FDR Gives America a New Deal  Objective : I can comprehend how FDR used the New Deal to significantly change the nation’s economic system.  Preview : Midterm Review: Unit 3.  Process : Election of Roosevelt.  On Your Own : Finish Review book.  Objective : I can comprehend how FDR used the New Deal to significantly change the nation’s economic system.  Preview : Midterm Review: Unit 3.  Process : Election of Roosevelt.  On Your Own : Finish Review book.

Election of 1932  Republicans stick with Hoover—he was convinced he had the solutions to America’s problems.  Democrats pick Franklin Delano Roosevelt—he had been the vice presidential pick back in 1920 for James Cox.  Economy was the campaigns focus.  Roosevelt promises America a “New Deal”  Democrats greatest victory since the Civil War  Republicans stick with Hoover—he was convinced he had the solutions to America’s problems.  Democrats pick Franklin Delano Roosevelt—he had been the vice presidential pick back in 1920 for James Cox.  Economy was the campaigns focus.  Roosevelt promises America a “New Deal”  Democrats greatest victory since the Civil War

 Americans had to now wait until March for FDR to take office.  Passed by the government under Hoover, the 20 th Amendment moved presidential inaugurations to January…but didn’t apply to the 1932 election because the states didn’t approve it until February  Americans had to now wait until March for FDR to take office.  Passed by the government under Hoover, the 20 th Amendment moved presidential inaugurations to January…but didn’t apply to the 1932 election because the states didn’t approve it until February 1933.

 FDR wasted no time, got together professors, lawyers, and journalists, all hand picked.  Called “The Brain Trust”  Began to formulate a set of policies for his new administration.  Their plan became known as the New Deal.  Focused on three goals: relief for the needy, economic recovery, and financial reform.

The Three R’s Relief  Give out immediate help to the poor in forms of jobs and money. Relief  Give out immediate help to the poor in forms of jobs and money. Reform  Focused mostly on banking and financial parts of the economy, to prevent another Depression from occurring. Recovery Initiate many programs geared toward long-term relief by providing long-term jobs and improve the national infrastructure (buildings, roads, and power supplies)

 Actually 105, but still.  On taking office, FDR launched a period of intense government activity.  Congress passed 15 pieces of New Deal legislation.  These laws, and the ones that followed, expanding the federal government’s role in the nation’s economy.

 One day into office, FDR declared a bank holiday and closed all banks to prevent people from withdrawing any more money.  Emergency Banking Relief Act: authorized the Treasury Department to inspect the banks, those that were financially okay, could reopen immediately.  Those that were unable to pay their debts would remain closed.  Those that needed help, could receive loans.  Revived confidence in the banks.

Fireside Chats  Radio talks about issues of public concern.  Explained in plain, simple language his New Deal plans.  Explained how banks work (investing/loaning $ deposited).  Over the next few weeks people returned their money to their bank accounts.

Regulating the Banks  Glass-Steagall Act : established the Federal Deposit Insurance Corporation (FDIC)  Basically insured up to $5,000 per individual bank account.