Preventing a Future Great Depression, Essay Example

The Great Depression was an unfortunate economic event that allowed politicians to recognize that they must take action to prevent similar occurrences in the future. As a consequence, Congress, with the encouragement of President Roosevelt, passed many laws regarding the financial state of the country within a 100 day period in a 1935 movement sometimes referred to as the “Second Hundred Days”.

The first act passed by Congress called for the creation of the Federal Emergency Relief Administration (FEMA) which provides relief for wages on public works. This is significant because individuals would no longer be held personally responsible for finances incurred in times of emergencies beyond a reasonable extent. In addition, the Civilian Conservation Corps (CCC) was created in an effort to provide people with government jobs in an attempt to reduce the unemployment rate. Next, the Emergency Banking Act gave the president the ability to reopen viable banks and regulate banking, which contributed to the economic growth of the country. The Agricultural Adjustment Administration (AAA) provided subsidies to farmers if they agree to only grow a certain amount of specific crops in order to limit competition in sales that would hurt the economy.

Many of these aforementioned laws continue to exist today, although many have been modified or renamed in ways that better support modern needs and evolved laws. Despite this, these laws still provide protection against another depression due to their ability to regulate the economy. In times of emergency, it is essential to reopen banks and provide people with jobs in order to ensure that the economy is properly restored. It is likely that these laws will continue to evolve and protect us.