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Herbert Hoover became president. His laissez-faire economic policies did little to stop the Depression.
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The Great Depression begins with the Wall Street Crash.
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Hoover signed the Smoot-Hawley Tariff Act, which raised taxes on 900 imports. It originally was supposed to help farmers but ended up imposing tariffs on hundreds of other products.
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The Bank of Tennessee failed. That led to failures of affiliate banks in the next few days.
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Hoover signed the Revenue Act of 1932. It increased the top income tax rate to 63%. He wanted to reduce the federal deficit.
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Franklin Delano Roosevelt is inaugurated as President of the United States.
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The Civilian Conservation Corps was launched to hire three million workers to maintain public lands.
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FDR stopped a run on gold by abandoning the gold standard. He ordered everyone to exchange private gold for dollars.
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The Gold Reserve Act prohibited private ownership of gold and doubled its price. The act changed gold price history.
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The Federal Housing Administration provided Federal mortgage insurance. The Securities and Exchange Commission regulated the stock market.
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The Resettlement Administration trained and provided loans to farmers.
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Economy grew 8.9%. Unemployment fell to 20.1%. Prices rose 3.0%. The debt rose to $29 billion.
