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Originally posted by wasco2
It's a stupid question, not gonna happen. US banks are privately owned for profit enterprises. To get them all to do the same thing at the same time would be like trying to herd cats.
The Emergency Banking Act (the official title of which was the Emergency Banking Relief Act) was an act of the United States Congress spearheaded by President Franklin D. Roosevelt during the Great Depression. It was passed on March 9, 1933. The act allowed a plan that would close down insolvent banks and reorganize and reopen those banks strong enough to survive.
Section 1. To affirm any orders or regulations the President or Secretary of the Treasury had given since March 4, 1933.
Section 2. To give the President the ability to declare a national emergency and have absolute control over the national finances and foreign exchange of the United States in the event of such an emergency.
Section 3. To authorize 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 "any other form of coin or currency coined or issued under the laws of the United States".
Section 4. To make it illegal for a bank to do business during a national emergency (per section 2) without the approval of the President.
Bank holidays are not without precedent in the United States. On March 5 1933, newly elected Franklin Roosevelt declared a “bank holiday” that lasted four days, during which he rammed through the Emergency Banking Act which granted FDR near dictatorial control over the dealings of banks. The Act also forced every citizen and business in the country to relinquish their gold in exchange for paper currency.
The 1933 bank holiday served as a face-saving mechanism for many financial institutions – thousands of them never reopened after the closure period had ended.
Originally posted by Hydroman
I'd just go to the ATM. I can't remember the last time I walked inside a bank anyways.