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on March 4, 1933, occurred in the middle of a bank panic, hence the backdrop for his famous words: "The only thing we have to fear is fear itself."[69] The very next day Congress passed the Emergency Banking Act which declared a "bank holiday" and announced a plan to allow banks to reopen.[72] This was his first proposed step to recovery. To give Americans confidence in the banks, Roosevelt signed the Glass–Steagall Act that created the Federal Deposit Insurance Corporation (FDIC).

Relief measures included the continuation of Hoover's major relief program for the unemployed under the new name, Federal Emergency Relief Administration. The most popular of all New Deal agencies – and Roosevelt's favorite – was the Civilian Conservation Corps (CCC), which hired 250,000 unemployed young men to work on rural local projects. Congress also gave the Federal Trade Commission broad new regulatory powers and provided mortgage relief to millions of farmers and homeowners. Roosevelt expanded a Hoover agency, the Reconstruction Finance Corporation, making it a major source of financing for railroads and industry. Roosevelt made agricultural relief a high priority and set up the first Agricultural Adjustment Administration (AAA). The AAA tried t
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