Question

What legislation did Congress pass the day after Franklin Roosevelt’s inauguration?

Answer 1

Answer:

On March 9, Congress passed the Emergency Banking Act, which Roosevelt used to effectively create federal deposit insurance when the banks reopened.

Explanation:

Answer 2

What legislation did Congress pass the day after Franklin Roosevelt’s inauguration? The Emergency Banking Bill (4 day bank holiday). Roosevelt submitted to Congress an Emergency Banking Bill authorizing the government to reorganize and reopen solvent banks. The House passed the bill, sight unseen, after a debate. And the Senate passed it unamended. A few days later, Roosevelt announced that banks would begin to reopen. After that, deposits exceeded withdrawals in the first reopened banks. It was passed on March 9, 1933, to prevent massive withdrawals from banks during the banking crisis and the period of economic reform during the Great Depression.