What did Franklin D. Roosevelt do on the 4th of March 1933 to stabilize the banking system?
Franklin D. Roosevelt closed every bank in the country for four days to stop the financial collapse. When the banks reopened on the 9th of March 1933, three-quarters of the Federal Reserve System banks were back in business within three days. This action led to the creation of the Federal Deposit Insurance Corporation which insured deposits for up to 2,500 dollars.