John M. Keynes
He was an economist whose theories are the basis for most non-Communist economies. He stated that governments during times of depression need to pump the economy by increasing spending and creating easy money. Once the economy was revived, the government needed to decrease its spending. In his book, "The Economic Consequence of Peace," he predicted that Germany would become a military dictatorship.
It reeferred to heavy government spending to stimulate expenditures by private business.
Deficit spending occurs when the government spends more than it takes in, thus "borrowing against the future." by doing this, the government hopes to increase the nation's productivity and consumption and push the nation out of a depression.
Bank Holiday 1933
Franklin Delano Roosevelt declared that all banks were to be closed on March 6, 1933. A few days later he allowed the reopening of economically sound banks.
Hundred Days 1933
Franklin Roosevelt asked Congress to stay in session from March 9 to June 16, 1933. Within this time perios, many New Deal programs were forced through Congress by Roosevelt.
Relief, Recovery, Reform
This was Franklin Roosevelt's outline for his New Deal program. It included immediate relief for workers and the unemployed, recovery for the nation's economy to help push the U.S. out of the depression, and permanent reforms to prevent economic maladjustments in the future.
This was a group of elite, reform-minded intellectuals who advised Roosevelt how to deal with the struggling economy.
Emergency Banking Relief Act 1933
With this act, the President received power to regulate banking transactions and the foreign exchange rate. It also named a Bank Conservator who helped stablize the unsound banks.
Economy Act 1933 (FDIC)
Thsi act created the Federal Deposit Insurance Corporation (FDIC) which insured individual deposits of up to $500 and helped end the epidemic of bank failures.
National Industrial Recovery Act (NIRA) 1933
This act created the National Recovery Administration (NRA) under Hugh S. Johnson. The NRA was authorized to draw up a code of fair competition in each major industry. It also granted workers the right to organize and bargain collectively. This act was later declared unconstitutional.
Public Works Administration (PWA) 1933
It was headed by Harold Ickes and carried out many heavy construction projects by working through private construction firms. This act helped revive unemployment.
Agricultural Adjustment Act (AAA) 1933
It created the Agricultural Adjustment Administration (AAA) and paid subsidies to farmers to reduce acreage of basic crops. A reduction in basic crops, along with severe droughts, increased prices. This resulted in the increase of farm income. This act was eventually deemed unconstitutional because it was an invasion of states' rights.
Unemployment Relief Act (CCC)1933
This act created the Civilian Conservation Corps (CCC). It employed 3 million young men to replant trees in the forest. fight fires, prevent floods and drain swamps. Employees were required to give part of their income to their families.
Federal Emergency Relief Act (FERA) 1933
It created the Federal Emergency Relief Administration (FERA) headed by Harry Hopkins. This administration hed $3 billion to give to states that needed money for welfare payment or for wages on work projects.
Homes Owners Loan Corporation (HOLC) 1933
It was authorized to loan money to mortage holders faced with the loss of their property. This saved over a million homes from foreclosure.
Civil Works Administration (CWA) 1933
The CWA was created to provide millions of jobs during the winter of 1933. November 1933 to May 1934
Muscle Shoals Act, TVA 1933
It created the Tennessee Valley Authority (TVA) which had the power to buy land in the Tennessee Valley for the construction of hydro-electric plants. It provided cheap electricity and full employment for the area.
National Youth Administration (NYA) 1933
The NYA created part-time jobs for 2 million high school and college students and helped 400,000 youths continue their education.
Wheeler-Howard Indian Reorganization Act 1934
It attempted to undo the damage done by the Dawes Act by restoring tribal ownership of reservation lands and giving the Indians credit for land purchases.
Federal Housing Administration (FHA) 1934
The FHA provided small loans to homeowners who wanted to remodel old homes or to construct new homes.
Securities Act 1934
This required all securities to be registered with the Federal Trade Commission and held the directors of companies liable for giving out false information about those companies.
Securities Exchange Act (SEC) 1934
This act required all stock exchanges to obtain licenses from the Securities and Exchange Commission (SEC). The Commission also has the power to register securities.
