American History Notes_CH_24-28 - American History Notes...

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American History Notes Chapter 24 (1933-1939) Page 737 The New Deal Takes Over (1933-1935) Roosevelt’s Leadership Franklin Delano Roosevelt (FDR) 450,000 letters poured into the White House the week after inauguration and 5,000/week after that. Brain Trust : professors from Columbia and Harvard Universities, talented cabinet members, Fireside Chats : Bolstered his relationship with the people. The Hundred Days The Emergency Banking Act : March 5, Bank Holiday (closed all banks), pass the Act but needs the public to trust that the banks are backed up by funds. FDR reassured citizens that federal scrutiny would ensure the safety of their deposits. Glass–Steagall Act : Created the FDIC (Federal Deposit Insurance Corporation), which insured deposits up to $2500. Home Owners Loan Corporation : Created to refinance home mortgages threatened by foreclosure. Civilian Conservation Corps (CCC): 250,000 young men to do reforestation and conservation work. Tennessee Valley Authority (TVA): Produce cheap hydroelectric power and encourage economic development in the flood-prone valley. Repeal Prohibition: December 1933, Repealed. The Agriculture Adjustment Act (AAA) : Wheat, cotton, corn, hogs, rice, tobacco, and dairy products. The act provided cash subsidies to farmers who cut their production of these crops. The production (and supply) fell, spurring consumer purchases by farmers and assisting a general economic recovery. Many sharecroppers and small farmers were put out of business though. The National Recovery Act (NRA): Each industry hammered out a government approved code of prices and production quotas. The codes outlawed child labor and set minimum wages and maximum hours for adult workers. Labor Unions Blue Eagle Federal Emergency Relief Administration (FERA): Harry Hopkins; he provided federal funds to states for relief programs. Over 2 years, FERA spent $2 Billion. Public Works Administration (PWA): Congress appropriated $3.3 Billion to PWA, a construction program directed by Sec. of Interior, Harold Ickes,
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Civil Works Administration (CWA ): SAME AS PWA only led by Harry Hopkins. Financial Reform: Securities and Exchange Commission (SEC): In 1934, to regulate the stock market. The Banking Act of 1935 : authorized the president to appoint a new board of governors to the Federal Reserve system. The New Deal Under Attack Roosevelt: “To preserve, we had to reform.” Courts shoot down several legislation efforts as unconstitutional in 1935. Francis Townsend : Social Security Act of 1935. Charles Coughlin : Formed the National Union for Social Justice in challenge to FDR’s refusal to nationalize the banking system and expand the money supply. Senator Huey Long
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This note was uploaded on 04/07/2008 for the course HIST 021 taught by Professor Coohill during the Spring '07 term at Pennsylvania State University, University Park.

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American History Notes_CH_24-28 - American History Notes...

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