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The Bank Holiday was a four day holiday in which all banks in the United States would be closed. President Franklin D. Roosevelt did this for several reasons, including:
1) Banks were running out of money- Due to the financial panic caused by the Stock Market Crash of 1929 and the ensuing Great Depression, many banks did not have paper currency to give to their customers.
2) Replenish the money supply at certain banks- The federal government investigated bank procedures/who they gave out loans to. Banks that showed well thought out investments were given money in order to reopen. Banks deemed irresponsible by the federal government would remain closed and were restructured.
Decreased the power of the Boyars by introducing a merit-based system and allowed lower class people a chance. He also sent boyars children away to Europe to be educated).
