Was the Emergency Banking Act a success? For the most part, it was. When banks reopened on March 13, it was common to see long lines of customers returning their stashed cash to their bank accounts. Currency held by the public had increased by $1.78 billion in the four weeks ending March 8.

What was the outcome of the Emergency Banking Act?

The act expanded the president's regulatory authority over the nation's banking system, granted the comptroller of the currency the power to restrict the operations of banks with impaired assets, and gave the Federal Reserve Board the authority to issue emergency currency backed by assets of a commercial bank.

What was the most important result of the Emergency Banking Act?

What was the most important result of the Emergency Banking Act? Banks reopened with government assurances that they were on sound financial footing. ... the focus shifted from aid to government-funded employment opportunities.