Claim: The Treasury staff prepared the Emergency Banking Act during Herbert Hoover's administration, then passed on March 9, 1933, allowing the twelve Federal Reserve Banks to issue additional currency on good assets.
Evidence: A draft law, prepared by the Treasury staff during Herbert Hoover's administration, was passed on March 9, 1933. The new law allowed the twelve Federal Reserve Banks to issue additional currency on good assets so that banks that reopened would be able to meet every legitimate call.