Numerous financial institutions failed in the months prior to Roosevelt's inauguration, but Mellon National Bank, the Union Trust Company, and another Mellon banking operation, Mellbank Corporation, were all able to avoid closure. Mellon strongly opposed Roosevelt's New Deal policies, especially the 1933 Banking Act, which required separation between commercial and investment banking. Mellon believed that the various New Deal policies, including Social Security and unemployment insurance, undermined the free market system that had produced one of the largest economies in the world. Aside from banking reform, other New Deal policies, including regulations on utilities and coal mines and laws designed to promote labor unions, also affected Mellon's business empire. Additionally, the Revenue Act of 1934 and the Revenue Act of 1935 rescinded many of Mellon's tax policies and contained other provisions that were designed to increase taxation on top earners and corporations.