Roosevelt's New Deal

13 Pages 3128 Words

both of which employed many people to work on public building projects. Congress also instituted farm relief, tightened banking and finance regulations, and founded the Tennessee Valley Authority (New Deal 1993). These various organizations were all designed to improve the social and economic situations Americans faced during this period in United States history. The banking industry was the first focus of Roosevelt’s administration.
Banks had been closing all over the country due to frightened citizens withdrawing all of their money. In order to increase trust in the banking system, Congress passed the Emergency Banking Relief Act of 1933. The bill gave the president broad powers over financial transactions, prohibited the hoarding of gold, and allowed for the reopening of sound banks, sometimes with loans from the Reconstruction Finance Corporation (Nash and Jefferey et al 777). It also passed the Banking Act of 1933, which strengthened the Federal Reserve System, established the Federal Deposit Insurance Corporation (FDIC), and insured ...