U.S. History Study Notes - Roosevelt's New Deal

Essay by thekingandqueenHigh School, 11th grade April 2009

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What was the First New Deal? How successful was FDR in dealing with the nation's problems?-New York's governor - strong record of support for progressive social reforms that appealed to urban liberals-during the campaign, Roosevelt simultaneously embraced old orthodoxies and enticed reformers with hints of more radical changes-wanted to cut government spending, balance the federal budget, and support the gold standard & promised more government relief for the poor-believed very much in experimentation-state of Michigan declared an eight-day bank holiday - stock prices dropped on the news and people began shipping their gold to safer countries-more states called a bank holiday-Roosevelt delivered a speech full of determination during thisfinancial collapse-talked about the only thing people should fear is panic-knew that the speech alone would not end the crisis - on his first day in office he declared a national bank holiday-drafted emergency legislation and called Congress into session-the Emergency Banking at was a bill that gave the Treasury secretary the power to determine which banks could safely reopen and which had to be reorganized first-enabled the Reconstruction Finance Corporation to buy the stocks of sound banks-went on the radio to deliver "fireside chats"-assured Americans that their money would be safer in a reopened bank - was able to effectively address the banking crisis, tried to re-assure the American people that legislation was effective in correcting the problems-the government was not even sure how solid most banks actually were - but it worked-deposits began to flow back into the system, the crisis was over-laws established the credibility of the U.S.

banking system: the Glass-Steagall banking Act of 1933 outlawed speculative loans, the Federal Deposit Insurance Corporation protected the savings of individuals, the Banking Act of 1935 reorganized the Federal Reserve-Federal Emergency Relief Administration oversaw the half billion dollars that were...