Interest group democracy was an attempt by the American President

President of the United States

The President of the United States of America is the head of state and head of government of the United States. The president leads the executive branch of the federal government and is the commander-in-chief of the United States Armed Forces....

 Franklin D. Roosevelt

Franklin D. Roosevelt

Franklin Delano Roosevelt , also known by his initials, FDR, was the 32nd President of the United States and a central figure in world events during the mid-20th century, leading the United States during a time of worldwide economic crisis and world war...

 to create broad support for the New Deal

New Deal

The New Deal was a series of economic programs implemented in the United States between 1933 and 1936. They were passed by the U.S. Congress during the first term of President Franklin D. Roosevelt. The programs were Roosevelt's responses to the Great Depression, and focused on what historians call...

 by giving major interest groups at least part of what they wanted. In addition to aiding bankers, farmers, corporations, and the unemployed, Congress

United States Congress

The United States Congress is the bicameral legislature of the federal government of the United States, consisting of the Senate and the House of Representatives. The Congress meets in the United States Capitol in Washington, D.C....

 enacted legislation to helping homeowners, stock investors

Investor

An investor is a party that makes an investment into one or more categories of assets --- equity, debt securities, real estate, currency, commodity, derivatives such as put and call options, etc...

, and the railroads

Rail transport

Rail transport is a means of conveyance of passengers and goods by way of wheeled vehicles running on rail tracks. In contrast to road transport, where vehicles merely run on a prepared surface, rail vehicles are also directionally guided by the tracks they run on...

.

Implementation

The Home Owners Refinancing Act provided two billion dollars to refinance home mortgages facing foreclosure

Foreclosure

Foreclosure is the legal process by which a mortgage lender , or other lien holder, obtains a termination of a mortgage borrower 's equitable right of redemption, either by court order or by operation of law...

. The Federal Housing Administration

Federal Housing Administration

The Federal Housing Administration is a United States government agency created as part of the National Housing Act of 1934. It insured loans made by banks and other private lenders for home building and home buying...

 (FHA) was created to help new home buyers secure low interest

Interest

Interest is a fee paid by a borrower of assets to the owner as a form of compensation for the use of the assets. It is most commonly the price paid for the use of borrowed money, or money earned by deposited funds....

 mortgages. The FHA encouraged bankers to lower their interest rates by guaranteeing repayment of home mortgage loans. The Securities Act of 1933

Securities Act of 1933

Congress enacted the Securities Act of 1933 , in the aftermath of the stock market crash of 1929 and during the ensuing Great Depression...

 required stockbrokers to provide investors with full information about new stock issues. The Emergency Railroad Transportation Act enabled bankrupt railroads to reorganize.

Results

Roosevelt's approach to solving the nation's economic problems produced modest results. The number of unemployed fell from 13 million in 1933 to 11.4 million the following year. Farm income rose about 50% although it remained well below its 1929 level. Industrial production and wages in manufacturing slowly moved upward. But despite these indications of progress, the nation remained caught in the grip of the worst economic depression

Great Depression

The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...

in its history.