- United States bank holiday
The United States Bank Holiday of the
Great Depressiontook place in 1933when Franklin D. Rooseveltclosed the banks from March 6to March 10to keep depositors from bankrupting the banking system by withdrawing all their money.
Banks were allowed to reopen when they could prove that the money in their reserves was greater than or equal to the money that had been deposited in. If the banks were unsound they would stay closed or could apply for a government loan in order to keep from declaring bankruptcy.
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