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Unformatted text preview: New Deal • First 100 days enormity of legislature has not been equaled • March 9, Emergency Bank Relief Act is passed to close all banks; send in Federal inspectors to see if bank is sovereign, made good investments, and had enough money and then they will be reopened; This bolstered the federal system • Glass-Steagall Act divorces investment houses from banking; direction of federal reserve to brokerage and also set up the Federal Deposit Insurance Corporation • FDIC- guarantees money back to customer if bank fails. • Economy Act-fired people who worked for fed. gov’t, stops bonus checks to veterans but causes economy’s debt to plunge, so was repealed. • Civilian Conservation Corp (CCC) was for young people that need conservation work; people could join if they wanted and will be administered by army. They’ll live in barracks, build fire trails and do preservation work for lakes, army....
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