In the 1932 presidential election, Roosevelt defeated Republican President Herbert Hoover in a landslide. Roosevelt took office in the midst of the Great Depression, the worst economic crisis in U.S. history. Major surviving programs and legislation implemented under Roosevelt include the Securities and Exchange Commission, the National Labor Relations Act, the Federal Deposit Insurance Corporation, Social Security, and the Fair Labor Standards Act of 1938. When Roosevelt began his run for a second term in May 1930, he reiterated his doctrine from the campaign two years before: 'that progressive government by its very terms must be a living and growing thing, that the battle for it is never-ending and that if we let up for one single moment or one single year, not merely do we stand still but we fall back in the march of civilization.' He ran on a platform that called for aid to farmers, full employment, unemployment insurance, and old-age pensions.
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