what was the immediate purpose of emergency banking relief act
The day after his inauguration he called Congress into a special session and declared a 4-day bank holiday. Cliff Berryman, Washington Evening Star (1938) On 9th March, 1933, Congress passed the Emergency Banking Relief Act which provided for the reopening of the banks as soon as examiners had found them to be financially secure. Within three days, 5,000 banks had been given permission to be re-opened. Later that year Congress passed the 1933 Banking Act. The Federal Reserve Board was given tighter control of the investment practices of banks and the Federal Deposit Insurance Corporation was set up to insure all deposits in banks up to $5,000.