What new agency created at the very start of the FDR era eliminated Bank runs like this one?

Winter Farm Crisis Banking Crisis 25% Unemployment 2 prior banking crises Hoover  Roosevelt November  March 4th

Relates directly to the Hawley-Smoot Tariff Act of 1930 – a misstep in policy meant to help American businesses but which deepened the global economic crisis, as these numbers indicate with respect to trade. (International trade is a good indicator of overall economic well being in the modern age.)

I am certain that my fellow Americans expect that on my induction into the Presidency I will address them with a candor and a decision which the present situation of our people impel. This is preeminently the time to speak the truth, the whole truth, frankly and boldly. Nor need we shrink from honestly facing conditions in our country today. This great Nation will endure as it has endured, will revive and will prosper. So, first of all, let me assert my firm belief that the only thing we have to fear is fear itself—nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance. In every dark hour of our national life a leadership of frankness and vigor has met with that understanding and support of the people themselves which is essential to victory. I am convinced that you will again give that support to leadership in these critical days. March 4 th, First paragraph of FDR’s first speech

Roosevelt’s Task 1.Restore Confidence 1-week bank holiday Federal audit/closings Fireside chat 2. Prevent Repetition Require government audits Deposit insurance Reserve Requirement Require substantial owner equity

FDR inaugurated March 4 th, 1933

Loss of income for Americans resulted in massive foreclosures on homes…a new Federal agency was created to help create bridging loans and lower interest rates: Homeowners Loan Corporation, HOLC (1933). A similar agency was created to help farmers with their debt.

Securities and Exchange Commission, a New Deal agency created To regulate investment banking and ‘high’ finance operations on Wall Street (corporate stocks and bonds).

Above Unemployment lines c. 1930; Germany above, the United States to the right. (And notice the graffiti in picture above!)

Another 1932 election poster. This one identifies three parties who threaten Germany – the Monarchists, the Nazis, and the Communists. This is a poster in favor of the Social Democratic party which up until the depression had been the most popular party in Germany.

Translates as “Third Reich? No!” This was a social democratic party election poster in What does this suggest to you about what the social democrats understood even before Hitler and his party came to power?

The Reichstag (Parliament) fire happened right after Hitler became Chancellor In 1933 and gave his government the excuse to create an new Enabling Act in order to rule without Parliament.

A picture of young men Employed outside to build things, with the Civilian Conservation Corps, CCC A CCC poster from 1934 – CCC units were created with federal Money but operated through state agencies.

The Battleship USS New Jersey – constructed from late 1930 to Launched December 7, 1942 one year after Pearl Harbor attack. (She would serve in WWII, Korea, Vietnam, and in the Lebanon War of 1983 before finally being retired.)

Tennessee Valley Authority – massive job creation and rural hydroelectric project….federally financed. Produced electrification in eight states.

Businesses agreed to certain employment rules and could then advertise that they were federally approved.

Jesse Owens wins four gold medals in Berlin, 1936, representing the United States of America.