Discuss the policy elements of the initial overtures in President Franklin Roosevelt’s “New Deal”?
For President Roosevelt, the banking sector represented the first chords in the logistic and policy symphony that was the New Deal. The President understood that reforming and helping to provide recovery to the "money changers" would be the only conceivable way in which the "temple" of the nation would stand.
President Roosevelt made the case to the American people that the need to change the "unscrupulous" practices of the banking industry was the only way that a lasting and a sense of the permanent change that was needed could be accomplished.
The Emergency Banking Act was part of this, a policy that closed the banks until Roosevelt could draft new laws that had to be followed that were fiscally sound. At the same time, President Roosevelt wanted to provide recovery to the banks so they could be able to develop and show reinvestment tendencies back into the nation.
In doing so, the President was able to generate a sense of fiscal stability, something that was noticeably absent from the financial chaos that had plagued the banks. Roosevelt understood that the initial policy overtures of the New Deal had to focus on recovery and reform of the banking system in order to provide a sense of both short term and long term relief to the financial well- being of the nation.