Roosevelt’s Inauguration

President Roosevelt

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)

3. Farm Credit Administration Affordable loans to farmers Used for –Mortgages –Taxes –Equipment –Seed –Fertilizer

4. Home Owners Loan Corporation (HOLC)

5. Federal Emergency Relief Administration (FERA) Gave money to state, local relief organizations

6. Civil Works Administration (CWA) Create jobs $750 million Building highways Repairing churches

7. Civilian Conservation Corps (CCC)

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) 9. Public Works Administration (PWA) 10. National Recovery Administration (NRA)

Businesses to create “codes of conduct” Suspended antitrust laws Section 7(a): …

11. Agricultural Adjustment Agency (AAA) Paid farmers to reduce output Subsidies paid by tax on food processors

12. Tennessee Valley Authority (TVA) Greatest of 1 st New Deal programs Dams to control frequent flooding Power stations to provide electricity

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…

LEFT RIGHT NEW DEAL

American Liberty League New Deal threatened constitution and democracy! Socialism in the United States!

Father Charles Coughlin Father of hate radio Anti-Semitism Nationalization of banks

Huey 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 Course 1934 midterm election => Democrats New lifeblood for reform Radical shift to left from Hundred Days

Second 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 4/ 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 Poor Resettlement Administration –Helped small farmers buy farms Rural Electrification Program –Low-interest loans to utilities –Enabled rural access to electricity AAA unconstitutional Soil Conservation and Domestic Allotment Act –Cut soil-depleting crops, plant grasses

Farm Foreclosures and Defaults, 1929–1945

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

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 Rich Revenue Act of 1935 –Raised personal income taxes for wealthy

9/ Second New Deal complete FDR had stopped fears of leftist opposition

Election of 1936 FDR claimed election about him Republican - Alfred Landon Called on fears of FDR as dictator FDR lost Maine, Vermont

Election Results