President Franklin D. Roosevelt

1308 Words Apr 12th, 2016 6 Pages
President Franklin D. Roosevelt, arguably one of the most famous Presidents because of his work during such a difficult time took office in 1933. Roosevelt came into office with a bold plan and acted on it swiftly, providing jobs and relief for those in need. “Over the next eight years, the government instituted a series of experimental projects and programs, known collectively as the New Deal, that aimed to restore some measure of dignity and prosperity to many Americans. More than that, Roosevelt’s New Deal permanently changed the federal government’s relationship to the U.S. populace.” The New Deal consisted of a number of government-funded programs. For my purpose though, I want to focus on the Bank Act of 1933. The Bill was sponsored by Sen. Carter Glass (D-VA) and Rep. Henry Steagall (D-AL) and signed into law by Roosevelt in 1933. This policy change set up the banking industry for a successful recovery and a strong future. The Bank Act of 1933 contained many goals. One of the most crucial successes of this law was that commercial banking and investment banking were now completely separate. This interaction had been a problem due to overlap in business practices that weren’t morally right. Another system of value that came from this act was the Federal Deposit Insurance Corporation or FDIC, as many of us know it today. What the FDIC does is insure deposits up to a certain amount. This was great for the clients of the bank and brought back a sense of security among the…
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