Emergency Banking Relief Act
A Milestone Documents E-text
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Abstract

The Emergency Banking Relief Act was the first action taken by President Franklin D. Roosevelt to stabilize the American economy. Roosevelt became president of the United States on March 4, 1933, at the lowest point of the Great Depression. During the difficult winter that passed between his election and his inauguration, the possibility of starvation loomed over many in a nation that was quickly becoming more desperate and hopeless. Roosevelt's campaign had promised these suffering people a “New Deal,” and the Emergency Banking Relief Act made much of the rest of that New Deal possible by stabilizing the banks that played such an important role in the economy overall.

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