SECTION 3

ROOSEVELT AND THE NEW DEAL

THE ELECTION OF 1932

FDR Once Sec. of Assistant to the Navy Gov. of NY Promised Gov’t Aid to Americans Believable campaign message Landslide Victory

Electoral votes: 472 FDR to 59 Hoover

HOOVER Blamed for the Depression Depression worsened during Election process

FDR’S FIRST HUNDRED DAYS

Immediate plan to get out of the Depression Very busy

Called for special session in Congress New Deal

His plan Passed numerous/varied programs with a variety

of economic purposes

THE 3 R’S

Relief Immediate action to halt the economies

deterioration Unemployed and poor

Recovery Temporary programs to restart the flow of

consumer demand Return the economy to normal levels

Reform Permanent programs to avoid another

depression and insure citizens against economic disasters

Change/improve financial system

THE HUNDRED DAYS

Emergency Banking Act/Bank Holiday Closed Banks for 4 days Gov’t officials looks into banks books

Closed any banks not doing well Only stable banks reopened

Fireside Chats Radio broadcasts from FDR to American people

keeping them up to date and understanding gov’t actions

FDIC Insured Deposits up to $5000 per account

THE HUNDRED DAYS

Federal Securities Act(FSA)Protecting against stock fraud

Securities Exchange Commission (SEC)Regulated companies that sold stock

Home Owners Loan Corporation (HOLC)Offered low interest, long term mortgage

loans to families

THE HUNDRED DAYS

Farm Credit Administration (FCA) Refinanced 1/5 of all farm loans

Federal Emergency Relief Administration(FERA) $500 million to help out Led by Harry Hopkins Most of money went to families

Civilian Conservation Corps (CCC) Men aged 18-25 AND unmarried given jobs to

protect the environment – build/maintain parks, reforestation, etc… Employed about 3 million (300,000 at one time)

Civil Works Administration (CWA) Employed about 4 million Americans

HELPING BUSINESS AND INDUSTRY

National Industrial Recovery Act (NIRA) Goal: Long term economic growth Public Works Administration (PWA)

Spent $4 Billion 34,000 construction projects: Roads, Bridges, Dams

Guaranteed workers’ right to collectively bargain National Recovery Administration

Made industry codes Tried to end child labor and unfair business practices

1935: NIRA declared unconstitutional by Supreme Court

HELPING RURAL AMERICA

Agricultural Adjustment Act (AAA) Paid farmers to reduce production 1936: Declared unconstitutional

Tennessee Valley Authority (TVA) Built dams in seven states along the Tennessee

River Basin Controlled: flooding and soil erosion Generated: cheap hydroelectric power