A New Deal a New Place

Mr. Hill

U.S History

Sydney Speight

27, February 2013

A New Deal, A New Place

The New Deal was created in order to appoint new jobs, and rebuild the general structure of the nation after the stock market crash. It assisted people by giving out money for houses, developing national parks in order to create jobs, etc. The goal of the New Deal and all the programs that came along with it was to help people get back on their feet.

Out of the many programs made to help people the Banking Act of 1935 was one of them. The program was enacted on August 23, following the Banking Act of 1933.

Relief, recovery, and reform were the goals of the New Deal legislation that was passed from 1933 through 1935. Because of the immediateness of need, relief and recovery were the priorities for the first 100 days of the new Congress from March 9 to June16, 1933. Roosevelt did not have a developed plan when he took office, however. His aim was to look for practical solutions to real-world problems, and he did it on a broad scale in leaving from the previous practice of lawmaking either general guideline laws or very specific laws to address closely set problems. Along with programs of the New Deal, Congress approved legislation that gave the president powers new in American history.

This act also established the FDIC as a permanent agency of the government and provided a secure deposit insurance and maintains it at the $5,000 level. The Banking Act of 1935 required the FDIC to prohibit the payment of interest on demand deposits in insured nonmember banks and to limit the rates of interest paid on savings and time deposits. The FDIC was also required to prohibit insured nonmember banks from paying any time deposit before its maturity except as prescribed by the FDIC.

The banking act completely dominated and was successful for the generation.

The Banking Act of 1935 was passed as part of President Franklin D Roosevelt's comprehensive economic improvement package known as...