The conservative policies of Coolidge and Hoover were decimated in the 1932 election. America turned to a familiar name Teddy Roosevelt’s fifth cousin Franklin. Franklin Roosevelt was governor of New York. FDR revived the progressive movement, promising america a new deal to get us out of the great depression. The depression was so bad that the Federal Reserve did not open, banks were closing and there was a run on the banks. One of the major things FDR did was create the Federal Deposit Insurance Corporation. Where deposits will be insured up to $2,500, to create public trust in the banking system. FDR immateriality suspended the gold standard, this meant US Dollars did not have to be backed up by the gold standard. He signed a bill to create The Securities and Exchange Commission (SEC), to protect investors and maintain fair markets. Shortly after that FDR signed a bill, where the government would provide benefits to the elderly and unemployed. This was called Social Security, he also signed a bill that would give private sector employees the right of collective bargaining. It was the start of organized labor. Conservatives argued that this New Deal Coalition was socialist and economically dangerous. The started comparing him to Karl Marx, FDR was re-elected in a landslide in 1936. FDR created the Federal Housing Authority which provided subsidized housing to low income Americans. He signed the Fair Labor Standards Act, this built upon Wilson's eight hour work week idea. This created a forty hour work week and set a minimum wage and guaranteed time and a half for certain jobs. This was the first time a minimum age for children able to work was regulated by law. His other accomplishments including the Civilian Conservation Corps and decreased unemployment. There was new Know Nothing movement coming out of the mid west. The Conservative Coalition and the John Birch Society. America will meet another Taft, an anti-labor Governor from Ohio and two factions of the GOP. They wanted to get rid of america's new deal.
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