FDR or Franklin D. Roosevelt was the 32nd president of the United States of America; he was in office between 1933 and 1945 that means 4 terms in a raw. When the Great Depression struck, it hit the economy and the people hard. The Roosevelt Administration attempted to relieve the people and economy of the hardship that arose during that time. They established many laws and organizations to provide the people with opportunities and hope that they were not expecting. Roosevelt’s actions were effective because they did achieve people’s expectations; he made people trust the federal government and its power once again thanks to job opportunities and launching investments. However, economically the job was not completely done since people were still in the depression as money did not flow well and …show more content…
At first after losing a big amount of their life savings, Americans refused to invest their money in banks any longer. That is why American banks were failing to achieve their goals and a decision must be taken before the failure of other banks. The photo (1) was taken in March 1933 by Robert Jabaily in front of Federal Reserve Bank of Boston showing a crowd after the “ Bank Holiday” announced by FDR on march 6, 1933. As shown in photo (2) which is an article from the New York Times of March 6, 1933. The headline reads FDR orders a bank holiday meaning that banks will be closed, puts Embargo on gold and calls congress; people had no access to banks or to any banking services such as money depositing or money transfer. People tried to deal with the closings of banks and congressional leaders were finding a way to reopen banks as soon as possible and the issue was to make the relation between gold and notes weak. On March 13, an emergency legislation went into effect and member banks could reopen because they were strong enough to survive the crisis. Consequently the banking system had been