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He closed the entire American banking system on March 6.

On March 9 Congress passed the Emergency Banking Act, which Roosevelt used to effectively create federal deposit insurance when the banks reopened. ET that Sunday night, on the eve of the end of the bank holiday, Roosevelt spoke to a radio audience of more than 60 million people, to tell them in clear language "what has been done in the last few days, why it was done, and what the next steps are going to be".

Fireside chats is the term used to describe a series of 28 evening radio addresses given by U. His tone and demeanor communicated self-assurance during times of despair and uncertainty.

On radio, he was able to quell rumors and explain his policies.

He had spent his first week coping with a month-long epidemic of bank closings that was ruining families nationwide.

"I want to explain to the people something about geography—what our problem is and what the overall strategy of the war has to be. If they understand the problem and what we are driving at, I am sure that they can take any kind of bad news right on the chin." Sales of new maps and atlases were unprecedented, while many people retrieved old commercial maps from storage and pinned them up on their walls.

Novelist Saul Bellow recalled hearing a fireside chat while walking in Chicago one summer evening.

You felt joined to these unknown drivers, men and women smoking their cigarettes in silence, not so much considering the President's words as affirming the rightness of his tone and taking assurance from it." This level of intimacy with politics made people feel as if they too were part of the administration's decision-making process and many soon felt that they knew Roosevelt personally. The conventional press grew to love Roosevelt because they too had gained unprecedented access to the goings-on of government. The practice of regularly scheduled addresses began in 1982 when President Ronald Reagan started delivering a radio broadcast every Saturday.

The series of Roosevelt's 30 fireside chats was included with the first 50 recordings made part of the National Recording Registry of the Library of Congress.

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As a direct result of its combat record, the squadron was awarded the Presidential Unit Citation.