Franklin D. Roosevelt Administrations - Changes in the U.S. Government
Changes in the U.S. Government
No new cabinet positions were created under Roosevelt's leadership, but numerous government agencies came into being and many became permanent. Among these was the Federal Deposit Insurance Corporation (FDIC) created in 1935, which is regarded by many authorities as the most important banking reform of all time. It was designed to restore public confidence in banks by providing federally guaranteed insurance on deposits. At first the maximum deposit that could be insured was $2,500 per deposit; it has risen to $100,000.
Another important agency that endured was the Securities and Exchange Commission (SEC). The United States had no strict standards governing the sale of stocks and bonds, but that changed in 1933 with this very significant reform. It made securities fraud illegal under federal law, provided for the strict regulation of securities dealers, made corporate officers responsible for...
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