The massive bank failures of the time show that the Great Depression was a severe financial crisis as well as a downturn in the economy [8], and stabilizing the monetary and credit system was essential to the rapid recovery of [9].
To restore the financial system, bank restructuring would be followed up by other key reform acts dealing with gold, stock markets, deposit insurance, savings and loans, and mortgage lending. Check out our latest map and guide to the work of the New Deal in Washington, D. It includes New Deal sites in the District alone, highlighting 34 notable sites, and includes an inset map of the area around the National Mall which can be used for self-guided walking tours.
Sources: 1 Frances T. Government Printing Office, , p. Check out our latest map and guide to the work of the New Deal in Washington, D. It includes New Deal sites in the District alone, highlighting 34 notable sites, and includes an inset map of the area around the National Mall which can be used for self-guided walking tours.
Related Articles:. The FDR administration wasted no time in creating programs to try and pull the country out of its depression. In January, Roosevelt passed the Gold Reserve Act, which raised the nominal price of gold after outlawing the majority of private gold ownership, belonging now to the U.
Department of the Treasury. Building on 's Securities Act, the administration expanded the regulation of Wall Street and securities by creating the Securities Act of This act created an institution that still looms large in the financial world to this day: the Securities and Exchange Commission. Crucial to this act was the creation of the Federal Housing Administration FHA , which was created to improve housing conditions and provide federal mortgage loans.
This regulated the communications industry, radio in particular. In addition, also saw the Indian Reorganization Act, which sought to restore Native American tribal land to its tribes and allow them self-governance. Thanks in large part to the various programs of the New Deal, the first two years of the Roosevelt presidency saw a large decrease in the unemployment rate and a stabilizing of the banks. But in , Roosevelt decided to be more aggressive in his programs and policies, creating a Second New Deal.
This was due in part to his concern of the Supreme Court eliminating programs, as they had begun to do. This is how many government programs that have survived to this day came into being.
The most notable New Deal program, and one that has survived for nearly a full century now, is the Social Security Act. Signed in August , the act created a retirement pension system for elderly Americans, as well as various social safety net programs for struggling citizens, such as unemployment and welfare. Another program that still exists though nowhere near as strong in its current state is the National Labor Relations Act, more colloquially known as the Wagner Act.
Creating the National Labor Relations Board, this act was meant to make it easier for employees to improve their working conditions, including by organizing and unionizing, strengthening workforces as employment numbers grew. The Soil Conservation Act was another New Deal program centered around conservation and the environment.
The Soil Conservation Act was passed to help fight soil erosion, which was devastating to farmers in the midst of the Dust Bowl, and paid farmers who helped counter it by growing crops that helped promote soil growth. Soon after, the Resettlement Administration was created to resettle farmers on more usable land. The WPA, in its lifespan, would employ over 8.
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