THREE R’s Relief For people out of work. Recovery For business and the economy as a whole. Reform Of American economic institutions.

RECOVERY: EMERGENCY BANKING ACT Bank Holiday (1933) Banks closed for examination by federal examiners Sound banks allowed to reopen Bad banks remain closed FDIC (included) Guarantee banks & savings and loans associations would never fail again Guarantee depositor would always get money back Deposits insured up to $5,000

RECOVERY: FARM CREDIT ADMINISTRATION FCA (1933) Provided low-interest, long-term loans to farmers Allowed many farmers to: Pay off mortgages and back taxes Buy back lost farms Purchase seed, fertilizer, & needed equipment

REFORM: FEDERAL SECURITIES ACT FSA (1933) Protect investors & guard against stock fraud Control issuance of stock Guarantee stocks accurate reflection of value of company Prevent any bad or excessive amounts of stock from being issued

REFORM: SECURITIES & EXCHANGE COMMISSION SEC (1933) Regulate companies that sell stocks & bonds Stop too many people from playing in stock market & driving up values

RELIEF: HOME OWNERS LOAN CORP HOLC (1933) Provided low-cost, long term mortgage assistance to help people keep their homes

RELIEF: FEDERAL EMERGENCY RELIEF ADMINISTRATION FERA (1933) Provided help to those who could not qualify for any other program Elderly, disabled, single-parents, and orphans Only “something for nothing” program

RELIEF: CIVIL WORKS ADMINISTRATION CWA (1933) Employed jobless person to work on federal, state and local projects “make-work” jobs Paid more than $740 million in wages to some 4 million men & women

RELIEF: CIVILIAN CONSRVATION CORPS CCC (1933) Aid unemployed young men between ages of 18 to 25 Conservation & environmental work Paid $1 per day Received housing and clothing 2.5 million men employed & planted millions of trees

At the end of the day's work in the field. The boys will soon be on their way back to camp, ready for a good shower bath, a hearty meal, and recreation. CCC in MS: Feb. 9, 1933

RECOVERY: NATIONAL INDUSTRIAL RECOVERY ACT NIRA (1933) Stimulate recovery of economy by: Allowing drafting of codes for the conduct of business Created codes for shorter hours, minimum wages, & codes to allow “fair competition” National Labor Relations Board Supervise the organization of labor union Declared unconstitutional

RELIEF: PUBLIC WORKS ADMINISTRATION PWA (1933) Program for “blue collar” workers Built dams, road, schools, and post offices

RECOVERY: NATIONAL RECOVERY ADMINISTRATION NRA (1933) Designed to plan & administer the codes created by the NIRA “Blue Eagle” – symbol of the program Declared unconstitutional

RECOVERY: AGRICULTURAL ADMINISTRATION ACT AAA (1938) Increased government regulation of crop production & increased payment to farmers Pay farmers NOT to produce Required NOT to plant or to destroy crops already in fields or slaughter animals

AAA EFFECTIVENESS 1 year – reduced the cotton crop – helped raise cotton prices Allowed cotton growers & large-scale farmers to spend more cash Question increase in farmers’ incomes at the expense of consumers Sharecroppers forced off their land Declared unconstitutional

REFORM: TENNESSEE VALLEY AUTHORITY TVA (1933) Created to build dams, irrigation & flood control projects in TN valley Included provision that restricted growth of large holding companies in U.S. Once a cause of Great Depression

RELIEF: WORKS PROGRESS ADMINISTRATION WPA (1935) “white collar” workers Engineers, architects, draftsmen, surveyors Employed workers to building more roads, bridges, airports Included programs for writers, artists, musicians, actors & other professionals

RELIEF: NATIONAL YOUTH ADMINISTRATION NYA (1935) Provided job training & work for people age Provided part-time jobs for needy students Park work Clerical work Playground supervision

REFORM: SOCIAL SECURITY ACT 1935 Safeguard for elderly citizens Unemployed compensation Help those who were disabled & unable to work

SOCIAL SECURITY established via payroll taxes on employers & taxes on workers’ wages farmers, self- employed, & domestic workers originally excluded program broadens

RECOVERY: WEALTH TAX ACT Revenue Act (1935) Increased taxes on the wealthy Corporations had to pay “excess profits” tax if made an annual profit greater than 10% Concern that discouraged business expansion

REFORM: RURAL ELECTRIFICATION ADMINISTRATION REA (1935) Extended power lines into isolated rural areas Within a few years, only 1 farm in 10 lacked electricity

WAGNER-CONNERY ACT National Labor Relations Act (1935) Recognized rights of labor to organize and bargain collectively Regulated labor practices Organization of Congress of Industrial Organization (CIO) United skilled & unskilled workers in a given industry

RECOVERY: FARM SECURITY ADMINISTRATION FSA (1937) Provided loans to help tenant farmers buy land Established camps where migrant farm workers could find shelter & medical care