1933: Congressman Pushed Through Passage Of Banking Act

Alabama News Center | March 9, 2017 @ 5:36 am

By Graydon Rust
Alabama 200

March 9, 1933

U.S. Rep. Henry B. Steagall used his position as chair of the Banking and Currency Committee to push through the Emergency Banking Act of 1933. Passed after less than an hour of debate and no amendments, the act legalized a temporary national banking holiday and deterred additional bank runs during the Great Depression. Later that same year, Steagall co-sponsored the Glass-Steagall Act, which is often credited with reducing the number of bank closings. Steagall served 15 straight terms in Congress and was posthumously inducted into the Alabama Lawyers Hall of Fame in 2015.

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