Legislation in the United States that was used to respond to the
banking crisis of the Great Depression quickly until more long-lasting legislation could be passed. It established regulations for the orderly
liquidation of banks that could not be saved and the
reorganization of those that could. It also gave the President power to declare a national banking emergency, which would give the President complete control over the nation's
finances and render it illegal for banks to operate without presidential approval. It was largely replaced later in 1933 by the
Glass-Steagal Act.