Franklin D. Roosevelt signed the Emergency Banking Act during the 1933 banking crisis to restore confidence in the financial system.
Roosevelt became president on March 4, 1933, amid widespread bank failures and withdrawals. Congress passed the Emergency Banking Act on March 9, and Roosevelt signed it the same day. The law allowed federal review of banks and permitted sound institutions to reopen under government supervision.
Roosevelt then used a radio address, known as his first fireside chat, to explain why people could safely return money to reopened banks. The combination of emergency legislation, bank inspections, and communication helped calm the banking panic.
The act addressed a banking crisis rather than being a direct stock-exchange crash law. It is often discussed alongside the 1929 Wall Street crash because both belonged to the broader economic collapse of the early 1930s.