New Deal Relief, Recovery, and Reform

The Emergency Banking Act 1933
This act required all banks to close for four days while authorities determined which banks must close permanently, and which may reopen.

The act was intended to prevent massive fund withdrawals.

4/5 of banks were deemed “okay” and reopened with confidence

recovery

Economy Act-1933
Enacted March 20, 1933
FDR tried to balance the budget by cutting government salaries. Veterans pensions were also cut by 50% in order to cut the federal deficit.
Congress also passed the Cullen-Harrison Act at the same which allowed for the limited sale of beer and wine.
Example of FDR’s political finagling

recovery

National Industrial Recovery Act
Passed on June 16, 1933
The goal of the NRA was to allow industry leaders to determine for their industry which goods should be produced in which amounts and for which prices. The point was to manipulate the economy favorably and help out businesses in each industry to avoid producing wastefully or to living with low prices.
Section 7 was designed to help the economy recover by encouraging collective bargaining for unions, setting up maximum work hours and minimum wages, and forbidding child labor in industry.

recovery

Gold Reserve Act of 1934
Nationalized Gold (Private Ownership of Gold Was Illegal)
Meant to Stabilize the Economy by Devaluating the dollar (purposefully causing inflation so that prices would go up a bit)
Once the gold was collected, FDR made each dollar worth only 59.06 cents in gold
Ownership of Gold was Legal in 1975

recovery

Civilian Conservation Corps
Public works relief program that operated from 1933 to 1943
• James McEntee was the head of the agency
• CCC provided its employees with food, shelter, and clothing on top of $30 per month
• It was one of the most popular of the New Deal Plans because over its history it supplied over 2.5 million jobs, planted over 3 billion trees, constructed over 800 parks, and built numerous roads.

relief

Federal Emergency Relief Administration
Created in 1933 to help people in need by paying for basic necessities like food and clothing.
•Money was also used for public work projects.
•Run by Harry Hopkins, former social worker.
•Replaced by Social Security in 1935.

relief

AAA-The Agricultural Adjustment Act – 1933
This was created to raise the income of farmers. This act aimed to do so by reducing the surplus of farm products. The production of goods such as wheat, corn, cotton, hogs, tobacco and milk was limited. The farmers were then issued cash bonuses for doing so, which were funded by a processing tax on the industries that made the raw materials into a finished product. The aim of this act overall was limiting production to increase prices.

relief

Public Works Administration
(a.k.a PWA)
The Public Works Administration was a large-scale construction program in the United States headed by Harold L. Ickes. Created to help kickstart the economy, PWA was meant to provide employment and stabilize purchasing power. It was created in June of 1933 by the National Industrial Recovery Act (in response to the Great Depression). The PWA built large- scale public works such as dams, bridges, hospitals, and schools. Its goals were to spend $3.3 billion in the first year, and $6 billion in all (Keynesian approach!) -Ysanne Bethel

relief

Resettlement Administation Act
•Created 1935
•Meant to help farmers by moving them to land that would be more productive
•Also created model communities that demonstrated ways to preserve the environment

relief

Work Progress Administration
Created in 1935, it was one of the most ambitious programs of the New Deal. It employed millions of people in arts and public works projects. At its peak in 1938 it employed over three million people. It’s goal was to employ as many people as it could in order to spur economic growth. It cost about 13.4 billion dollars which was about 6.7 percent of GDP. This program ended during World War Two because of the low unemployment

relief

Homeowners Loan Corporation
•Created 1933
•Tried to help homeowners avoid default on their mortgages by offering low interest home loans from the government

relief

Beer and Wine Revenue Act
•Passed in 1933
•Loosened restrictions put on by the Volstead Act (act passed to put 18th amendment into action)
•Made a federal tax on all alcoholic beverages to raise money
•Lessened the blow of the Economy Act
•21st amendment came afterward to overturn Prohibition

reform

Tennessee Valley Authority
THE TVA, OR TENNESSEE VALLEY AUTHORITY, WAS A CORPORATION ESTABLISHED BY THE GOVERNMENT IN 1933 THAT AIMED TO RESTORE LAND IN THE VALLEY AND OTHER REGIONS AROUND IT. DAMS WERE CREATED IN ORDER TO PROTECT AND AGAINST FLOODS AND ESTABLISH A SOURCE OF CHEAP ELECTRICITY. PLANTS WERE CREATED TO TO MAKE
FERTILIZER AND IMPROVE FARMS. IT ALSO CREATED JOBS FOR THE PEOPLE.

