The New Deal

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bad income distribution, bad banking, bad foreign trade, and over-expansion of credit the stock market crashed and the U.S. was heading to a depression. One of the first Acts to affect the economy was the Emergency Banking Relief Act. This act authorized the Federal Reserve Board to issue more currency. It prohibited a private hoarding of gold and exporting of gold. In Roosevelt’s second day of term he issued a four-day holiday for the banks. The Treasury Department was directed to reopen the banks if they were relatively sound. It took Congress seven hours to pass the Emergency Banking Relief Act. By closing the banks Roosevelt could “say” he checked all the banks and made sure they were safe. He got onto the radio making a statement that the banks were now safe and everyone should store their money in the banks instead of keeping it under their mattress. The next day Roosevelt opened the banks and the deposits were greater than the withdrawals. Next Congress passed the ...

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the Works Project Administration. This act was a major unemployment relief agency and employed eight and a half million people. It spent nearly eleven billion dollars and constructed 122,00 buildings, 644,000 miles of road, 77,000 bridges and 285 airports. When the WPA was at its peak it employed one-third of the nation’s unemployment. This act helped out the economy because it employed millions of people and gave them money. With the money they earned they slowly started to buy items and use the banks. People spent the money they earned and started to improve the economy and Stock Market. The act did a good job by helping out the community, giving employment to the unemployed ...

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