These programs became known as the New Deal, a reference taken from a campaign speech in which he promised a "new deal for the American people. During the One Hundred Days, Congress enacted 15 major pieces of legislation establishing New Deal agencies and programs.
Among these was the Federal Deposit Insurance Corporation FDIC , which was established to protect depositors from losing their savings in the event of bank failure. Another program was the Civilian Conservation Corps CCC , which put thousands of men to work on projects in national forests, parks, and public lands.
The Agricultural Adjustment Administration AAA was created to ease the desperate plight of the farmer during the Depression by establishing a program of production limits and federal subsidies. The NIRA established codes of fair practice for individual industries in order to promote industrial growth. Its purposes were twofold: first, to stabilize business with codes of "fair" competitive practice and, second, to generate more purchasing power by providing jobs, defining labor standards, and raising wages.
The NRA also reflected trade union hopes for protection of basic hour and wage standards and liberal hopes for comprehensive planning. General Hugh S. Johnson headed the NRA and eventually proposed a "blanket code" pledging employers generally to observe the same labor standards.
By mid-July he launched a crusade to whip up popular support for the NRA and its symbol of compliance, the "Blue Eagle," with the motto "We do our part. While developing programs to help America emerge from the Great Depression, Roosevelt also needed to calm the fears and restore the confidence of Americans and to gain their support for the programs of the New Deal, including the NRA.
One of the ways FDR chose to accomplish this was through the radio, the most direct means of access to the American people. But if you see something that doesn't look right, click here to contact us! Subscribe for fascinating stories connecting the past to the present. When Franklin D.
The stock market had fallen a staggering 75 percent from levels, and one in every four The s in the United States began with an historic low: more than 15 million Americans—fully one-quarter of all wage-earning workers—were unemployed.
President Herbert Hoover did not do much to alleviate the crisis: Patience and self-reliance, he argued, were all Americans Roosevelt that aimed to restore prosperity to Americans. When Roosevelt took office in , he acted swiftly to stabilize the economy and provide jobs and relief The Great Depression was the worst economic downturn in the history of the industrialized world, lasting from to It began after the stock market crash of October , which sent Wall Street into a panic and wiped out millions of investors.
Over the next several The stock market crash of October left the American public highly nervous and extremely susceptible to rumors of impending financial disaster.
Consumer spending and investment began to decrease, which would in turn lead to a decline in production and employment. Roosevelt in , created Social Security, a federal safety net for elderly, unemployed and disadvantaged Americans. The main stipulation of the original Social Security Act was to pay financial benefits to The Glass-Steagall Act, part of the Banking Act of , was landmark banking legislation that separated Wall Street from Main Street by offering protection to people who entrust their savings to commercial banks.
This was of course not true in the vast majority of our banks but it was true in enough of them to shock the people for a time into a sense of insecurity and to put them into a frame of mind where they did not differentiate, but seemed to assume that the acts of a comparative few had tainted them all. It was the Government's job to straighten out this situation and do it as quickly as possible -- and the job is being performed.
I do not promise you that every bank will be reopened or that individual losses will not be suffered, but there will be no losses that possibly could be avoided; and there would have been more and greater losses had we continued to drift. I can even promise you salvation for some at least of the sorely pressed banks. We shall be engaged not merely in reopening sound banks but in the creation of sound banks through reorganization.
It has been wonderful to me to catch the note of confidence from all over the country. I can never be sufficiently grateful to the people for the loyal support they have given me in their acceptance of the judgment that has dictated our course, even though all of our processes may not have seemed clear to them.
After all there is an element in the readjustment of our financial system more important than currency, more important than gold, and that is the confidence of the people. Confidence and courage are the essentials of success in carrying out our plan.
You people must have faith; you must not be stampeded by rumors or guesses. Let us unite in banishing fear. We have provided the machinery to restore our financial system; it is up to you to support and make it work. It is your problem no less than it is mine. Together we cannot fail. Grant Rutherford B.
Hayes James A. Garfield Chester A. Roosevelt Harry S. Truman Dwight D. Eisenhower John F. Kennedy Lyndon B. Bush Bill Clinton George W. Help inform the discussion Support the Miller Center. University of Virginia Miller Center. About this speech Franklin D. Roosevelt March 12, Source National Archives. Presidential Speeches Franklin D. Download media Download Audio. View Transcript. Transcript I want to talk for a few minutes with the people of the United States about banking—with the comparatively few who understand the mechanics of banking but more particularly with the overwhelming majority who use banks for the making of deposits and the drawing of checks.
March 4, First Inaugural Address. More Franklin D.
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