The best part about the New Deal, however, was that it dealt with the two main problems that plagued Warren G. Harding and Calvin Coolidge, and that was lack of regulations to deal with greedy cooks, and insurance programs to insure invested money.*
There were laws that existed prior to FDR, yet most of his predecessors believed it was not the role of government to enforce them. FDR changed this by creating organizations to act as monitors to assure regulations were being enforced.
For instance, the New Deal created the:
- Federal Deposit Insurance Program (FDIC) which insured money invested in banks up to $100,000.
- Securities and Exchange Commission (SEC) to regulate the stock market
- Social Security Board (SSB) was created by the Social Security Act of 1935 was responsible for monitoring insurance to the elderly, unemployment compensation, and public assistance. The agency is now called the Social Security Administration (SSA).
- Federal Communication Commission to monitor radio and television
- Federal Housing Administration (FHA) was created as part of the Federal Housing Act of 1934 to set standards for construction of homes and to ensure loans made by banks and other lenders for the purpose of building homes. It is now called Housing and Urban Development (HUD). This assured that even the poorest people could afford a mortgage on a house.
- Codes for fair competition were created as part of the National Industrial Recovery Act of 1933
including production restrictions, minimum wages, and working conditions in order to limit competition and foster a spirit of teamwork among industry rivals.
*By saying greedy crooks, I am not referring to people who are rich, as liberals do. I'm referring to people who actually violate the law for their own personal gain.