Because so many banks had failed during the Depression, Roosevelt's first act on becoming president was to restore confidence in the solvency of the banking
industry by declaring a "Bank Holiday” that
a. Closed all banks in the country for four days, mimicking what many states
had done to prevent a collapse of the banking system.
b. Closed all banks in the country for four days of federal inspection audits,
after which most were pronounced sound and allowed to reopen.
c. Revealed that the Federal Reserve had $1 billion in currency it was keeping
out of the economy believing government spending should be reduced.
d. Revealed that there had been nearly 10,000 bank failures since 1929.