March 9, 1933), was an act passed by the United States Congress in March 1933 in an attempt to stabilize the banking system. Beginning on February 14, 1933, Michigan, an industrial state that had been hit particularly hard by the Great Depression in the United States, declared an eight-day bank holiday.
Why Did FDR's Bank Holiday Succeed? After a month-long run on American banks, Franklin Delano Roosevelt proclaimed a Bank Holiday, beginning March 6, 1933, that shut down the banking system. When the banks reopened on March 13, depositors stood in line to return their hoarded cash.
