what effect did the emergency banking act have on the fed 
it changed the dynamic of control over monetary policy because the act granted the president greater power to respond independent of the federal reserve during a financial crisis did people believe roosevelt s fireside chat about the emergency banking act yes they did confidence in the act and in roosevelt was demonstrated clearly when people lined up to put their money back into their bank accounts once banks reopened roosevelt famously said during this fireside chat i can assure you that it is safer to keep your money in a reopened bank than under the mattress 1the bottom linethe emergency banking act of 1933 was legislation intended to restore the nation s confidence in its financial system after banks had been shut down for a week the famous bank holiday to prevent any more runs by depositors its effects are seen to this day in the continued role of the fdic to insure bank deposits and in the lasting executive power that presidents have during financial crises 