Why did FDR introduce the second New Deal from 1935-1936? The second New Deal was introduced in 1935 after the pressure was put on FDR from opponents like Huey Long and Father Coughlin. However, the first New Deal restored hope and the banking system of America; the problem of unemployment was still significant by 11.3 million people still out of work. This was criticised by many as this was a major problem which needed to be tackled, this then lead to the second New Deal being introduced dealing with more reforming policies rather than immediate emergency policies. The second New Deal introduced acts like ‘The Works Progress Administration’ which employed people to build schools, hospitals and other public buildings. However, without acts like this American would have found themselves in problems as they weren’t accelerating reform and recovery; they were just focusing on short term relief on the public.
In spite of this, in June 1935 he pushed through congress some more radical new reforms which taxed the rich and had the interest of the banking system and state intervention right in the heart of it. An act which was released was ‘Banking Act 1935’ which centralised control of banking and credit by the Federal Reserve. The Federal Reserve is the central bank of the United States and is the most powerful financial institution in the world; it provides the nation with a safe, flexible and stable monetary and financial system. Another act which was introduced was the ‘Social Security Administration (SSA) 1935’ which issued federal insurance for the elderly, unemployed and disabled.
The Essay on Comparison Of Us And Uk Banking Systems
Comparison of the United Stated and United Kingdom Banking Systems The Bank of England has had much success and as a result many nations have followed its lead in creating a central banking systems of their own. The United States is one of these nations. The two nations have many similar banking objective and strategies on how to best achieve the objectives. These nations also differ greatly in ...
Due to this act being introduced it tackled a major issue of the elderly and the war veterans not getting their pensions which they deserved when Hoover was in power, this issue was tackled with FDR in power with the second New Deal. To conclude, the second New Deal was introduced because the USA needed to tackle reform and recovery instead of just the relief side of the 3 R’S and the deal needed to benefit the elderly, the poor and the veterans which the first New Deal didn’t acknowledge.
