Financial Collapse, 1933

Financial collapse in the winter of 1933 culminating in the "bank holiday" of early March, was a climactic event. It ended the downswing phase of the great depression. It produced widespread losses to depositors and owners of bank capital that led soon after to the establishment of the Securities and Exchange Commission, separation of commercial and investment banking, Federal deposit insurance, and other landmark financial legislation. It put an end to the gold standard in the United States, followed, in a few years, by the remaining adherents.