Emergency • Stop the panic • Protect larger banks from Banking Act – of the bank being dragged down by 1933 failures weakness of smaller ones • Provided for Treasury Dept. inspection of all banks before that would be allowed to reopen, federal assistance to troubled institutions, thorough reorganization of those in the greatest difficulty Economy Act - • Designed to • Proposed to balance the 1933 convince federal budget by cutting conservative salaries of gov. employees Americans that and reducing pensions to the federal gov. veterans was safe Agricultural • “domestic allotment” – • Prices for Adjustment Act – producers of seven commodities and May 1933 commodities would decide on gross income production limits for crops rose over the • Gov. through Agricultural years Adjustment Adm. (AAA) would tell farmers how much they should plant and pay them subsidies for leaving some of their land • Favored larger farms – dispossessed some struggling farmers Soil Conservation • Supreme Court • Permitted gov. to pay farmers and Allotment Act argued that to reduce production so as - 1936 Agricultural Act to “conserve soil”, prevent had no erosion, and accomplish other constitutional goals authority to • Landlords required to share require farmers payments that received for to limit cutting back production with production those who worked - evaded Resettlement • Provided loans to help • Never moved Adm.– 1935 & farmers cultivating soil to more than Farm Security relocate to better lands thousand farmers Adm. – 1937 Rural Electrification • Made electric power available Administration – to thousands of farmers 1935 through utility cooperatives National Industrial • Relax antitrust • Business people would have • One of most Recovery Act – provisions to make recognition to labor complicated pieces June 1933 to ensure income would rise of legislation in w/ prices history • Program of public works spending designed to pump needed funds to economy NRA • “blanket code” – minimum • Director – Hugh wage of 30-40 cents/hr, max S. Johnson workweek of 35-40 hrs, • Codes hastily and abolition of child labor poorly written – (claimed would raise administration consumer purchase, increase beyond capacity employment, eliminate of federal officials sweatshops w/ no prior • NRA Blue Eagle – symbol of experience recognition • Large producers • Industrial codes – no co. dominated code- would lower prices or wages writing process – in its search for competitive made advantage advantage, included to themselves and agreements on maintaining not smaller firms employment and production NRA (continued…) • Attempts to increase consumer purchase did not progress quickly as effort to raise prices • Promised workers right to form union but no enforcement in recognition • Public Works Adm. (PWA), established to administer spending programs only gradually allowed funds out – directed by Secretary of Interior Harold Ickes • Production declined and businessmen ignoring codes, employers defying NRA, unions hostile • Recovery Review Board, chaired by Clarence Darrow, reported that NRA was dominated by big business and encouraging monopoly Tennessee Valley • Public reformers • Complete dam at Muscle • Built dams and Authority - 1933 wanted Shoal & build others in waterways, development of region eliminated nation’s water flooding, provided • Generate and sell electricity resources as electricity to public source of • Reluctant to electric power • Redevelopment – stopping challenge local flooding, encouraging • Urged completion customs and few development of local of dam at stands against industries, supervising program Muscle Shoals racial prejudice for reforestation, helping • 1932 – utility farmers improve productivity empire of Samuel Insull collapsed Glass-Steagell Act • Gave gov. authority to curb of June 1933 irresponsible speculation by banks • Establish Federal Deposit Insurance Corp. which guaranteed all bank deposits up to $2500 Truth in Securities • Protect investor • Required corp. issuing new Act of 1933 in the stock securities to provide full & market accurate info about them to public Securities & • Police stock market • Indication of how Exchange Corp. far the financial (SEC) - 1934 establishment had fallen in public estimation Federal Emergency • Relief and • Provided cash grants to prop • Harry Hopkins – Relief Act (FERA) private org. and up bankrupt relief agencies administered - 1933 state and local program gov. were • Happry believed unable to meet in “pump priming” demand of – pumping money unemployed and into economy in desperate badly in need of need of it and providing assistance assistance to pple Americans w/ nowhere else to turn (ltr known as Keynesianism) Civil Works Adm. • FERA grants not • Put people to work on (CWA) - 1933 sufficient enough temporary project to pull country through winter Civilian • Provide employment to urban • Created series of Conservation young men who could find camps in national Corps. (CCC) - no jobs in cities and who parks and forests 1933 were raising fears of violence and other rural • Advance the work of and wilderness conservation and reforestation settings Farm Credit Adm. • Mortgage relief • Refinanced 1/5 of all farm was a pressing mortgages in US need of millions of indebted farm owners Frazier-Lemke • Enabled some farmers to • Despite such Farm Bankruptcy regain their land even after efforts, by 1934 Act of 1933 foreclosure on their mortgages 25% of all American farm owners lost their land Home Owners’ • Mortgage relief • Refinanced the mortgages of Loan Act – 1934 was a pressing more than 1 million need of millions householders of indebted homeowners Federal Housing • Insure mortgages for new Adm. construction and home repairs – combined effort to provide relief with a programs to stimulate lasting recovery of construction industry Holding Co. Act • Roosevelt was • break up great utilities of 1935 (known willing to openly holding companies as “death attack corporate sentence bill”) interests
“soak the rich” • Series of tax reforms • Highest and most
scheme progressive peace- • Undercut the appeal of Huey Long’s Share-Our Wealth Plan time tax rates in history • Few people had enough money to qualify for bracket and most able to find ways to avoid full tax burden • More imp. Symbolically than economically National Labor • National • Provided workers with more • Created and led Relations Act of Industrial federal protection than Section by Robert F. 1935 (Wagner Recovery Act 7(a) Wagner Act) had problems – • Provided crucial enforcement Section 7(a) mechanism, the National Labor Relations Board (NLRB) , which would power to compel employers to recognize and bargain with legitimate unions Social Securities • Imp. Members • Elderly, those who were Act - 1935 of adm., such destitute began receiving up as Secretary of to $15/month in federal Labor Frances assistance Perkins, had • Pensions system – workers been lobbying and their employers could for a system of contribute by paying tax and federally which would provide them sponsored social with an incomes on insurance for elderly and retirement unemployed • Created system of unemployment insurance • Provided aid to blind & other handicapped pple & dependent children Works Progress • Social Security • Established a system of work • Much bigger than Adm. (WPA) – Act was made relief for the unemployed earlier agencies, 1935 to fulfill long- size and budget • Responsible for building or range goals but renovating 110,000 public • Federal Writers some pple buildings Project, Federal needed Arts Project, immediate help Federal Music Project, Federal Theatre Project National Youth • Provided scholarship Adm. - 1935 assistance to HS and college-aged men and women Emergency • Began federal sponsorship of • Cleared some of Housing Division public housing nations slums and of the Public built new housing Works Adm. developments – most priced too high for those who displaced by slum clearance United States • Gov. provided a substantial Housing Authority amount of housing for truly poor Aid to Dependent • Designed to assist single • Program of Social Children mothers Security Temporary • And urge to • Investigate impact of • Representatives of National Economic launch a new monop[oly on economy both houses if Committee (TNEC) assault on Congress and of monopoly several executive • Roosevelt sent agencies message to • Thurman Arnold – Congress charged with denouncing an enforcing federal unjustifiable laws against concentration of monopoly economic power and asking for commission to examine problem Fair Labor • Created a national min. wage Standards Act – and mandated 40 hr work 1938 week Other New Deal • Banking Act Legislations • Federal Securities Act • Public Utilities Holding Co. Act • Revenue Act (wealth tax) • National Housing Act • Second Agricultural Adjustument Act