The New Deal Begins

1
The New Deal Begins

• Franklin Delano Roosevelt
• New Deal
• First 100 Days
• Banking Reform

2
F.D.R

• Former Assistant Sec. of the Navy under Wilson
• Contracted polio in 1921
• Paralyzed from the waist down
• Would not let his disability slow him down
• Elected governor of New York in 1928
• Elected president in 1932
• 23 million to 16 million

3
F.D.R. cont.

• Had until March 1933 to take the oath
• Spent the time between the election and the
  inaugural creating a brain trust of professors,
  lawyers, and journalists to advise him
• Told Americans that the only thing they had to
  fear was fear itself
• Created a New Deal for Americans

4
The New Deal

• Goals
• Relief for the needy
• Economic recovery
• Financial reform

5
First 100 Days

• March 9-June 16, 1933
• Roosevelt pushed through 15 pieces of major
  legislation
• Expanded the role of the federal government

6
Banking Reform

• First step was banking reform
• The day after Roosevelt took office he had the
  treasury inspect all banks
• Declared a bank holiday
• Closed all banks
• Good banks would reopen
• Banks not able to pay their debts would remained
  closed
• Some received loans
• Gave the public some faith in banking

7
Banking Reform cont.

• F.D.R. continued his leadership role
• fireside chats
• Explained to the country that the govt had
  provided machinery to restore our financial
  systemIt was up to you to support and make it
  work
• Glass-Stegall Act (1933)
• Established a Federal Deposit Insurance
  Corporation (F.D.I.C.)

8
Banking Reform cont.

• Federal Securities Act (1933)
• Required corporations to provide information
  about stocks and make them liable for
  misinterpretation of that info.
• 21st amendment repealed the 18th amendment
• F.D.R. wanted to tax alcohol