The world has known many great leaders, however, in my opinion President Franklin Roosevelt has made the biggest impact on our economy and government in this century. Roosevelt began a new era in American history by ending the Great Depression and helping the Second World War come to an end. Without Roosevelt who knows where this country could have gone?
In 1929, the U.S. suffered from a stock market crash. This crash set off a train reaction that plunged the U.S. into what is known as the Great Depression. Herbert Hoover was the president at the time of the crash and the beginnings of the Great Depression. All of Hoover’s efforts to help restore and turn around the economic down turn had no effects as the unemployment rates continued to rise. …show more content…
Families that had worked hard for their earnings and savings had lost everything over night. Roosevelt’s first act as president was his aim to get the banks back on track. He granted a national bank holiday; this is were all banks were closed from Match 6 to March 10. Two days after taking his presidency oath, Roosevelt had declared his bank holiday and had halted all banking transactions across the nation. During this bank holiday, Roosevelt presented his Emergency Banking Act to Congress. This act empowered the president through the Treasury Department to reopen banks that were solvent and assist those that were not. The House and the Senate passed the law with overwhelming support from both …show more content…
These new found jobs required government money, money that the government did not have, which caused a big deficit. FDR also introduced the Social Security Act of 1935; this act provided a monthly check for people over the age of 65. 1935 brought the final efforts of the New Deal to reform the Great Depression before the war. Roosevelt ended his first term with the Revenue Act of 1935; this act place a tax on the rich and a tax break on the middle class. Roosevelt’s first term as president and his New Deal alleviated some of the problems found in the Great Depression but was not the answer to solve the Great
In 1929, the U.S. suffered from a stock market crash. This crash set off a train reaction that plunged the U.S. into what is known as the Great Depression. Herbert Hoover was the president at the time of the crash and the beginnings of the Great Depression. All of Hoover’s efforts to help restore and turn around the economic down turn had no effects as the unemployment rates continued to rise. …show more content…
Families that had worked hard for their earnings and savings had lost everything over night. Roosevelt’s first act as president was his aim to get the banks back on track. He granted a national bank holiday; this is were all banks were closed from Match 6 to March 10. Two days after taking his presidency oath, Roosevelt had declared his bank holiday and had halted all banking transactions across the nation. During this bank holiday, Roosevelt presented his Emergency Banking Act to Congress. This act empowered the president through the Treasury Department to reopen banks that were solvent and assist those that were not. The House and the Senate passed the law with overwhelming support from both …show more content…
These new found jobs required government money, money that the government did not have, which caused a big deficit. FDR also introduced the Social Security Act of 1935; this act provided a monthly check for people over the age of 65. 1935 brought the final efforts of the New Deal to reform the Great Depression before the war. Roosevelt ended his first term with the Revenue Act of 1935; this act place a tax on the rich and a tax break on the middle class. Roosevelt’s first term as president and his New Deal alleviated some of the problems found in the Great Depression but was not the answer to solve the Great