When FDR took office, the Great Depression was well underway. Banks were failing, and 13 million Americans were unemployed. In his first hundred days, Roosevelt's administration worked towards helping the economy recover.
FDR proposed the New Deal, whose primary goals were:
relief for the needy
economic recovery
financial reform
In the first 100 days, Congress passed 15 significant pieces of legislation that advanced the New Deal.
The National Industrial Recovery Act was passed to address industries and workers' problems to promote industrial growth. It included the National Recovery Association, which aimed to stabilize business with codes of "fair" competitive practice and generated more purchasing power by providing jobs, defining labor standards, and raising wages.
In order to get support for his programs in the New Deal, FDR started having "Fireside Chats."
FDR began his Fireside Chats during a time of widespread panic regarding the credibility of banks in America. During his first chat, FDR wanted to build up people's confidence in banks and end the Bank Runs of the Great Depression.
On March 12, 1933, FDR said, "I can assure you that it is safer to keep your money in a reopened bank than under the mattress."
FDR was ultimately successful in restoring the people's confidence in banks. Following his first Fireside Chat, people returned to the banks' two-thirds of the hoarded money. On March 13, 1933, the Dow-Jones Industrial Average rose by a record of 15.34 percent. FDR's Fireside Chats were beneficial as they explained what measures were put in place to prevent another bank crisis.
The Emergency Banking Act of 1933 gave the president, the comptroller, and the treasury secretary more authority over the nation's banking system. It allowed the Federal Reserve Banks to issue emergency currency to banks.
The Federal Reserve committed to giving 100 percent deposit insurance through the Federal Deposit Insurance Corporation. In case of another bank failure, Americans did not have to worry.