1933: President Franklin D. Roosevelt’s “New Deal”

1933: President Franklin D. Roosevelt’s “New Deal”
Photo Credit To Wikipedia Commons / President Franklin D. Roosevelt

Story Highlights

  • Historical event:
  • 9. March 1933
  • Already in the first 100 days of his mandate President Roosevelt forwarded Congress a record number of new laws for approval, with the goal of easing the difficult economic situation in the country. Namely, it was precisely at that time that the USA were going through the worst period of the Great Depression.

On this day in 1933 the U.S. Congress approved the Emergency Banking Relief Act. This act was one of President Franklin Delano Roosevelt’s actions which had the goal of overcoming the major economic crisis known as the Great Depression, which had begun back in 1929.

Franklin Delano Roosevelt was sworn in as U.S. president only five days before the Act was passed – on 4 March 1933. It was precisely at this time that the USA were going through the worst period of the Great Depression, and it was probably the worst economic period in the entire history of the USA. Around one-quarter of the workforce was unemployed, while industrial production fell to under one-half that in 1929.

Already in the first 100 days of his mandate President Roosevelt forwarded Congress a record number of new laws for approval, with the goal of easing the difficult economic situation in the country. At the same time, the economy began to grow, so that improvements became visible already in 1933. The Emergency Banking Relief Act, enacted on this day, had the goal of quelling the panic that had previously appeared in the banking sector, in line with what Roosevelt had said at his inauguration: “The only thing we have to fear is fear itself.”

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