Franklin Delano Roosevelt The New Deal Begins Franklin Delano Roosevelt New Deal First 100 Days Banking Reform

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

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

The New Deal Goals Relief for the needy Economic recovery Financial reform

First 100 Days March 9-June 16, 1933 Roosevelt pushed through 15 pieces of major legislation Expanded the role of the federal government

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

Banking Reform cont. F.D.R. continued his leadership role “fireside chats” Explained to the country that the gov’t had “provided machinery to restore our financial system…It was up to you to support and make it work” Glass-Stegall Act (1933) Established a Federal Deposit Insurance Corporation (F.D.I.C.)

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to provide information about stocks and make them liable for misinterpretation of that info. 21st amendment repealed the 18th amendment F.D.R. wanted to tax alcohol