  • Years: 1933-Present
  • Purpose: Relief Program

Seth Nicoara

Franklin D. Roosevelt was elected president in 1933, he came into office with big things on his mind, he wanted to create a new deal which would help the country get out of the Great Depression. The Emergency Banking Act was part of that new deal, in March of 1933 this act was passed by congress stating that Americans can re-deposit the money that they took out of the banks which crippled the economy. This wanted Americans to gain trust into their banks again which would boost their confidence and allow more income to the banks. Within 4 weeks after the act was passed banks seen over 1.7 billion dollars back into the banks, which in the past the Americans had withdrawn.

The Emergency Banking Act is still in effect today and is now part of The Federal Deposit Insurance Corporation (FDIC). The purpose is almost like the EBA's purpose, the FDIC is intended to insure people when they deposit money into their banks. This states that if the people were to lose their money that they deposited into the bank they would get that money back. This program was intended to be temporary which had later become permanent.

EBA

  • Franklin dropped out of law school.
  • Holds the record for America's longest serving president.
  • Created the new deal with his first term as president.
  • He was elected 4 times which is 2 times more than any other president.
  • He was distantly related to his wife and many other presidents.
  • The first president to leave the country during war time.
  • He was diagnosed with polio which made him become paralyzed from the waist down.
  • Ran as a democrat, unlike the people he was related to which ran as republicans.
  • He was claimed to be the only child but he had a half brother.
  • Won all elections in landslides.

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Confidence building

Programs effects on the economy

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