m that the New Deal brought about. The Great Depression was caused primarily as a result of previous financial mishaps. Therefore, the first area of reform must be finance. Banks had been closing all over the country due to frightened citizens withdrawing all of their money. The banking laws that were passed effected people immediately. The Glass-Steagall Banking Reform Act of 1933 was later passed in order to form the Federal Deposit Insurance Corporation, which insured individual deposits up to $5,000. This amount was later raised. Furthermore, this act ended the disgraceful epidemic of bank failures. The Federal Deposit Insurance Corporation (FDIC) insured savings-bank deposits up to $5,000, and severe regulations were imposed upon the sale of securities on the stock exchange. Even though !
             on paper this Act may seem insignificant, it is actually the most important. Prior to the Great Depression, there was very little regulations and governmental guidelines in terms of banking. This is a direct reason as to why the nation plummeted into financi
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