32¢ FDR’s New Deal
Celebrate the Century – 1930s
Issue Date: September 10, 1998
City: Cleveland, OH
Printed By: Ashton–Potter (USA) Ltd
Printing Method: Lithographed, engraved
In the presidential election of 1932, Democratic nominee Franklin D. Roosevelt promised a “new deal” for the “forgotten man.” Reacting to the ineffectiveness of the Hoover administration in meeting people’s needs during the Great Depression, Americans overwhelmingly voted in favor of this promise.
Much of the New Deal legislation was put into effect during President Roosevelt’s first three months in office. In order to alleviate the suffering of the unemployed, the Works Progress Administration (WPA) and Civilian Conservation Corps (CCC) were set up. To revive business activity, the National Recovery Administration (NRA) was established. The Federal Deposit Insurance Corporation (FDIC) insured bank deposits, and the Securities and Exchange Commission (SEC) protected the public from fraudulent stock market practices. Perhaps the most successful and well-known reform made by Roosevelt was the establishment of the Social Security system.
While these reforms proved effective, some detractors claimed that Roosevelt was imposing too much federal control over the states, thus violating the Constitution. Some even believed that the New Deal would lead to socialism.