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What challenge does FDR present Americans in place of “rumors or guesses” about the failing financial system?

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After taking office on March 4, 1933, President FDR set out to stabilize the country's banking sector and regain public confidence in it.

  • He proclaimed a four-day nationwide banking holiday on March 6 in order to keep all banks closed until Congress could take action.
  • On that chilly, overcast Inauguration Day, Roosevelt famously said, "The only thing we have to fear is fear itself. But moving words alone wouldn't be sufficient.
  • He proclaimed a statewide "bank holiday" two days later, briefly shutting down the whole banking sector of the country. The Emergency Banking Act was approved by Congress on March 9 after being called into a special session. The measure granted the federal government the authority to look into the financials of banks.

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