ROOSEVELT & THE NEW DEAL

A. Distant cousin of Theodore Roosevelt

B. Early Political Career1. 1910- NY State Senate2. WWI- Asst. Secretary of

the Navy3. 1920- contracted

infantile paralysis from polio

C. Governor of NY

ROOSEVELT’S RISE TO POWER

D. Roosevelt is Inaugurated- 1st wanted to restore confidence in banks

1. Bank Run- many depositors withdrawing money at once

2. He declared “bank holidays” to prevent bank runs until crisis was resolved

ROOSEVELT’S RISE TO POWER

A.New Deal: FDR’s policies to end the Depression

B.Government needs to regulate economy

1. Deficit spending paid for programs

HUNDRED DAYS BEGINS

A. Emergency Bank Relief Act1. Fireside Chats: FDR informed and reassured

citizens by radio

FIXING THE BANKS & STOCK MARKET

B. Regulating Banks and Brokers

1. Securities Exchange Commission (SEC)- regulate Wall Street

2. Glass-Steagall Act- est. FDIC3. Federal Depositors Insurance

Corp (FDIC)- Federal govt. insures deposits in banks

FIXING THE BANKS & STOCK MARKET

A.Agricultural Adjustment Agency (AAA)

1.Tried to help farmers by paying them not to grow crops

MANAGING FARMS

A. National Industrial Recovery Act (NIRA): regulate industry

B. National Recovery Administration (NRA): established set prices

INDUSTRIAL RECOVERY

A. Home Owners Loan Corporation (HOLC)- refinanced home mortgages

B. Farm Credit Administration- help farmers refinance mortgages at low interest rates

PROVIDING DEBT RELIEF

A. Civilian Conservation Corps (CCC)- focused on creating jobs

B. Federal Emergency Relief Administration (FERA)- alleviate household unemployment

SPENDING & RELIEF PROGRAMS

C. Public Works Administration (PWA)- did not discriminate against African Americans

D. Civil Works Administration (CWA)- focused on creating employment in govt. jobs

SPENDING & RELIEF PROGRAMS