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New Deal Dbq

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The New Deal
When America was at its lowest point in the Great Depression, Franklin D. Roosevelt came to put the nation back together. The new presidential candidate swept Americans off their feet as he spoke of his ideas to reinvigorate the nation, and fix the economy. Within the first 100 days of FDR’s first term as president, he had managed to get more legislature passed than ever before. The New Deal helped the nation get back on its feet by helping not only the businessmen, but the farmers too. The New Deal installed some long lasting legislature that exists still today. While many of his legislature was abandoned or replaces in the 70’s and 80’s, there remains one that stands above all in its importance. The Social Security System is …show more content…

Roosevelt urged Congress to pass his new legislature to help agriculture and business recover quickly to bring jobs back to the citizens (Freidel 69). After being in office for just two days, Roosevelt declared that the banks stop transactions in gold, which lead to the last of the banks shutting down (Rauchway). While the banks were shut down Roosevelt was busy setting forth new legislature concerning The Federal Reserve. He decided to make a law that allowed the Reconstruction Finance Corporation, RFC, to buy stocks in the banks allowing the Federal Reserve System to have more money available to reopen the banks across the nation …show more content…

In total only about 1,000 banks nationwide had to “close up shop.” From the Emergency Banking Act, Roosevelt had gained more power than he had bargained for. The new banking act also applied and worked side by side with the Trading with the Enemy Act, passed during WWI (Rauchway). Not that the president intended to use his power over the banks during times of war, but now he just had the ability to do so if he wished (Rauchway).
Another reform to the Emergency Banking Act of 1933 happened three months later. The new reform increased the power of the Federal Reserve to regulate banking, which divided the banks that dealt with public deposits of investors on Wall Street (Rauchway). Roosevelt feared that one day the FDIC would have to pay out too large a sum, which would lead to the closing of more banks, but he agreed with the reform anyway (Rauchway). In 1935 the FDIC obtained a permanent charter, and now plays a large role in today’s banking

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