In 1933 William H. Woodin (1868-1934) was appointed Secretary of the Treasury by his close personal friend President Franklin D. Roosevelt at one of the most critical moments in the nation's history. The financial system of the country had been weakened by the effects of the Depression, including increasing lack of confidence in the banking system and huge withdrawals of deposits. The crisis of 1933 saw massive bank failures, which made the situation worse. Woodin's task was to restore public confidence in the government and to carry out Roosevelt's New Deal policies of fiscal and monetary expansion, which deviated sharply from those of his predecessor.
To deal with the crisis of 1933, Roosevelt created the Federal Deposit Insurance Corporation, an independent agency that insured bank deposits and was designed to increase public confidence in the banks. Woodin devised regulations permitting banks to resume operations and took measures to prevent the hoarding of gold. He resigned after less than a year due to ill health.
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of the Curator
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