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Module 6 DB Post w: follow up.docx

Module 6 DB Post w: follow up.docx - During the Great...

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During the Great Depression banks were failing as people were making a run on the banks taking large withdrawals that the banks were not able to keep up with. Many people did not trust the banks and therefore did not keep their money in them. People with money, and sometimes their life savings, within the banks that were failing rapidly, instantly lost all of their money with no way of being reimbursed. President Roosevelt declared a bank holiday suspending all bank transactions while the government inspected the banks for their stability. During this holiday the Emergency Banking Relief Act was passed allowing for when the banks reopened that they would be able to meet the demands of the people. In order for the banks to meet the demands and be prepared for more massive withdrawals the Federal Reserve Banks issued additional currency to banks that required it. In Roosevelt’s Fireside Chat, he announced that the next day, March 13, banks in the twelve Federal Reserve Bank cities would reopen. Then, on March 14, banks in cities with
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