BANK HOLIDAY OF 1933 - Black's Law Dictionary

What is BANK HOLIDAY OF 1933? Definition of BANK HOLIDAY OF 1933 in Black's Law Dictionary - Legal dictionary - Glossary of legal terms.

Presidential Procla- mations No. 2039, issued March 6, 1933, and No. 2040, issued March 9, 1933, temporarily suspended banking transactions by member banks of the Federal Reserve System. Normal banking func- tions were resumed on March 13, subject to cer- tain restrictions. The first proclamation, it was held, had no authority in law until the passage on March 9, 1933, of a ratifying act (12 U.S.C.A. § 95b). Anthony v. Bank of Wiggins, 183 Miss. 885, 184 So. 626. The present law forbids member banks of the Federal Reserve System to transact banking business, except under regulations of the Secretary of the Treasury, during an emergency proclaimed by the President. 12 U.S.C.A. § 95.

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