1. Confidence, Expectations, Direction

2. The New Deal(s) First: early 1933-mid-1935. 1st Hundred Days New Nationalism Second: mid-1935-1938 2nd Hundred Days New Freedom Third?

3. 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)

4. 2. REGIONAL PLANNING Tennessee Valley Authority (TVA) Pacific NW: Bonneville Dam (1933-37), Grand Coulee Dam (1935-42) SW: Boulder (1931-36)/Hoover Dam (1947) Rural Electrification Administration (REA)

5. 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, 1933-35 (Formerly Emergency Relief Administration, 1931-33) Evolves in 1935 into Works Progress Administration (WPA), 1935-43 (1939, renamed Works Projects Administration) Public Works Administration (PWA), 1933-39 Civilian Conservation Corps (CCC), 1933-42

6. 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

7. NRA: The First New Deal’s Failure

8. 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