Recollections of the Banking Crisis in 1933

Abstract

According to a key participant, members of both the outgoing and incoming administrations worked side-by-side during the banking crisis of 1933. Their concern was not politics, but rather the search for a solution to the nation's financial problems — even though relations between President Herbert Hoover and President-elect Franklin D. Roosevelt were not so amicable. Thus, the resultant banking holiday and Emergency Banking Act were not sole products of either the Republican or the Democratic administrations but the results of pragmatic, cooperative attempts to meet and solve the crisis.

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