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President Herbert Hoover believed the economy would recover on its own. He limited government involvement, which did not solve the growing economic problems.
In 1932, President Franklin D. Roosevelt introduced the New Deal, a series of programs designed to provide relief, recovery, and reform.
Programs like the CCC and WPA created jobs and helped people earn income while improving public infrastructure.
The government created the FDIC to protect bank deposits and the SEC to regulate the stock market. Social Security provided support for the elderly and unemployed.
These programs helped reduce unemployment, restore confidence, and improve economic conditions, although full recovery came later.