Chapter 21 - Chapter 21: The New Deal: 1932-1940 FDRs...

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Chapter 21: The New Deal: 1932-1940 FDRs administration spent more money on building roads, dams, airports, bridges, and housing than any other activity FDR believed regional economic planning like that in the northwest would promote economic growth, ease the domestic and working lives of ordinary Americans, and keep control of key natural resources in public rather than private hands. The New Deal elevated a public guarantee of economic security to the forefront of American discussions of freedom The First New Deal o FDR and the Election of 1932 In his 1932 speech for the democratic nomination for presient, Roosevelt promised a “new deal” for the American People. He called for a balanced federal budget, and criticized Hoover for excessive gov spending. He called for the repeal of prohibition. o The Coming of the New Deal Roosevelt conceived of the New Deal as an alternative to socialism on the left, Nazism on the right, and the inaction of upholders of unregulated capitalism. o The Banking Crisis (806) Roosevelt confronted a banking system on the verge of collapse. Roosevelt declared a “bank holiday,” temporarily halting all bank operations, and called congress into special session. On March 9 th , it rushed to pass the Emergency Banking Act, which provided funds to shore up threatened institutions. The Glass-Steagall Act barred commercial banks from becoming involved in the buying and selling of stocks. The Same law established the Federal Deposit Insurance Corporation(FDIC) a gov system that insured the accounts of individual depositors. o The NRA
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The National Recovery Act was the centerpiece of Roosevelts plan for combating depression, and was to a large extent based on the gov- business partnership established by the war industries board of WWI. This act established the National Recovery Administration (NRA) which would work with groups of business leaders to establish industry codes setting standards for output, prices, and working conditions. o Government Jobs The Economy Act reduced federal spending in an attempt to win the confidence of the business community. In May 1933, Congress created the Federal Emergency Relief Administration, to make grants to local agencies that aided those impoverished by the depression. In March 1933, Congress established the Civilian Conservation Corps
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Chapter 21 - Chapter 21: The New Deal: 1932-1940 FDRs...

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