Final answer:
President Franklin D. Roosevelt initiated a banking holiday soon after his inauguration to stabilize the banking system and regain public trust. This was part of his broader New Deal policies, designed to recover the economy and provide federal assistance.
Step-by-step explanation:
Upon taking office during the Great Depression, President Franklin D. Roosevelt called for a banking holiday in order to address a major financial crisis. This drastic measure was intended to stem the tide of bank failures and restore public confidence in the banking system. Roosevelt announced that all banks would be closed for a four-day period while Congress convened in an emergency session, which led to the passage of the Emergency Banking Act. This act allowed for a careful inspection of all banks before they could reopen, ensuring that only solvent banks would resume business.
Moreover, the president used his first hundred days in office to enact various laws and executive orders, such as the Glass-Steagall Banking Act and the creation of the FDIC, which helped to stabilize the economy and revitalize the national spirit.