President Roosevelt

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President Roosevelt When President Roosevelt took office in 1933, he quickly created program after program to give relief, create jobs, and stimulate economic recovery for the U.S. These programs were called "alphabet soup" as well as the "New Deal." These “alphabet agencies” would help to bring the U.S. out of the Great Depression, and provide a new hope for a economically-stricken nation. On March 6, 1993 he shut down all of the banks in the nation and forced Congress to pass the Emergency Banking Act, which gave the government the opportunity to inspect the health of all banks. The Federal Deposit Insurance Corporation (FDIC) was formed by Congress to insure deposits up to $5000. These measures reestablished American faith in banks. Americans were no longer scared that they would lose all of their savings in a bank failure. Government inspectors found that most banks were healthy, and two-thirds were allowed to open soon after. After reopening, deposits had exceeded withdrawals. Led by Harry Hopkins, a former social worker, the Federal Emergency Relief Agency sent funds ...
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