The First New Deal

Brief Series Of Events

Roosevelt is elected for President1932

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The First Hundred Days: Congress and Roosevelt establish alphabet agencies as part of the New Deal: Civilian Conservation Corps (CCC), Federal Emergency Relief Administration(FERA), Civil Works Administration(CWA), Agricultural Adjustment Act(AAA), Tennessee Valley Authority(TVA), and Public Works Administration(PWA).The 21st Amendment is approved 1933

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Congress creates Securities and Exchange Commission (SEC)1934

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People

32nd U.S. president, when elected he immediately set to work creating New Deal policies to end Great Depression upon taking office in 1933

Franklin Delano Roosevelt

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British economist who believed that deficit spending during recessions and depressions could revive national economies; his theories formed the basis of Roosevelt’s New Deal approach

John Maynard Keynes

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The First Hundred Days

Americans voted for Roosevelt in 1932 assuming that the Democrats would dole out more federal assistance than Hoover and the Republicans had. After taking the oath of office, FDR set out to provide relief, recovery, and reform in his bundle of programs known as the New Deal.

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Roosevelt took a lot of inspiration for the New Deal from the writings of British economist Keynes, who believed that a government’s deficit spending could prime the economic pump and jump-start the economy. With the support of a panicked Democratic Congress, Roosevelt created most of the “alphabet agencies” of the First New Deal within his landmark First Hundred Days in office.

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Banking Acts

On March 6, 1933, (two days after becoming president), Roosevelt declared a five-day national bank holiday to close banks temporarily. In Hoover’s presidency, around 1,500 banks closed per year. FDR hoped a short break would give running banks time to reopen more stably. A few days later, Congress passed the Emergency Banking Relief Act giving Roosevelt power to regulate banking transactions and foreign exchange.

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