Legal News for Fri 3/4 - ChatGPT, Esq., 24 States Challenge New Tariffs, Refunding $175b and Refugee Bans Upheld
This Day in Legal History: FDR Declares Bank Holiday
On March 6, 1933, just two days after taking office, President Franklin D. Roosevelt declared a nationwide bank holiday in response to the escalating financial panic of the Great Depression. At the time, banks across the country were collapsing as frightened depositors rushed to withdraw their savings. The closures threatened to completely destabilize the American financial system. Roosevelt used emergency executive authority to temporarily shut down the nation’s banks in order to stop the flood of withdrawals. The pause allowed federal…
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