1. The First New Deal
Chapter 10, section 1

2. The Hundred Days Period of FDR’s first 100 days in office
Consisted of “bold, persistent experimentation”
Congress passed 15 major acts to meet economic crisis
Set a pace for new legislation that has never been equaled

3. The Hundred Days The New Deal was not based on strategy
FDR sought advice from wide range of advisors
FDR did make the final decision on all matters

4. The Hundred Days
FDR’s first task: to restore confidence in the banking system

5. The Hundred Days FDR declared a national bank holiday—closed all banks
Emergency Banking Relief Act passed in 38 minutes—federal examiners surveyed all of the nation’s banks
2/3 were sound and allowed to reopen

6. The Hundred Days March 12, 1933—FDR held his first “fireside chat”
The next day, deposits outweighed withdrawals—banking crisis was over

7. The Hundred Days
Federal Deposit Insurance Corporation (FDIC)-provided gov’t insurance for bank deposits up to a certain amount

8. The Hundred Days
Securities and Exchange Commission (SEC)—created to regulate the stock market and prevent fraud (stocks had to include truthful information)

9. The Hundred Days FDR turned attention to the problems of farmers
Suffered because prices were too low and production too high

10. The Hundred Days
Agricultural Adjustment Administration (AAA)—created to run the farm program
AAA paid over $1 billion dollars in 1933 for farmers to plow over fields/kill baby pigs to lower farm surplus
Successful
Farm surplus fell by 1936

11. The Hundred Days FDR turned attention to industry
National Recovery Administration (NRA)—controlled industrial production and prices with industry-created codes of fair competition
Declared unconstitutional by the Supreme Court in 1935

12. The Hundred Days
Some of FDR’s advisors believed that debt was the main obstacle to economic recovery
Most money spent on mortgages than goods

13. The Hundred Days
Home Owners’ Loan Corporation (HOLC)—created to help homeowners pay their mortgages
Restructured mortgages to make it easier for families to pay

14. The Hundred Days
Other advisors believed low consumption was the root of all problems
Fastest way out of depression was to put money in hands of individuals

15. The Hundred Days FDR did not want to simply give out money
Believed people would keep work skills and self-respect if they earned their money
A series of gov’t agencies will be created to organize work programs for the unemployed

16. The Hundred Days Civilian Conservation Corps (CCC)—
Most highly praised relief program in the New Deal
Employed single men for natural resource conservation
Paid $30 a month, employed over 3 million

17. The Hundred Days Federal Emergency Relief Administration (FERA)—
Created to channel money to state and local agencies to fund relief projects
Ran by Harry Hopkins

18. The Hundred Days Public Works Administration (PWA)—
1/3 of nation’s unemployed were in construction
PWA created a series of construction projects
Built highways, dams, schools, and other gov’t facilities

20. The Hundred Days
By the end of his first year, FDR had convinced Congress to pass an array of programs and policies
They did not end the depression, but provided relief for millions of Americans
FDR’s actions had inspired hope and optimisim