Roosevelt's New Deal and the End of the Great Depression

Franklin Roosevelt won a decisive electoral victory in November 1932 and, upon taking office, launched an extraordinary burst of legislative activity known as the 'Hundred Days,' running from March to June 1933, opening with an inaugural address that declared 'the only thing we have to fear is fear itself.' He immediately declared a general Bank Holiday and secured the Emergency Banking Act, while Congress passed the Agricultural Adjustment Act to raise farm prices and the National Industrial Recovery Act, which established the National Recovery Administration; this first burst of legislation also created the Tennessee Valley Authority, the Civilian Conservation Corps, and the Federal Emergency Relief Administration. The United States abandoned the gold standard and devalued the dollar in 1933, the Home Owners' Loan Corporation helped homeowners refinance troubled mortgages, and Roosevelt communicated directly with the public through radio 'fireside chats,' framing his program around the principles of relief, recovery, and reform.