Confidence, Expectations, Direction
The New Deal(s) First: early 1933-mid st Hundred Days New Nationalism Second: mid nd Hundred Days New Freedom Third?
Making Sense of the First New Deal: Digesting the Alphabet Soup 1. REGULATION Banking Legislation – Emergency Banking Act – Glass-Steagall Act (Banking Act of 1933) (FDIC) Stock Market Legislation – Truth in Securities Act – Securities Exchange Commission Act (SEC)
2. REGIONAL PLANNING Tennessee Valley Authority (TVA) Pacific NW: Bonneville Dam ( ), Grand Coulee Dam ( ) SW: Boulder ( )/Hoover Dam (1947) Rural Electrification Administration (REA)
3. RELIEF Direct Relief Credit Relief: Mortgage Relief: Reconstruction Finance Corp (RFC) Work Relief: Harry Hopkins (WPA) Harold Ickes (Secretary of the Interior) (PWA) Federal Emergency Relief Administration, (Formerly Emergency Relief Administration, ) Evolves in 1935 into Works Progress Administration (WPA), (1939, renamed Works Projects Administration) Public Works Administration (PWA), Civilian Conservation Corps (CCC),
4. RURAL POLICY (FARM AID) Agricultural Adjustment Administration (AAA) Domestic Allotment System 5. RECOVERY National Recovery Administration (Hugh Johnson) Codes of fair competition; minimum wages, maximum weekly hours Declared Unconstitutional by Supreme Court, 1935
NRA: The First New Deal’s Failure
Referendum on the First New Deal 1934 Midterm Elections Dems gain 9 seats in Senate and 9 in House of Representatives (N.B.: 1932: Dems gained 13 seats in Senate and 90 in house) 1998: Dems gain 0 seats in Senate + 5 in House 2002: Repubs gain 2 seats in Senate + 4 in House