Following a sharp but short-lived Depression at the beginning of the decade, New York enjoyed a booming economy during the Roaring Twenties. New York suffered during the Great Depression, which began with the Wall Street crash on Black Tuesday in 1929. The Securities and Exchange Commission opened in 1934 to regulate the stock market. Franklin Delano Roosevelt was elected governor in 1928, and the state faced upwards of 25% unemployment. His Temporary Emergency Relief Agency, established in 1931, was the first work relief program in the nation and influenced the national Federal Emergency Relief Administration. Roosevelt was elected President in 1932 in part because of his promises to extend New York–style relief programs across the country via his New Deal. In 1932, Lake Placid was host to the III Olympic Winter Games.