reform

Federal Deposit Insurance Corporation
THE BANKING ACT OF 1933, A PART OF WHICH ESTABLISHED THE

THE FDIC IS A BODY THAT UNDERWRITES (INSURES) MOST PRIVATE BANK DEPOSITS
IF YOUR DEPOSITS ARE INSURED, YOU’LL GET SOME OF WHEN IT WAS CREATED, UP TO $250,000 THESE DAYS)

YOUR MONEY EVEN IF THE BANK GOES UNDER (UP TO $5000

reform

U.S. Securities and Exchange Commission (SEC)
The SEC was established by FDR in 1934 as a regulatory agency. Its main focus was to manage the stock market and prevent corporate abuses relating to the offering and sale of securities and corporate reporting. The SEC had the power to license and regulate stock exchanges, the companies whose securities traded on them, and the brokers and dealers who conducted the trading.

reform

National Labor Relations Board (NLRB)
The NLRB is a five person board that was created after the National Labor Relations Act of 1935, also known as the Wagner Act. It conducts elections for labor union representation and deals with investigating and correcting unfair labor practices.

reform

Social Security
Social security is a national program funded through dedicated payroll taxes. Several programs falls under social security including unemployment benefits and retirement benefits.
The social security act was passed in 1935 under FDR to protect Americans from things considered a danger to modern American life including poverty, old age, and unemployment. Retirees and individuals who have come into unemployment through no fault of their own (like disabled people) can receive money from the government to keep them out of poverty.
Today social security keeps some 40% of Americans older than 65 out of poverty Around 362,000 people receive unemployment benefits.

reform

Public Utility Holding Company
1935
•Limited utility companies to operations in one geographic area so as to avoid trust building by these companies

reform

Fair Labor Standards Act
•1938
•Also called the “Wages and Hours Bill”
•44 hour, 7 day work week •National minimum wage •Time and a half for overtime •No “oppressive” child labor

reform

Hatch Act
Passed in 1939
•Prohibited any government employee except very high level officials from engaging in partisan activities such as campaigning
•Another attempt at civil service reform (remember the Pendleton Act from way back when?!)

reform

1933 Civilian Conservation Corps (CCC) Provided jobs for single males on conservation projects 1933 Federal Emergency Relief Administration (FERA) Helped states to provide aid for the unemployed WE WILL WRITE A CUSTOM ESSAY SAMPLE ON ANY TOPIC SPECIFICALLY FOR YOU …

Election of 1932 Hoover vs. FDR 1932 Election: Hoover very little support (rich, volunteerism supporters) balanced budget high tariffs on foreign goods repeal Prohibition – states’ rights (opposite of what he said in 1928) against “drastic” measures WE WILL WRITE …

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 …

Federal Emergency Relief Act/Admin [FERA] FIRST New Deal; RELIEF. Money to states for direct payments or wages on work projects, direct aid to unemployed, public works. Civil Works Administration [CWA] FIRST New Deal; RELIEF. Provided temporary jobs during the winter …

On margin Buying with a small down payment and borrowing the rest of the money Hoovervilles Shanty towns that the unemployed built in the cities during the early years of the Depression; the name given to them shows that the …

By issuing licenses to banks that were wxamined by federal officials How did the Emergency Banking Relief Act help solve the banking crisis? Break up big companies What did Roosevelts advisers who were in favor of “New Freedom” want to …

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