"I pledge you, I pledge myself, to a new deal for the American people." These words were spoken by Franklin Delano Roosevelt in 1932. The New Deal was FDR's legacy to the nation. The New Deal was his response to the Great Depression, which began in 1929. The New Deal program had two phases.
The first phase of the program was from 1933 to 1934. This included the Federal Deposit Insurance Corporation (FDIC). People had lost their savings when banks went bankrupt, and this measure was enacted to protect the public in the future by insuring their bank accounts. The Securities and Exchange Commission (SEC) was established to regulate Wall Street. Dubious Wall Street practices helped cause the Depression, so regulation was needed. In general, the myriad programs of this phase were for relief and recovery.
The second phase of the New Deal occurred between 1935 and 1941. The establishment of social security in 1935 was probably its most important achievement. Another measure passed by Congress in these years was a minimum wage law and a prohibition of child labor. The Supreme Court ruled against some parts of the New Deal. When the US entered World War II in 1941, the New Deal era came to an end.
Today, the New Deal remains the bedrock of the nation's social and economic policy.