To spur US recovery after the Great Depression, President Roosevelt
Answers
The Great Depression was the worst economic casualty in the history of the industrialized world which lasted from 1929 to 1939. It began after the stock market crash of October 1929, which sent Wall Street into a panic and wiped out millions of investors.
President Roosevelt after being elected took immediate action to address the country’s economic woes.
He first announced a four-day bank holiday during which all banks would close so that Congress could pass reform legislation and reopen those banks determined to be sound.
He addressed the public directly over the radio in a series of talks which helped a long way towards restoring public confidence.
During his first 100 days in office, he passed legislation that aimed to stabilize industrial and agricultural production, create jobs and stimulate recovery.
He also sought to reform the financial system by creating the Federal Deposit Insurance Corporation to protect depositors’ accounts and the Securities and Exchange Commission to regulate the stock market and prevent abuses of the kind that led to the 1929 crash
To spur US recovery after the Great Depression, President Roosevelt enacted the various relief and welfare programs to restore prosperity to the Americans.
He took the office in 1933, and acted promptly to maintain the economy and provide relief to the sufferers.
He also took effective steps to provide them with the jobs.