but the sheer scope of the depression made historical experience null. In his inaugural speech FDR alludes to previous comparisons between a war and the economic crisis, calling congress into an emergency session in efforts to fight the economic crisis as if it was a war. Therefore, congress, with FDRs persistent persuasion, passed 15 major bills into law. The greatest of which was most definitely the Emergency Banking act. Despite the need to pass such legislature, congress was surprisingly divided. There were numerous meetings between republicans and democrats to figure out a common solution, unfortunately they couldn’t. Instead focus was shifted to the state governors offices, where the two governors of New York and Chicago, Americas financial and banking hubs, came up with the idea of a moratorium, a break to banking. On the eve of FDRs inauguration, with the country in economic meltdown, all banks were closed under the order of the president, giving the government those 3 days without panic to find a solution so that the banks could reopen safely. The Emergency Banking Act stipulated that all banks got a year to divorce themselves from their investment houses, developing separate corporate identities. Following the 3 day moratorium the senate voted on the bill, and at 8:36 pm. FDR officially passed it. The act gave the president the legal right to declare a bank holiday, as well as entrusting in the secretary of the treasury to decide which banks were worth saving and which were too far gone. More or less giving the secretary the power of life or death over banks. Unfortunately this did not sit well with everyone, with the leftist wanting the banks to be nationalized. There were some who might have supported that idea, but not FDR. FDR wished to save the existing system, not kill it. The solution came for the ailing economy came from two men, Carter Glass, and Henry Steagall. The two politicians had been interested in banking reform for a long time, they had been pushing for reform under Hoovers administration but their demands were not taken seriously. Therefore, in 1933, unsatisfied with the Emergency Banking Act, they sought further reform. Their theory was that if you separate a banks commercial banking activities from the investment banking activities, the bank would be forced to be more conservative with its overall activities. Then with the banks in c