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The Emergency Banking Relief Act of 1933. At the height of the Great Depression, FDR took extreme measures to halt massive bank closures with the Emergency Banking Act of 1933. From the opening years of the Great Depression, Herbert Hoover had hoped for individual and private solutions for the economic difficulties faced by Americans.
Some were able to use a loophole in Glass-Steagall to to do both Main Street and Wall Street type banking. So Washington decided to level the playing field and formally get rid of many Glass-Steagall Act restrictions.