Emergency Banking Act of 1933

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The Emergency Banking Relief Act (E.B.R.A.) (Pub. L. 73–1, 48 Stat. 1, enacted March 9, 1933) was an act passed by the United States Congress in March 1933 in an attempt to stabilize the banking system. The act authorized the Federal Reserve to issue additional currency to banks that were deemed solvent without the requirement that these reserves be backed by gold. One month following the passage of this act, President Roosevelt signed Executive Order 6102 criminalizing the possession of monetary gold by any individual, partnership, association or corporation.

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