<P> According to William L. Silber : `` The Emergency Banking Act of 1933 , passed by Congress on March 9 , 1933 , three days after FDR declared a nationwide bank holiday , combined with the Federal Reserve 's commitment to supply unlimited amounts of currency to reopened banks , created 100 percent deposit insurance . Much to everyone 's relief , when the institutions reopened for business on March 13 , 1933 , depositors stood in line to return their stashed cash to neighborhood banks . Within two weeks , Americans had redeposited more than half of the currency that they had squirreled away before the bank suspension . The stock market registered its approval as well . On March 15 , 1933 , the first day of stock trading after the extended closure of Wall Street , the New York Stock Exchange recorded the largest one - day percentage price increase ever with the Dow Jones Industrial Average gaining 8.26 points to close at 62.10 ; a gain of 15.34 % . With the benefit of hindsight , the nationwide Bank Holiday and the Emergency Banking Act of March , 1933 , ended the bank runs that had plagued the Great Depression . '' </P>
<P> According to William L. Silber : `` The Emergency Banking Act of 1933 , passed by Congress on March 9 , 1933 , three days after FDR declared a nationwide bank holiday , combined with the Federal Reserve 's commitment to supply unlimited amounts of currency to reopened banks , created 100 percent deposit insurance . Much to everyone 's relief , when the institutions reopened for business on March 13 , 1933 , depositors stood in line to return their stashed cash to neighborhood banks . Within two weeks , Americans had redeposited more than half of the currency that they had squirreled away before the bank suspension . The stock market registered its approval as well . On March 15 , 1933 , the first day of stock trading after the extended closure of Wall Street , the New York Stock Exchange recorded the largest one - day percentage price increase ever with the Dow Jones Industrial Average gaining 8.26 points to close at 62.10 ; a gain of 15.34 % . With the benefit of hindsight , the nationwide Bank Holiday and the Emergency Banking Act of March , 1933 , ended the bank runs that had plagued the Great Depression . '' </P>
what did the emergency banking act of 1933 do
what did the emergency banking act of 1933 do
created 100 percent deposit insurance
created 100 percent deposit insurance