Final answer:
The New Deal introduced significant financial reforms to restore confidence in the U.S. financial system, including the establishment of the FDIC to insure bank deposits and the SEC to regulate the stock market. The Emergency Banking Act and the Glass-Steagall Act were also key elements of the overall financial recovery strategy.
Step-by-step explanation:
The New Deal programs designed to restore faith in the financial system included major regulatory reforms and the establishment of government agencies. The creation of the Federal Deposit Insurance Corporation (FDIC) in 1933 was crucial in ensuring that depositors would not lose their money in the event of a bank failure, thus guaranteeing deposits initially up to $2,500, which was raised to $5,000 by 1934, and is now up to $250,000. Additionally, the Securities and Exchange Commission (SEC) was established in 1934 to regulate the stock market and protect investors from fraud and unfair practices.
Furthermore, the Emergency Banking Act played a significant role in scrutinizing and re-opening banks to rebuild consumer confidence. Regulations such as the Glass-Steagall Act, which separated commercial and investment banking, were instrumental in preventing banks from taking excessive risks. President Franklin D. Roosevelt's New Deal reforms transformed the financial landscape of the United States and laid the groundwork for financial stability and consumer protection that persists to this day.