Recovery Act of 1933

The Recovery Act of 1933, also known as the Emergency Banking Act, was enacted in response to the Great Depression. Its main goal was to stabilize the banking system by providing federal support to banks, restoring public confidence. The act temporarily closed banks, assessed their financial health, and helped restore their stability. It also gave the government more authority to regulate banks, ensuring they operated safely. Overall, it aimed to prevent bank failures, restore trust in the financial system, and kick-start economic recovery.