Why did FDR's Bank Holiday Succeed?

http://www.newyorkfed.org/research/epr/forthcoming/0906silb.pdf

Examines how President Franklin Roosevelt stopped a flood of bank withdrawals by declaring a bank holiday and steering the Emergency Banking Act of 1933 to passage. By reestablishing the credibility of the payments system, he demonstrated the power of public policy. From the New York Federal Reserve Bank.

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