By March 1933, 5,000 banks had closed their doors and the whole system was near collapse. With the Emergency Banking Act, Roosevelt called Congress together for a special meeting and asked them to agree to it. The act said that government officials would inspect the accounts to every bank in the country. Only banks with properly managed accounts and with plenty of cash would be allowed to reopen after the Bank Holiday.
After Congress voted for it, on 12 March, Roosevelt spoke on the radio about the act. He said, " I can assure you that it is safer to keep your money in a reopened bank than under the mattress." Next morning, there was no panic at the banks and people started to put money back into their accounts. The banking crisis was over.
The President also set up the Civilian Conservation Corps to provide work for unmarried 18-25 year old men from the cities whose parents were unemployed.
After Congress voted for it, on 12 March, Roosevelt spoke on the radio about the act. He said, " I can assure you that it is safer to keep your money in a reopened bank than under the mattress." Next morning, there was no panic at the banks and people started to put money back into their accounts. The banking crisis was over.
The President also set up the Civilian Conservation Corps to provide work for unmarried 18-25 year old men from the cities whose parents were unemployed.
