Roosevelt’s Inauguration President Roosevelt

Roosevelt’s InaugurationRoosevelt’s Inauguration

President RooseveltPresident Roosevelt

1. Emergency Banking Act

1. Emergency Banking Act

• Started with federal bank holiday

• Government to inspect all banks

• Only solvent banks to reopen

• “Fireside chats”• Nation off gold

standard

2. Federal Deposit Insurance Corporation

(FDIC)

2. Federal Deposit Insurance Corporation

(FDIC)

3. Farm Credit Administration3. Farm Credit Administration

• Affordable loans to farmers

• Used for– Mortgages– Taxes– Equipment– Seed– Fertilizer

4. Home Owners Loan Corporation (HOLC)

4. Home Owners Loan Corporation (HOLC)

5. Federal Emergency Relief Administration

(FERA)

5. Federal Emergency Relief Administration

(FERA)• Gave money to state, local relief

organizations

6. Civil Works Administration (CWA)

6. Civil Works Administration (CWA)

• Create jobs• $750 million 1933-

34

Building highways

Repairing churches

7. Civilian Conservation Corps (CCC)

7. Civilian Conservation Corps (CCC)

Results of Relief Programs

Results of Relief Programs

• Banking was stabilized• Foreclosures dropped• Nearly 8 million families on public

assistance• Around 6.5 million hired by government

Spend when in

a depression

8. National Industrial Recovery Act (NIRA)8. National Industrial Recovery Act (NIRA)

9. Public WorksAdministration

(PWA)

9. Public WorksAdministration

(PWA)

10. NationalRecovery

Administration(NRA)

10. NationalRecovery

Administration(NRA)

10. National Recovery Administration (NRA)10. National Recovery Administration (NRA)

• Businesses to create “codes of conduct”

• Suspended antitrust laws

• Section 7(a): …

11. Agricultural Adjustment Agency (AAA)

11. Agricultural Adjustment Agency (AAA)

• Paid farmers to reduce output

• Subsidies paid by tax on food processors

12. Tennessee Valley Authority (TVA)

12. Tennessee Valley Authority (TVA)

• Greatest of 1st New Deal programs• Dams to control frequent flooding• Power stations to provide electricity

Effects of Recovery Programs

Effects of Recovery Programs

• $4 billion spent on public works• Rights of workers formally recognized• Increased crop prices• Many sharecroppers forced off land• 38 dams, many power stations built• Increased standard of living in Tenn.

Valley

Foreshadowing the Future…

Foreshadowing the Future…

LEFT RIGHTNEW

DEAL

American Liberty LeagueAmerican Liberty League

• New Deal threatened constitution and democracy!

• Socialism in the United States!

Father Charles CoughlinFather Charles Coughlin

• Father of hate radio

• Anti-Semitism• Nationalization of

banks

Huey LongHuey Long

• The “Kingfish”• Share the

wealth plan• Think Robin

Hood!• 100% tax on

incomes over $1 million

• Take all fortunes over $5 million

A New CourseA New Course

• 1934 midterm election => Democrats

• New lifeblood for reform• Radical shift to left from Hundred

Days

Second New DealSecond New Deal

• Enlarged federal relief programs• Assistance to rural poor• Support of organized labor• Social-welfare benefits• Stricter business regulations• Heavier taxes on rich

Enlarged Federal Relief Programs

Enlarged Federal Relief Programs

• 4/1935 - Emergency Relief Appropriations Act– $5 billion to spend

• Works Progress Administration (WPA)– Federal Writers’ Project

• State guides, ethnic histories• Transcribed legal documents from Salem, MA• Gathered slave narratives

– Federal Arts Project• Decorated public buildings

Assistance to Rural PoorAssistance to Rural Poor

• Resettlement Administration– Helped small farmers buy farms

• Rural Electrification Program– Low-interest loans to utilities– Enabled rural access to electricity

• 1936 - AAA unconstitutional• Soil Conservation and Domestic Allotment

Act– Cut soil-depleting crops, plant grasses

Farm Foreclosures and Defaults, 1929–1945

Farm Foreclosures and Defaults, 1929–1945

Social-Welfare BenefitsSocial-Welfare Benefits

• Social Security Act of 1935– Old-age pensions– Survivor benefits– Unemployment benefits– Aid for dependents, blind, crippled

Stricter Business Regulation

Stricter Business Regulation

• Banking Act of 1935– Strengthened Fed’s control of banking

• Public Utilities Holding Act– Regulated interstate transmission of

electricity– Restricted utilities to one region

Heavier Taxes on RichHeavier Taxes on Rich

• Revenue Act of 1935– Raised personal income taxes for

wealthy

9/1935 - Second New Deal complete

9/1935 - Second New Deal complete

FDR had stopped fears of leftist opposition

Election of 1936Election of 1936

• FDR claimed election about him• Republican - Alfred Landon• Called on fears of FDR as dictator• FDR lost Maine, Vermont

Election ResultsElection Results