Chapter 23 P.1

New Deal
A new federal program launched by FDR that represented a form of liberalism- and created a fresh interpretation of of individual rights. It expanded individual rights to include economic security. It increased the responsibility of the national government for the welfare of ordinary citizens.

Smoot-Hawley Tariff
A legislation enacted by the Republicans in 1930 and approved by Hoover. It triggered retaliatory tariffs in other countries, further hindering global trade and leading to greater economic contradiction through the industrialized world.

Reconstruction Finance Corporation
Was Hoover’s most innovative program. It provided federal loans to railroads, banks, and other businesses. But, it lent money too cautiously and a year later it loaned out only 20% of its $1.5 billion. It was not nearly aggressive enough to help the Depression.

Hoovervilles/Hoover blankets
New vocab with the depression was Hoovervilles (shantytowns where people lived in packing crates) and Hoover blankets (newspapers).

Bonus Army
The most publicized and tragic protest was staged by Veterans. The Bonus Army- a determined group of 15,000 unemployed World War I veterans- went to Washington to demand payment of pension awards that were due in 1945. Hoover had regular army troops under General Douglas MacArthur forcefully evict the marchers. Hoover’s popularity plunged.

Election of 1932
Democratic FDR won easily receiving 22.8 million votes to Hoover’s 15.7 million.

20th Amendment
FDR was elected in November but did not begin his presidency until March 1933 because of the Twentieth Amendment. Ratified in 1933, it set subsequent inaugurations for January 20th.

Fireside Chats
The president masterly used the radio for evening addresses to Americans known as Fireside Chats. Thousands of citizens felt a personal relationship with FDR.

Hundred Days
In a legendary session known as the Hundred Days, Congress enacted 15 major bills focused primarily on four problems: banking failures, agricultural overproduction, the business slump, and soaring unemployment. This represented the emergence of a new American state.

Emergency Banking Act/ Bank Holiday
On March 5, 1933 FDR declared a national banking holiday- closing all the banks, calling Congress into special session. Four days later, congress passed the Emergency Banking Act- permitting banks to reopen if a Treasury Department inspection showed that they had sufficient cash reserves. The banks reopened on March 13 and everything was saved.

Glass-Steagall Act/FDIC
A second banking law that created the Federal Deposit Insurance Corporation which insured deposits up to $2,500 (and now insures them up to $250,000). It also prohibited banks from making risky, unsecured investments with deposits of ordinary people.

Agricultural Adjustment Act
Began direct governmental regulation of the farm economy for the first time. It provided cash subsidies to farmers who cut production of seven major commodities: wheat, cotton, corn, hogs, rice, tobacco, and dairy products. It briefly stabilized the farm economy, but benefits were not equally distributed, as plantation owners received more than sharecroppers.

National Recovery Administration
Attacked declining manufacturing production with the National Recovery Administration. It set up separate self-governing private associations in 600 industries. each industry regulated itself by agreeing on prices and production quotas. The NRA solidified their power at the expense of smaller enterprises and consumer interests.

Federal Emergency Relief Administration
Although Roosevelt wanted to avoid a budget deficit, he asked Congress to provide relief for millions of unemployed Americans. May, Congress established the Federal Emergency Relief Administration (FERA). Directed by Harry Hopkins, a hard-driving social worker from New York, the FERA provided federal funds for state relief programs.

Public Works Administration
A New Deal construction program established by Congress in 1933. Designed to put people back to work, the PWA built the Boulder Dam (renamed Hoover Dam) and Grand Coulee Dam, among other large public works projects. A construction program, and several months later, Roosevelt created the Civil Works Administration (CWA) and named Hopkins its head.

Civilian Conservation Corps
Federal relief program that provided jobs to millions of unemployed young men who built thousands of bridges, roads, trails, and other structures in state and national parks, bolstering the national infrastructure.

