Franklin D Roosevelt Biography

Franklin Delano Roosevelt was born on January 30, 1882, in Hyde Park, New York. He was born into a wealthy family, and was their only child. When Franklin was 14 years old, he was sent to the Groton School, an exclusive private school that educated the children of the most wealthy and powerful American families. After graduating from Groton, Franklin Delano Roosevelt went to Harvard University in 1900. In 1905 Franklin Roosevelt began law school at Columbia University. He attended for two years, although he never graduated. In 1920, The Democrats nominated Franklin D. Roosevelt for vice president. Franklin D. Roosevelt was elected governor of New York in 1928 and served from 1929 until his election as President of the United States in 1932.

This ended the panic. He then signed legislation called the Emergency Banking Act. This closed all of the insolvent lending institution and only reopened the solvent ones. Although many lost money, at the very least the panic was eased. Next, to avoid deflation, Franklin D. Roosevelt suspended the gold standard. This meant that U.S. dollars no longer had to be backed up by gold reserves, which also meant that the government could print and spend more money to try and help the economy. The Federal Deposit Insurance Commission backed all bank deposits up to $2500, making it so that bank customers no longer had to worry that a bank failure would wipe out their life savings. To reduce unemployment, the Civilian Conservation Corps put 250,000 men to work in rural conservation projects. The Public Works Administration funded the construction of public works projects across the country, including schools, hospitals, airports, dams, and ports, as well as ships for the Navy and airports for the Army Air Corps. The Federal Emergency Relief Act Provided direct relief, training and work for unemployed