Which U.S. president signed the Emergency Banking Act in March 1933 after the banking panic of the Great Depression?

Franklin D. Roosevelt signed the Emergency Banking Act in March 1933 after the banking panic of the Great Depression.

Roosevelt took office on March 4, 1933, during a severe banking crisis. Many banks had closed or restricted withdrawals, and several states had declared bank holidays to slow the loss of deposits. Congress passed the Emergency Banking Act shortly afterward, and Roosevelt signed it on March 9.

The law allowed federal review of banks before they reopened and strengthened the government’s ability to provide assistance through the Federal Reserve. Roosevelt then used a radio address, his first fireside chat, to explain the reopening process and encourage confidence in the banking system.

The act addressed banking stability rather than directly reversing the 1929 stock-market crash. It is associated with the New Deal because it formed part of the administration’s early emergency response to the wider financial collapse.