President Roosevelt instituted a "bank holiday" on March 6, 1933, early in his administration, which closed all banks in the United States for four days. This move was aimed at stopping the panic and runs on banks that were occurring during the Great Depression. The bank holiday allowed the government to inspect the banks' financial health and only allowed those that were solvent to reopen. This helped restore confidence in the banking system and prevented further bank failures. The bank holiday was a crucial step in stabilizing the economy and restoring trust in the banking system during the Great Depression.
