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First New Deal (1933–1934)
On his second day in office, Roosevelt declared a four-day national "bank holiday" and called for a special session of Congress to start March 9, on which date Congress passed the Emergency Banking Act.[154] The act, which was based on a plan developed by the Hoover administration and Wall Street bankers, gave the president the power to determine the opening and closing of banks and authorized the Federal Reserve Banks to issue bank notes.[155] The ensuing "First 100 Days" of the 73rd United States Congress saw an unprecedented amount of legislation[156] and set a benchmark against which future presidents would be compared.[157] When the banks reopened on Monday, March 15, stock prices rose by 15 percent and bank deposits exceeded withdrawals, thus ending the bank panic.[158] On March 22, Roosevelt signed the Cullen–Harrison Act, which effectively ended federal Prohibition.[159]

Roosevelt presided over the establishment of