History Test- CH 22

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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 government to stimulate the government by restoring purchasing power.

Agricultural Marketing Act
1929. Government would buy up surplus from farmers and put goods in warehouses to distribute over time, but only helped farmers temporarily.

Reconstruction Finance Corporation
1932. Provided loans to mortgage, insurance, and railroad companies. Only 1 of the 3 to continue into the New Deal program.

The Election of 1932
Roosevelt is elected as president. 25% of population is unemployed or underemployeed. Foreclosures and bank failures. “Brain trusts”. “100 days”, 15 major pieces of legislation passed.

“brain trust”
Group of progressive lawyers, economists and social workers who advised President Roosevelt

The New Deal (Relief and Recovery)
1) Emergency Banking Act
2) Civilian Conservation Act
3) Federal Emergency Relief Administration
4) Agricultural Adjustment Act
5) Works Progress Administration

Emergency Banking Act 1933
All banks were forced to close for 4 days and were investigated. Only good banks were allowed to re-open.

Fireside chats
Informal talks given by FDR over the radio; sat by White House fireplace; gained the confidence of the people.

Civilian Conservation Act (CCC)
1933. Work relief program. Young men were paid by the government for their labor (about $30/mo). Goals were to keep young men off the streets and conserve natural resources.

Federal Emergency Relief Administration (FERA)
1933. Congress passed this, not the president. Active within the first 100 days. First direct relief agency of the fed govt. Goals were to help families for basic needs and stimulate economy. Problem was racial discrimination.

Agricultural Adjustment Act (AAA)
1933. Oversupply in the market place from American farmers=price is low. The govt paid farmers to produce less (subsidies). This didn’t work as well in the South because of sharecropping. Subsidies payments went to land owner and sharecrop land was taken away.

Works Progress Administration (WPA)
1935. This was after the first 100 days. This replaced FERA and it’s purpose was to provide work for the arts community. It also provided work for students in high school and college in hopes of keeping them in school.

New Deal (Reform)
1) Glass-Steagall Act
2) Federal Securities Act
3) Securities and Exchange Act
4) Social Security Act
5) National Labor Relations Act
6) Tennessee Valley Authority
7) Rural Electrification Act
8) Fair Labor Standards Act

Glass-Steagall Act
1933-1999. Banking. Separated ordinary banking from risky, investment banking. Created FDIC.

FDIC
Federal Deposit Insurance Corporation: A federal guarantee of savings bank deposits initially of up to $2500, raised to $5000 in 1934, and frequently thereafter; continues today with a limit of $100,000

Federal Securities Act
1933. Stock market. New stock had to be registered with Federal Trade Commission and outlawed insider trading. The goal was to restore confidence in the stock market.

Securities and Exchange Act
1934. Stock market. Made sure brokers followed rules.

Social Security Act
1935. Federal unemployment insurance that provided old-age pensions and payments for orphans, widows with small children, physically handicapped, and maternity and infant care to the poor.

National Labor Relations Act
1935. (WAGNER Act). Robert Wagner of NY in senate. Recognized the right of labor acts to exist. Collective bargaining=labor rights. Section 7a. National Labor Relations Act Board created to ensure that management wasn’t falling back into blacklisting, employee spies in workplace, and isn’t firing works for Union activity.

Section 7a
This section of NIRA stated that labor unions could exist and was the first time the gov’t supported labor unions.

Tennessee Valley Authority
1933. Oversee the constitution of a series of dams of the Tennessee River. Included poor Southern states like Tennessee, Georgia, and Kentucky. Created 9 hydro-electric dams. The goal was to increase the standard of living, provide cheap electricity, bring business, and provide employment.

Rural Electrification Act
1936. Electric co-ops. Loans through the REA.

Fair Labor Standards Act
1938. Established a National minimum wage and 8 hour work day. Max number of hours was 44 hrs/wk and time & a half after that. Farm laborers and domestic servants excluded. Abolished child labor under age of 16.

Causes of Great Depression (essay)
1) Poor distribution of Income
2) Decline in auto & construction industries
3) Defects in banking system
4) Agricultural depression

We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy Which tariff, passed in 1930, raised rates to an all-time high, further deepening the worldwide depression? Smoot-Hawley Which of …

We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy Causes of the Great Depression ♦Uneven distribution of wealth ♦Stock market speculation “buying on the margin” ♦Excessive use of …

We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy Emergency Banking Relief Act Purpose: authorized the Treasury Department to inspect and close banks. Goal: to restore public confidence …

We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy 1933 Civilian Conservation Corps (CCC) Provided jobs for single males on conservation projects 1933 Federal Emergency Relief Administration (FERA) …

We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy Black Thursday (Oct. 24, 1929) Oct. 24, 1929 the day the stocks began to fluctuate, hinting that the stock …

We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy The Great Depression and the economic crisis that ensued discredited supporters of: a) Keynesian economics. b) liberalism. c) unregulated …

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