During his first hundred days in office, one of the first acts that President Roosevelt did was to close all banks. This action was known as the "Bank Holiday" and it aimed to stabilize the banking system during the Great Depression. By closing the banks temporarily, it prevented further bank runs and gave the government time to reorganize and strengthen the financial institutions.
This measure was part of Roosevelt's broader strategy to address the economic crisis through a series of New Deal programs. The closure of banks was crucial in restoring public confidence in the banking system and laying the groundwork for future reforms to regulate and stabilize the financial sector.
