In response, the new president called a special session of Congress the day after the inauguration and declared a four-day banking holiday that shut down the banking system, including the Federal Reserve. Many people were withdrawing their money from banks and keeping it at home. At the time, the Great Depression was crippling the US economy. Immediately after his inauguration in March 1933, President Franklin Roosevelt set out to rebuild confidence in the nation’s banking system. President Franklin Roosevelt in his first Fireside Chat, March 12, 1933 “I can assure you that it is safer to keep your money in a reopened bank than under the mattress.” Secretary of the Treasury William Woodin, March 9, 1933 The extraordinary rapidity with which this legislation was enacted by the Congress heartens and encourages the country.” “The emergency banking legislation passed by the Congress today is a most constructive step toward the solution of the financial and banking difficulties which have confronted the country.
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