In 1932 Franklin D. Roosevelt was elected president mainly on his campaign for the New Deal. Upon being elected, Roosevelt worked quickly in revealing his New Deal, which was a number of reforms addressing the horrific effects of the Great Depression. Unlike his predecessor, Herbert Hoover, Roosevelt felt as if the government needed to help and support the people when they needed it most.
Together with his "brain trust," a group of university scholars and theorists, Roosevelt looked for the best course of action for the struggling nation. Congress gave him the power to pass pretty much any kind of bill he wanted. During the first 100 days of his presidency, a never-ending stream of bills was passed to relieve the povert
This is just to show how well the FDIC is doing today.
y of America after the stock market crash of 1929. The crashing of the stock market caused many banks all over the nation to shut down, and the people who had money in the banks lost most of if. His first act as president was to declare a four-day bank holiday, during this time Congress drafted the Emergency Banking Bill of 1933, which stabilized the banking system and restored the public's faith in the banking industry by putting the federal government behind it. Three months later he signed the Glass-Steagall Act, which created the Federal Deposit Insurance Company.
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