Let every person be quick to hear, slow to speak, slow to anger, for the anger of man does not produce the righteousness of God. – James 1:19-20
On this day in 1933, President Franklin Delano Roosevelt proposed a nationwide Bank Holiday, a closure of all banks across the country, for four consecutive days. The president had been inaugurated just a few days prior when he made the announcement. The concept was pitched as a temporary, emergency solution to a month-long run on U.S. banks. People were so scared that the banks were on the brink of failure that, for a month straight, they simultaneously rushed to remove their money from their bank accounts in case the banks crashed. President Roosevelt’s proposal was well-received by both Congress and the American people. Congress moved to pass the motion within five days, and when U.S. banks reopened for business on March 15, people once again flocked to banks, this time to redeposit their hoarded cash back into their bank accounts.
As the Lord leads, pray with us…
- For officials in the U.S. Treasury Department as they oversee the circulation of money, collect taxes, and supervise banks.
- For Chairman Martin Gruenberg to lead the Federal Deposit Insurance Corporation with discernment and integrity.
