The President first response to the collapsing bank system is the National bank holiday and Enactment of Emergency Act 1933
The former President Franklin Roosevelt was the 32nd Elected U.S. President and inherited problem of collapsing bank system from his Predecessor.
When he observed the problem, he declared a national banking holiday for all banks to be shut till after the enactment of Emergency Banking Act by the Congress.
The Emergency Banking Act 1933 was passed under Roosevelt to stabilize and restore confidence in the U.S. banking system
Therefore, in conclusion, the President first response to the collapsing bank system is the national bank holiday and enactment of the Emergency Act 1933 to stabilize the banking system.
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