MARCH 6, 1933 – CONGRESS PASSES EMERGENCY BANKING ACT

1933 – CONGRESS PASSES EMERGENCY BANKING ACT
Among its provisions, the Act gave the President the ability to declare a national emergency and have absolute control over the national finances and foreign exchange of the United States. It authorized the Secretary of the Treasury to order any individual or organization in the United States to deliver any gold that they possess or have custody of to the Treasury in return for paper currency. It also allowed for closing insolvent banks.