1932- Franklin D. Roosevelt (FDR) is elected president, and the Democrats controlled most of Congress (both the Senate and the House)
Deficit Spending – FDR’s policy of spending more money than the government receives in revenue.
“Brain Trust” – Roosevelt’s team of carefully pickd advisers.
New Deal – the term for FDR’s policies designed to solve problems of the Great Depression.
1933: Hundred Days (March 9 – June 16) – period of time where more than 15 major pieces of New Deal legislation is passed.
FDR declares a Bank Holiday, where he closed all banks, and passed the Emergency Banking Relief Act, which allowed the Treasury to inspect them. The banks that met the standards of the inspection were allowed to reopen.
FDR begins his “Fireside Chats” – a series of informal radio talks about issues of public concern.
-Glass-Steagall Act is passed, establishing the Federal Deposit Insurance Corporation (FDIC), which provided insurance for individual bank accounts.
Federal Securities Act – required corporations to provide accurate info on stock offerings.
21st amendment repeals prohibition, allowing for more government income on alcohol tax.
Tennessee Valley Authority (TVA) is established, and made many renovations to the badly depressed Tennessee River Valley.
Public Works Administration (PWA) is created as part of National Industrial Recovery Act (NIRA), providing money to states to build school and other community buildings.
1933 – 1934: FDR creates the Civil Works Administration, providing 4 million immediate jobs by building schools and roads.
1934: Congress creates Securities and Exchange Commission (SEC) to regulate stock market.
- Federal Housing Administration (FHA) – agency that furnishes loans for home mortgages/repairs.
Civilian Conservation Corps (CCC) – a program that put young men to work building roads, developing parks, planting trees, and helping in soil-erosion/flood-control projects.
National Recovery Administration (NRA) – set prices/standards of products.
1937: NLRB v. Jones and Laughlin Steel Corp. – a supreme court case where a corp. was charged with intimidating/firing several union members. National Labor Relations Board (NLRB) proved them guilty of “unfair labor practices”, confirming the authority of the NLRB.
American Liberty League – group of opponents to the New Deal, including the biggest oppenents: Father Charles Coughlin, Dr. Francis Townsend, and Senator Huey Long.