Were Roosevelt's new deals responsible for getting the United States out of the Great Depression? If so to what extent
Franklin D Roosevelt was elected as President of the United States in 1932 and he was dealt a very large task. He was elected during the time period of the great depression and the United States economy was very bad. Many believe it was Roosevelt who got the United States out of the great depression with his first and second new deals. The new deals had three goals which were to reform, recover, and relieve the population of the heavy burden placed. While many people also believe that World War II was the main reason that got the United States out of the great depression, it was more so the new deals that Roosevelt introduced. His new deals helped get the United States out of the depression to a great extent because he managed to fix the banking issues and create a system that worked and would help the United States in the future.
President Roosevelt created many acts that would help the nation recover. On March 6th, 1933 Roosevelt ordered for banks to close for a few days and to have people keep their money in the bank during the time. He did this as a start to getting the country out of the depression. He passed the Emergency Banking Relief Act. It restricted banks from reopening from the "bank holiday" unless they had enough funds to meet their depositor's demands. It was a way of relief as it only opened "solvent" banks. This act would expand his presidential powers because it gave him "absolute control" over the national finances and foreign exchange of the United States and would regulate the banks to help prevent another crisis later on. Later on Roosevelt would create the FDIC (Federal Deposit Insurance Corporation) in order to reform the banks as it insured depositors' money. Roosevelt had a large impact with these acts introduced in the first new deal and his impact on helping to recover from the great depression is seen to a...
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