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Chapter 33 The New Deal and Its Legacy
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Understanding FDR• FDR came from a wealthy New York family; attended
exclusive private schools.• Married Eleanor Roosevelt• Eleanor had been taught that the wealthy have a duty
to help the poor.• He pushed for economic and social reforms.• Vowed to defeat the Depression from the bottom up
and not from the top down.• Fireside chats were a series of radio addresses FDR
gave to the country so the populous understood what he was trying to accomplish to beat the Depression.
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The First New Deal• FDR recognized his top priority was
getting people back to work.• Restructuring the Financial Sector
– Ordered all banks to close temporarily
– This allowed Congress to pass the Emergency Banking Act – gave the federal government more power to supervise bank activities.
– Banking Act – created the Federal Deposit Insurance Corporation (FDIC). • Limited the freedom of banks to trade
in stocks and bonds.– Securities and Exchange
Commission – required companies to publish the important facts about their business. • Regulated the activities of
stockbrokers and others in the investment business.
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The Business Sector• National Industrial Recovery Act (NIRA) –
designed to increase production while boosting wages and prices. – Goals: Make more goods available and to give
consumers more money with which to buy them.– Set aside $3.3 Billion for various public works.
Established the Public Works Administration.– Set up the National Recovery Administration (NRA).
• This Government Agency worked with business leaders to create codes of fair competition in various industries. – Required each industry to standardize products, set minimum
prices, and announce any expected price increases.– Guaranteed workers the right to organize and bargain
collectively.
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Help to Farmers• Agricultural Adjustment Administration
(AAA) - Tried to aid farmers by reducing crop production and raising prices. – Raise crop prices to reach parity - price that gives
farmers the same purchasing power they had during an earlier more prosperous time
– Paid farmers to plant fewer crops.– Provided loans to farmers so they could pay their
mortgages and stay on their land rather than join the unemployed ranks.
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Infrastructure / Homeownership• Congress passed a bill creating the Tennessee Valley
Authority (TVA).– TVA promoted economic development in one of the
poorest regions of the country. – Independent Government Agency that built a series of
dams on the Tennessee River and its tributaries to provide flood control and hydroelectric power.
• Home Owners’ Loan Corporations – provided loans to help people meet their mortgage payments.
• Federal Housing Administration (FHA) – gave a boost to the banking and construction industries by insuring mortgage loans.
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Helping the Environment • Civilian Conservation Corps (CCC) - gave
young men jobs planting trees and working on other conservation projects.
• Federal Emergency Relief Administration (FERA) – sent funds to state governments, which then distributed the cash to the needy. – First time in American history, a federal agency
provided direct relief to the unemployed.
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Other Ideas
• Republican Robert La Follette wanted larger public work programs.
• Dr. Francis Townsend devised a plan calling for a monthly payment of $200 to everyone over the age of 60.
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The Second New Deal• Emergency Relief Appropriations Bill - created several new agencies and
called for nearly $5 billion in new spending.– Rural Electrification Administration (REA) – established hundreds of publicly
owned electrical cooperatives, built generating plant, and strung power lines.– Works Progress Administration (WPA) – build hundreds of thousands of
bridges, public building, and parks.• Hired unemployed artists to paint murals in public buildings.
• Wagner Act – guaranteed workers the right to self organize, to form, join, or assist labor organizations, and to bargain collectively through representatives of their own choosing.– National Labor Relations Board (NLRB) – protect rights of the Wagner Act;
supervise union elections to ensure that they were free and democratic; punish employers for “unfair labor practices.”
• Fair Labor Standards – regulated conditions in the workplace ***set a minimum wage and maximum workweek hours
• Social Security Act – created a social insurance program that provides two main types of benefits: retirement and disability. – Set up unemployment insurance program.
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Problems with the Courts• Schechter Poultry
Corp v United States struck down the NIRA as unconstitutional.
• The court also struck down the Agricultural Adjustment Act (AAA).
• Roosevelt proposed radical changes to the court.
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QUESTIONS???