Chapter 23 Notes Section One New Deal Fights the Depression.

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Presentation transcript:

Chapter 23 Notes Section One New Deal Fights the Depression

I. Electing FDR A. Many Americans blamed republican Hoover for Depression B. Franklin Delano Roosevelt 1. FDR 2. Two term NY Governor 3. Cousin of Teddy Roosevelt 4. Can do attitude vs. do nothing president 5. FDR wins

II. Waiting for Roosevelt A. Elected in Nov. inaugurated in March B. In meantime FDR & advisors began to plan NEW DEAL

C. New Deal 1. Goals - relief for needy - economic recovery - financial reform

D. Upon taking office- Hundred days pieces of legislation

III. Reforming banking and finance A. Right after inauguration closed banks, reviewed status, permitted loans, increased consumer confidence B. Fireside chats- used to quiet fears and build support

C. Glass- Steagall Banking Act of Established the Federal Deposit Insurance Corporation - FDIC provided federal insurance for accounts less than $5,000

D. Securities and Exchange Commission 1. June Regulate stock market

E. 21st Amendment 1. End of Repealed prohibition 3. Alcohol tax

IV. Helping the American Republic A. Farmers 1. Agricultural Adjustment Act - raise prices by lowering production - controversial due to wasted food

B. Work projects 1. Civilian Conservation Corps - put young men to work on public works - trees 2. Federal Emergency Relief Administration million in relief for the needy 3. Public Works Administration & Civil Works Administration - provided jobs- mainly construction and education - termed by some as useless work 4. National recovery Act - Created National Recovery Administration

5. Tennessee Valley Authority - Renovated or built 25 dams - provided jobs, flood control and hydroelectric power

C. Home Owners Loan Corporation 1. Became federal Housing Administration

IV. New Deal Under Attack

A. Critics 1. Liberals- not enough 2. Conservatives- too much- interfered with free market

B. Supreme Court reacts 1. Found NIRA and AAA unconstitutional 2. FDR tried to appoint six additional justices - major protest, hurt image - due to resignations, reformed court anyway

C. Huey Long 1. Governor and later Senator 2. Opposed New Deal 3. Share our Wealth programs 4. Was assassinated

Now, that we got that fixed. What’s this I hear about some guy named Hitler?