chapter 23 notes section one new deal fights the depression

Chapter 23 NotesSection One

New Deal Fights the Depression

I. Electing FDR

A. Many Americans blamed republican Hoover for Depression

B. Franklin Delano Roosevelt1. FDR2. Two term NY Governor3. Cousin of Teddy Roosevelt4. Can do attitude vs. do nothing

president5. FDR wins

II. Waiting for Roosevelt

A. Elected in Nov. inaugurated in March

B. In meantime FDR & advisors began to plan NEW DEAL

C. New Deal1. Goals

- relief for needy- economic recovery- financial reform

D. Upon taking office- Hundred days

1. 15 pieces of legislation

III. Reforming banking and finance

A. Right after inauguration closed banks, reviewed status, permitted loans, increased consumer confidence

B. Fireside chats- used to quiet fears and build support

C. Glass- Steagall Banking Act of 1933

1. Established the Federal Deposit Insurance Corporation- FDIC provided federal insurance for accounts less than $5,000

D. Securities and Exchange Commission

1. June 19342. Regulate stock market

E. 21st Amendment

1. End of 19332. Repealed prohibition3. Alcohol tax

IV. Helping the American Republic

A. Farmers1. Agricultural Adjustment Act- raise prices by lowering

production- controversial due to wasted

food

B. Work projects

1. Civilian Conservation Corps- put young men 18-25 to work on public

works- trees

2. Federal Emergency Relief Administration- 500 million in relief for the needy

3. Public Works Administration & Civil Works Administration

- provided jobs- mainly construction and education

- termed by some as useless work4. National recovery Act

- Created National Recovery Administration

5. Tennessee Valley Authority- Renovated or built 25 dams- provided jobs, flood control

and hydroelectric power

C. Home Owners Loan Corporation1. Became federal Housing Administration

IV. New Deal Under Attack

A. Critics

1. Liberals- not enough2. Conservatives- too much- interfered

with free market

B. Supreme Court reacts

1. Found NIRA and AAA unconstitutional

2. FDR tried to appoint six additional justices

- major protest, hurt image- due to resignations, reformed

court anyway

C. Huey Long

1. Governor and later Senator2. Opposed New Deal3. Share our Wealth programs4. Was assassinated

Now, that we got that fixed. What’s this I hear about some guy

named Hitler?