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New Deal Dbq

522 Words3 Pages

The Great Depression in the United States began on October 29, 1929, plunging the country into its most severe economic downturn. Speculators lost their shirts; banks failed; the nation's money supply diminished; companies went bankrupt and began to fire their workers in droves. President Franklin Roosevelt took office in 1933, and he acted quickly to try and stabilize the economy, provide jobs and relief to those who were suffering. Over the next eight years, the government instituted a series of experimental projects and programs, known as the New Deal, that aimed to restore some measure of dignity and prosperity to many Americans. More than that, Roosevelt’s New Deal permanently changed the federal government’s relationship to the U.S. …show more content…

As President Hoover was in office, as well as when he left office, banks were failing across the United States. President Roosevelt and Congress immediately passed legislation to solve the banking crisis. Roosevelt closed all the nation's banks so that the Federal Reserves could help strengthen them and restore confidence in the banking system. This resulted in the creation of the Federal Deposit Insurance Corporation, also known as the FDIC. This was used as a way for the government to guarantee savings deposits for all Americans. This also increased the number of people that trust banks to hold their money. When banks failed, the FDIC guaranteed all Americans up to $250, 000 of their savings if lost to prevent future banking "panics". Another example of FDR's reform programs was the SEC, or better known as the Securities and Commissions. The SEC was structured to regulate Wall Street and the stock market exchange. This agency was created to prevent fraud and abuse in the stock markets by banks and corporations. It is also used to enforce regulations to protect investors from illegal activities. President Roosevelts reform acts modified the United States government to restrain its economic health. These programs provided a way for the government to establish a hands-on system that was beneficial to all

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In addition, Roosevelt sought to reform the financial system, creating the Federal Deposit Insurance Corporation (FDIC) to protect depositors’ accounts and the Securities and Exchange Commission (SEC) to regulate the stock market and prevent abuses of the kind that led to the 1929

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FDR’s first incentive was to make “The Emergency Banking Act which authorized the Federal Reserve Board to issue new banknotes and allow the reopening of banks that had adequate assets, and arranged for the reorganization of those that did not” (Source 2). The New Deal helped reopen banks and provided loans to banks that needed help, and closed banks that were too unstable to open (Source 4). Along with this, he made the Glass-Steagall Act that insured bank accounts through the FDIC’s (Federal Deposit Insurance Corporation) main purpose is to insure deposits, examine and supervise financial institutions for safety, soundness, and consumer protection, make large and complex financial institutions resolvable (Source 5).

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The legislation mentioned in the document confirmed Roosevelt’s expanded power to address the banking crisis during the Great Depression. The U.S. government took quick

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FDR was looking forward into the future of the economy of the United States with this new policy developed and also with the creation of the FDIC or Federal Deposit Insurance Corporation. 
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