Home Owners Loan Corporation
More than half a million Americans lost their homes between 1930 and 1932, and in cities such as Cleveland and Indianapolis, half of all home mortgage holders faced possible foreclosure. Congress created the Home Owners Loan Corporation (HOLC) to refinance home mortgages. In just two years, the HOLC helped more than a million Americans retain their homes.

Federal Housing Administration
The Federal Housing Act of 1934 would extend this program under a new agency, the Federal Housing Administration (FHA). An agency established by the Federal Housing Act of 1934 that refinanced home mortgages for mortgage holders facing possible foreclosure.

Securities and Exchange Commission
A commission established by Congress in 1934 to regulate the stock market. The commission had broad powers to determine how stocks and bonds were sold to the public, to set rules for margin (credit) transactions, and to prevent stock sales by those with inside information about corporate plans.

Banking Act of 1935
Reorganized the Federal Reserve System to give the Federal Reserve Board control over open-market operations.

Liberty League
A group of Republican business leaders and conservative Democrats who banded together to fight what they called the “reckless spending” and “socialist” reforms of the New Deal.

Schechter v. United States
In May 1935, in Schechter v. United States, the Court unanimously ruled the National Industrial Recovery Act unconstitutional. Delegated Congress’s lawmaking power to the executive branch and extended federal authority to intrastate (in contrast to interstate) commerce. Roosevelt protested but watched helplessly as the Court struck down more New Deal legislation: the Agricultural Adjustment Act, the Railroad Retirement Act, and a debt-relief law known as the Frazier-Lemke Act.

Townsend Plans
A plan proposed by Francis Townsend in 1933 that would give $200 a month (about $3,300 today) to citizens over the age of sixty. Townsend Clubs sprang up across the country in support of the plan, mobilizing mass support for old-age pensions.

Huey Long/Share Our Wealth
As the Democratic governor of Louisiana from 1928 to 1932, the flamboyant Long had achieved stunning popularity. He increased taxes on corporations, lowered the utility bills of consumers, and built new highways, hospitals, and schools. To push through these measures, Long seized almost dictatorial control of the state government. Now a U.S. senator, Long broke with the New Deal in 1934 and, like Townsend, established a national movement. According to his Share Our Wealth Society, inequalities in the distribution of wealth prohibited millions of ordinary families from buying goods, which kept factories humming.Long’s society advocated a tax of 100 percent on all income over $1 million and on all inheritances over $5 million. He hoped that this populist program would carry him into the White House.

CCC Civilian Conservation Corps. It was a Relief Program that provided work for young men 18-25 years old in food control, planting, flood work, etc. TVA The Tennessee Valley Authority federation was created in 1933 in order to build Hydro …

3 Acts of Hoover Emergency Relief and Construction Act, Agricultural Marketing Act, Reconstruction Finance Corporation Emergency Relief and Construction Act 1932. “Purchasing on the margin”= borrowing. Large public works projects funded (Hoover dam). It was a way for the federal …

Speculation An involvement in risky business transactions in an effort to make a quick and/or large profit Buying on the Margin Buying stocks by borrowing money from a bank or broker; allowed everyday people to buy stock which in part …

Franklin Delano Roosevelt President of the Unites States during the Depression and WWII Brian Trust FDR put together a group of academics and professionals that the press WE WILL WRITE A CUSTOM ESSAY SAMPLE ON ANY TOPIC SPECIFICALLY FOR YOU …

Causes of the Great Depression ♦Uneven distribution of wealth ♦Stock market speculation “buying on the margin” ♦Excessive use of credit ♦Overproduction on consumer goods ♦Weak farm economy ♦Government policies ♦Global economic policies Black Tuesday ♦Stock market crash (Oct. 29, 1929) …

Election of 1928 Al Smith – Dem Herbert Hoover – Rep Hoover victorious because he was Rep (2 previous Pres. were Rep) Maintain prosperity Farming Crisis Over production Shows hard times on horizon WE WILL WRITE A CUSTOM ESSAY SAMPLE …

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