Today in 1933 the newly inaugurated President Franklin Roosevelt signed the Emergency Banking Act, officially launching the New Deal. The act allowed the Federal Reserve to guarantee the assets of banks that Roosevelt had ordered closed a few days earlier. In its issue of March 22, 1933, The Nation ran the following front-page editorial note approving of the first two weeks of the Roosevelt presidency.

via March 9, 1933: FDR Signs the Emergency Banking Act, Launching the New Deal | The Nation.

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