The Emergency Banking Act of 1933 was a legislative response to the bank failures of the Great Depression, and the public's lack of faith in the U.S. financial system. The Act, which temporarily closed banks for four days for inspection, served immediately to shore up confidence in the banks and to provide a boost to the stock market.

The Emergency Banking Act of 1933 was a pivotal piece of legislation during the Great Depression that aimed to restore confidence in the U.S. banking system. It established the Federal Deposit Insurance Corporation (FDIC) and granted the president executive powers to address financial crises.

The Emergency Banking Act of 1933 was enacted in reaction to the excessive banking disaster throughout the Great Depression caused by the stock market crash of 1929. The Act granted the President powers to declare a bank holiday, suspend banking activities, and enforce reforms to restore stability and public confidence in the economic system.