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Bank failures in the 1920s primarily occurred between 1921 and 1929, with an average of over 600 banks failing each year, even before the 1929 stock market crash. These failures began with a general economic downturn and regional problems, especially in the agricultural sector, and continued to rise, peaking in 1926 and then accelerating dramatically into the early 1930s, triggering the Great Depression. -
Herbert Hoover's presidency, which began in 1929, is defined by the onset of the Great Depression and his efforts to combat it. While he did not cause the crash, his initial response, rooted in a philosophy of limited government and "rugged individualism," was widely seen as inadequate as the crisis worsened. -
The epic boom ended in a cataclysmic bust. On Black Monday, October 28, 1929, the Dow declined nearly 13 percent. On the following day, Black Tuesday, the market dropped nearly 12 percent. By mid-November, the Dow had lost almost half of its value. -
The history of Central Park's Hooverville, the Great ...Hoovervilles were makeshift shantytowns of the homeless that arose across the United States during the 1930s, a direct result of the widespread economic devastation caused by the Great Depression. -
The Dust Bowl was a period of severe dust storms in the American and Canadian prairies during the 1930s, characterized by drought and poor farming practices that led to ecological devastation and mass migration. -
What Is the Smoot-Hawley Tariff Act? History, Effect, and ...The Smoot-Hawley Tariff Act, signed into law in 1930, was a protectionist measure that dramatically raised U.S. import duties on thousands of goods to shield American farmers and industries from foreign competition during the Great Depression. -
The Scottsboro Boys case involved the false accusation, conviction, and years-long legal battle of nine Black teenagers in Alabama for the alleged rape of two white women in 1931. The landmark case exposed deep-seated racism in the Jim Crow-era justice system and produced two pivotal U.S. Supreme Court decisions that expanded the rights of criminal defendants. -
The "Bonus Army" was a large protest in 1932 by approximately 17,000 to 25,000 World War I veterans and their families who marched to Washington, D.C., demanding immediate cash payment of their promised military bonuses -
The Roosevelt's Black Cabinet was an informal group of African American advisors that first organized in 1933 and disbanded after President Roosevelt's death in 1945. It was never formally recognized by the President, but was supported by First Lady Eleanor Roosevelt. -
Roosevelt began on January 20, 1941, when he was once again inaugurated as the 32nd president of the United States, and the fourth term of his presidency ended with his death on April 12, 1945. Roosevelt won a third term by defeating Republican nominee Wendell Willkie in the 1940 presidential election. -
Resilience during the Great Depression - Wells Fargo History The "Bank Holiday" during the Great Depression refers to the temporary closure of all banks and the banking system, declared by President Franklin D. Roosevelt on March 6, 1933. This action, a response to a period of widespread bank failures and public panic, allowed for the examination and licensing of banks, aiming to restore confidence in the financial system and prevent further collapse. -
Franklin D. Roosevelt gave his first fireside chat on March 12, 1933, eight days after his inauguration as president. Titled "On the Banking Crisis," the address was a direct-to-the-public radio broadcast meant to explain his administration's response to the financial catastrophe and restore public confidence. -
The FDIC was established under the Banking Act of 1933 (also known as the Glass-Steagall Act) in response to the wave of bank failures during the Great Depression to restore public confidence in the U.S. banking system by insuring bank deposits -
The Indian Reorganization Act (IRA) of 1934, also known as the Wheeler-Howard Act, reversed previous U.S. policies of assimilation by ending the allotment of tribal lands, protecting remaining Indian lands from seizure, and authorizing tribes to establish self-governing, chartered governments. The IRA provided funding to purchase land, encouraged tribal corporations and businesses, and fostered cultural and economic self-determination for Native American tribes. -
The National Housing Act of 1934 created the Federal Housing Administration (FHA) to stabilize the housing market and promote homeownership during the Great Depression by insuring home mortgages, making loans more accessible and affordable for borrowers and stimulating construction and renovation -
What Is the Social Security Act? - Roosevelt InstituteThe Social Security Act is the U.S. federal law signed by President Franklin D. Roosevelt on August 14, 1935, that created the Social Security program, providing old-age, survivors, and disability benefits