Society, economy & sport

Roosevelt's New Deal begins

4 March 1933

Franklin D. Roosevelt took the oath as president of the United States on 4 March 1933 at the lowest point of the Great Depression, when a quarter of workers were unemployed and thousands of banks had failed, and said that 'the only thing we have to fear is fear itself'. In his first hundred days, Congress passed laws to close and reopen the banks, to insure bank deposits with the FDIC, to create jobs through the Civilian Conservation Corps, and to regulate the stock market. The Social Security Act followed in August 1935. The New Deal expanded the role of the federal government in the economy.

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