Introduction
How we got into the Great Depression - Credit, Over-speculation(farmers), etc.
Touch on Hoover's response and why FDR's was more practical
After FDR won the presidency in 1933, he received massive support from congress in passing legislation which became known as the "100 Days Congress"
Thesis: FDR administration was able to solve the problem of unemployment through his relief efforts, recovery, and reform through the banks and he changed the role of the government to be more controlling
• A national bank holiday: The day after his inauguration, FDR declared a "bank holiday," closing all banks in the country to prevent a collapse of the banking system. With the banks closed, Roosevelt took measures to restore the public's confidence in the financial systems; when the banks reopened a week later, the panic was over.
Ending the gold standard: To avoid deflation, FDR quickly suspended the gold standard. This meant that U.S. dollars no longer had to be backed up by gold reserves, which also meant that the government could print—and spend—more money to "prime the pump" of the economy.
Relief (unemployment)
- CCC (1933) Civilian Conservation Corps- To reduce unemployment, put 250,000 young men to work in rural conservation projects, mostly in national parks and forests.
• - PWA (1933) Public Works Administration- public works administration - Funded the construction of public works projects across the country, including schools, hospitals, airports, dams, and ports, as well as ships for the Navy and airports for the Army Air Corps.
- CWA (1933) Civil works Administration - Provided public works jobs at $15/week to four million workers in 1934.
- FERA (1933) Federal Emergency Relief Administration - Provided direct relief, training and work for unemployed Americans. It was abolished in 1935 and its programs folded into other agencies.
- NYA (1935) National Youth Administration - Provided part-time employment to more than two million college and high school students.
- WPA (1935) Works Progress Administration - Passed in April 1935, the WPA put unemployed people to work in public works projects across the country. It contained a much wider variety of programs than earlier agencies: theatrical productions (the Federal Theatre Project) and writing projects (the Federal Writers' Project), as well as the construction of schools, playgrounds, and other public facilities.
Recovery
- AAA (1933) Agricultural Adjustment Act - The AAA provided relief to farmers by paying them to reduce production; this also helped to reduce crop surpluses and increase prices for crops.
- FHA (1934)
- NIRA - NRA (1933) National Industrial Recovery Act - One of FDR's more controversial measures, it created new agencies and regulations that tightened the relationship between government and business. It was declared unconstitutional by the Supreme Court in 1935.
- FSA - This act regulated the stock markets and preceded the creation of the Securities and Exchange Commission in 1934, which continues to regulate U.S. stock markets to this day.
Reform
- FDIC - The Federal Deposit Insurance Commission backed all bank deposits up to $2500, meaning that most bank customers no longer had to worry that a bank failure would wipe out their life savings. The agency continues to insure American deposits today. Glass Steagall Act (1933) - The Glass-Steagall Act imposed regulations on the banking industry that guided it for over fifty years, until it was repealed in 1999. The law separated commercial from investment banking, forced banks to get out of the business of financial investment, banned the use of bank deposits in speculation. It also created the FDIC[link to "FDIC" passage below]. The effect of the law was to give greater stability to the banking system.
- TVA (1933) Tennessee Valley Administration - (provided jobs, electricity to area - resembles socialism) - The TVA provided electrification and other basic improvements the impoverished interior of the South.
- IRA - Indian New Deal (1934)
- SEC (1934) - Regulated stock market and restricted margin buying.
- Rural Electrification Administration - farmers (1935) - Encouraged farmers to join cooperatives to bring electricity to farms. Despite its efforts, by 1940 only 40% of American farms were electrified.
- SSA (1935) Social Security Act- pensions, etc. - Passed as the Social Security Act, it provided benefits (money) for the elderly and the unemployed. Social Security is still a central part of our public assistance program today.
- Wagner Act - 1935 - Originally known as the Wagner Act (after Robert Wagner, the senator who introduced the bill), gave organized labor rights to bargain collectively with businesses and forced employers to allow unionization of their employees.
- Fair Labor Standards Act (1938)
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