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  • 5 years ago

what did president rososevelt believe was the first thing to do in order to fight the great depression

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  1. Owlfred
    • 5 years ago
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  2. anonymous
    • 5 years ago
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    Help the banks and restore confidence in banks. When the Stock Market fell people began withdrawing all of their money from banks and the banks fell. Many people lost thousands (today tens of thousands. Some lost more.) of their savings and many many banks closed. When FDR took office, he ordered a closing of the banks and after assisting them, he reopened them thus giving them more credit. He did this through the Emergency Banking Act and FDR later created the FDIC (Federal Deposit Insurance Corporation) to keep confidence in banks.

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