The Law That Started the New Deal


On the evening of Mar. 9, 1933 at 8:30 pm Franklin Delano Roosevelt signed the Emergency Banking Relief Act into law. Passed just five days after his inauguration, the Act was the first piece of legislation in what would come to be called the New Deal, a series of 15 major bills passed into law during the first 100 days of his presidency.

FDR had taken office amid a banking panic, as Americans who were worried about banks’ ability to safeguard their savings withdrew money more quickly than the banks could handle, which only exacerbated the problem and the panic. Many states had already instituted “banking holidays”—closing banks or restricting activity in an attempt to limit the damage—when Roosevelt declared a four-day national banking holiday that would start Mar. 5. With the banks closed, and the stock exchange having made the decision to follow suit, his administration set to…

View original post 346 more words


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s