Roosevelt Tackles the Depression
1932 the country was in deep trouble. The summer of ’32, Democrats nominate
Franklin Delano Roosevelt. FDR pledges a new deal for the American People
Franklin D. Roosevelt
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Education; at Harvard and Columbia Law.
Marries; Teddy Roosevelt’s niece Eleanor.
New York Senator in 1910.
Assistant Secretary of the Navy in 1912.
Diagnosed with Polio in 1921.
Governor of New York in 1928.
“The only thing to fear is fear itself”
First 100 Days
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Roosevelt and his brain trust (group of advisors) campaigned a New Deal:
Relief for the hungry and jobless
Recovery for agriculture and industry
Reforms to change the way the economy worked
FDR Fireside Chats
– In these radio talks, Roosevelt explained his policies in a warm and friendly style.
Major features of the New Deal
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Social Security.
Federal work programs (CCC).
Farm assistance programs (AAA).
Increased rights for labor.
- Fair Labor Standards Act.
Fixing Banks (Reforms)
1. Emergency Banking Relief Act
• Roosevelt closed banks; bank holiday.
• Banks are examined & issued Department of Treasury licenses if financially sound.
2. Securities and Exchange Commission Act (SEC)
• Regulate the stock market and prevent fraud.
• Glass Steagall Act no longer allowed the banks to risk money in the stock market.
• Federal Deposit Insurance Corporation (FDIC)
• Provide government insurance for bank deposits up to a certain amount.
Farms and Industry (Recovery)
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Agricultural Adjustment Administration (AAA)
• Regulated farm production and promoted soil conservation.
National Recovery Administration (NRA)
• Regulated industry and raised wages and prices.
Jobs/Debt Relief
1. Civilian Conservation Corps (CCC)
• Offered unemployed men between 18 and 25 work.
• Planted trees, fighting forest fires, building reservoirs.
• Earned $30 a month and lived in camps.
2. Public Works Administration (PWA)
• Construction projects.
• Awarded contracts to construction companies.
• Insisted contractors hire African American.
3. Civil Works Administration (CWA)
• Hired workers directly and put them on the federal government’s payroll
• Built or improved 1,000 airports, 500,000 miles of roads, 40,000 school buildings
and 3,500 playgrounds, parks and playing fields.
Second New Deal
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in 1935, Roosevelt launches a 2nd new deal
– Social Security Act most important program of the new deal.
• Provided security for the elderly and for unemployed workers
in 1936, Roosevelt re-elected for a 2nd term
– The last new deal reforms are launched
• Fair Labor Standards Act
– Abolished child labor.
– Established 40 hour work week.