Which U.S. president signed the Banking Act of 1933 after the bank panic surrounding the 1929 crash?

Franklin D. Roosevelt signed the Banking Act of 1933 after the bank panic surrounding the 1929 crash.

The act, commonly associated with the Glass–Steagall legislation, was signed on June 16, 1933, during Roosevelt’s first term. It separated commercial banking from investment banking, created federal deposit insurance through the Federal Deposit Insurance Corporation, and expanded federal oversight of banks.

The law responded to a banking crisis that had intensified after the Wall Street Crash. Thousands of U.S. banks failed during the early 1930s, destroying deposits and reducing credit. Roosevelt’s administration first declared a national bank holiday in March 1933, temporarily closing banks while their condition was reviewed.

The Banking Act is often discussed as if it were simply a crash measure, but it addressed the broader banking collapse and public loss of confidence. Its separation provisions were later weakened and ultimately repealed in 1999, while federal deposit insurance remains a central protection for eligible bank deposits.