new deal legislation
DESCRIPTION
Dr. Robbins' PowerPoint lecture on major legislation of the New Deal.TRANSCRIPT
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New Deal LegislationA.P. U.S. HISTORY
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FDR & the Three R’s
RELIEFREFORMRECOVERY
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Agricultural Adjustment Act #1, 1933 Helped to counteract overproduction and bring up
falling prices that were hurting farmers An allotment system with cash subsidies to
farmers who cut production “Rent” for uncultivated fields & cash for reducing livestock Applied unevenly; helped larger farms, hurt tenant farmers
Paid for by tax on food processors Ruled unconstitutional (violated states’ rights & tax
benefited only a limited group)
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Later Farming Acts Soil Conservation & Domestic Allotment Act,
1936 Farmers paid to plant soil-conserving crops or
leave fields fallow Court approved this act with its emphasis on soil
conservation
Second Agricultural Adjustment Act, 1938 Continued conservation payments; gave parity
payments on restricted crops; more fair prices
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Civilian Conservation Corps, 1933 One of most popular, least controversial
programs Put young men to work in forests and parks
Fire-fighting Reforestation Flood control Swamp drainage
Most of money earned was sent to families Semi-military discipline
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Federal Emergency Relief Act, 1933 Intended to keep people from starving till
recovery programs could work Much of it went to direct dole payments to
unemployed for: Food, shelter, clothing
Some went to wages for work projects (CWA: Civil Works Administration)
Continued for 2 years
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Glass-Steagall Banking Reform Act, 1933*
Created the Federal Deposit Insurance Corporation (FDIC)
Insured individual deposits Practically eliminated bank failures Separated investment banking from
commercial banking to stop use of depositors’ funds for speculation
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National Industrial Recovery Act, 1933
Created the National Recovery Administration
Encouraged 200+ industries to cooperate in creating codes for “fair competition”
Intended to: provide for minimum wages and maximum hours Keep prices and wages high
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NIRA cont. Labor won the right to bargain collectively
with representatives of own choosing* ‘yellow dog” contract forbidden
Proved to be too complicated, unwieldy and prone to abuse
Declared unconstitutional in Schechter case Congress couldn’t give legislative power to Pres.
or control interstate commerce (chickens!)
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National Youth Administration, 1935
Part of the Works Progress Admin (WPA) For “emergency relief and employment to
persons between the ages of 16 and 25” For on-campus jobs to help high school and
college students stay in school Also for young people who had left school
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Works Progress Administration, 1935 Main federal relief agency from 1935-1943 Put relief workers on the federal payroll
Constructed roads, buildings, parks, airports, and bridges
Also employed artists such as actors, writers, musicians, painters (post office murals) thru “Federal One“ (Federal Art Project)
Paid only $55/month (subsistence=$100), but gave activity and self-respect
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Rural Electrification Admin., 1935 Created a national program to bring
electricity to rural areas Private companies had bypassed rural
areas: “farmers too poor” REA set up 417 rural electric cooperatives
which also spurred private companies to electrify countryside
In concert with TVA
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Federal Securities Act, 1933 & 1935*
Created the Securities and Exchange Commission to regulate the stock market by overseeing The buying of stock on “margin” (with credit) Restrict insider speculation (Martha Stewart?)
Full disclosure on stocks and bonds must be provided to buyers
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Tennessee Valley Authority, 1933* One of most extensive and controversial
New Deal Programs (“too socialist”) Built 5 dams on the Tennessee River
To generate low-cost electrical power To establish “yardstick” for regulation of private
power companies To create jobs for some of poorest in US To improve the environment of the Tenn Valley
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Wagner Act, 1935 AKA the National Labor Relations Act Set up National Labor Relations Board to
protect workers’ rights, including the right to collective bargaining
Outlawed unfair labor practices (blacklisting, etc)
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Social Security Act, 1935* Provided basic pensions to most retired
private-sector workers over 65 Paid out of a federal-state pension fund to which
employers & employees contributed
Also aided dependent survivors, blind and other disabled
Joint federal-state unemployment benefits program, administered by the states
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Frazier-Lemke Farm Bankruptcy Act, 1934
Suspended farm mortgage foreclosures for 5 years (1933)
Supreme Court found it unconstitutional Revised version upheld (1935)
Allowed suspension for 3 years
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Public Works Administration, 1935
Established to employ large numbers of people on 34,000 useful projects
Spent billions on long-term projects such as Public buildings, bridges, roads and dams
Grand Coulee Dam on Colombia River
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Federal Deposit Insurance Corp.* See Glass-Steagal Banking Reform Act
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Housing Homeowners Loan Corporation, 1933
Refinancing for homes in danger of foreclosure (modification of Hoover measure)
Federal Housing Administration,1934* Small loans to householders to build or improve Insured home mortgages Helped revive the construction industry
US Housing Authority Subsidized slum clearance & housing projects
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Critics Father Charles Coughlin (Michigan) Senator Huey Long (Louisiana) Francis Townsend (Long Beach, CA)