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Roosevelt's had a problem in his first one hundred days in office. Since the start of the depression, more then four thousand banks had failed. In the last three months of 1932, Nevada, Michigan and Louisiana were all forced to suspend all bank activities.

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The FDIC lost 1.3 billion dollars during the great depression.

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"The problem became so severe in the spring of 1933 that recently inaugurated President Franklin D. Roosevelt had to declare a national bank holiday, closing every bank in the United States and scrambling for short-term and long-term solutions to the problem"

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One out of every three wage and salary earners- 12.5 million men and women were out of a job. Those who had a job often only made 4 to 10 cents an hour.

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The FDIC stands for The Federal Deposit Insurance Corporation

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On March 9th 1933 Congress passed the Emergency Banking Act, which left it to the Treasury Department to decide which bank would be allowed to reopen and under what conditions. Eventually, over half half the banks were allowed to reopen, with their deposits now ensured by the Federal Deposit Insurance Corporation (FDIC) granted government insurance for banks deposit.

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The FDIC was created because we needed the people to trust the banks so the people would start reinvesting money so it would start to begin to circulate through the economy.

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On the morning of inauguration day in March 1933, the richest state in the union, New York followed suit, it was only a matter of days until the U.S banking system would collapse entirely.

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FDR worked with a special session of congress during the first one hundred days of his presidency. Together they passed legislation of unprecedented scope to stimulate industrial recovery, assist hardship victims, restore jobs and guarantee minimum living standards.

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FDR talking about how banking can help you.

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FDR talking about how banking can help you.

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FDR's Fireside Chat on Backing Up the Banking System-Part 1

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The failure of many banks, runs on banks, and a general climate of financial panic played an important role in the Great Depression. After taking office in early March 1933, President Franklin D. Roosevelt made a radio address (a "Fireside Chat") outlining federal strategy to reopen the banking system.

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This quote shows that FDR cared about the people and getting the country out of the depression.

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This quote shows that FDR cared about the people and getting the country out of the depression.