Rural Electrification Act (REA) 1935
It created the Rural Electrification Administration (REA) that was authorized to build power plants and high tension lines in rural areas.
Wheeler-Rayburn Act 1935
This act authorized the SEC to confine holding companies to certain regions and allowed teh SEC to eliminatec counterproductive holding companies.
Works Progress Administration (WPA) 1935
It was created to build schools, libraries and cultural centers. It also employed musicians, painters, and writers as part of the Federal Arts Project.
Public Utility Holding Act 1935
This act outlawed pyramidal growth of holding companies except when proven to be socially useful.
National Labor Relations Act (Wagner Act) 1935
It created the National Labor Relations Board (NLRB) to replace the NRA. It reasserted the laborer's right to organize and abrgain collectively and pushed for the organization of unskilled workers.
Revenue Act 1935
This act raised corporate taxes and personal taxes on those with high income levels. It also boosted the tax on corporate gifts.
Social Security Act 1935
It provided unemployment and old age insurance that was financed by both the employer and the employee.
Committee for Industrial Organization (CIO) 1936
The CIO was headed by John L. Lewis and was part of the AFL. This union for unskilled workers won recognition from the GM plant in Michigan after a sit down strike. The CIO split from the AFL in 1938 because of internal problems. It was renamed the Congress of Industrial Organizations.
Soil Conservation and Domestic Allotment Act 1936
This act gave benefit payments to farmers who gave up the use of land or shifted crops in the interest of soil conservation.
Court Reorganization Bill 1937
President Roosevelt proposed a bill that would allow the President to appoint up to six additional Supreme Court members for each justice over 70. It was an attempt to prevent further reactionary rulings from a conservative court. However, it did not pass.
United States Housing Authority 1937
It lent money to local governments for low cost construction projects which reduced the number of slums.
Fair Labor Standards Act 1938
This act set the minimum wage at 40 cents per hour with a maximum work week of 40 hours. It prohibited children under 16 from working and prohibited any minor from working in a dangerous environment.
Hatch Act 1939
It stated that no federal officials could campaign and that no government funds could be used for political purposes. It placed limits on campaign contributions and expenditures. However, it had many loopholes.
She was the first woman to be appointed to a cabinet pose. She was Secretary of Labor under Franklin Roosevelt. Her appointment reflected Roosevelt's goal to employ women in positions of importance.
She was involved in politics, encouraged women to work in government, and fought for racial equality. She also helped shape Frankling D. Roosevelt's ideas of social reform and New Deal Policies.
Huey P. Long
He was a Senator from Louisiana who felt that Poosevelt was too conservative. He proposed the program "Share-our-Wealth." This could have given every family $5,000 at the expense of the prosperous. Long was later assassinated in 1935.
Charles E. Coughlin
He was a Catholic priest in Michigan who made radio broadcasts against the New Deal. He believed an inflated currency would end the depression. He was later fired for being anit-Semitic and a fascist.
Francis E. Townsend
He proposed that everyone 60 or older should get $600 a month as long as they spent it within 30 days.
Upton B. Sinclair
He was an active social and political reformer who pushed a socioeconomic plan which would "End Poverty In California" (EPIC). EPIC was similar to Townshend's plan, but only allocated $50 a month to people 60 or older.
He wrote "The Grapes of Wrath" in 1939, which portrayed the struggle of an Okie during the Dust Bowl. He won the Nobel Prize in 1962 for Literature.
This referred to the drought in 1933 and the severe winds that blew away the top soil in the southwest. The people affected by the Dust Bowl are depicted in "The Grapes of Wrath" by John Steinbeck. They were helped by Congress to forgo their mortgage payments or to move to better land.
Alfred M. Landon
He was a Republican presidential candidate in 1936 whose platform stressed that he had balanced Kansas' budget.
Wendell L. Willkie
He was the Republican presidential candidate in 1940 who opposed the economic policies of FDR but supported his foreign policy.
Glass-Steagall Banking Reform Act 1933
It eased the tight credit situation by permitting the Federal Reserve Bank to accept a wide variety of commercial paper as collateral for loans.