March 12, 1933, FDR’s First Fireside Chat on the Banking Crisis
As one of his first acts to confront the worsening impact of the Great Depression, newly elected President Roosevelt declared a nation-wide bank holiday starting on March 6, 1933 effectively shutting down the American banking system following a month long run on their reserves. Roosevelt went on the radio in his first “fireside chat” to dispel rumors and explain his actions. When banks reopened on March 13th, the public lined up to redeposit their cash. The bank holiday, along with the Emergency Banking Act passed on March 9th, is credited with restoring public confidence in the banking sector.