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The New Deal

The New Deal. Franklin D. Roosevelt & The First New Deal. The New Deal. A relief and recovery program instituted by FDR to confront the emergency of the depression = Numerous programs and legislation to achieve recovery. The New Deal & Banking. The Bank Holiday.

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The New Deal

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  1. The New Deal Franklin D. Roosevelt & The First New Deal

  2. The New Deal • A relief and recovery program instituted by FDR to confront the emergency of the depression • = Numerous programs and legislation to achieve recovery

  3. The New Deal & Banking

  4. The Bank Holiday • Temporary closure of all banks • March 6-12, 1933 • Designed to stop the massive withdrawals from banks

  5. 1. Emergency Banking Act • Authorized the fed. government to examine all banks • Only banks that were financially sound could reopen • Goal: restore public confidence in the banking system

  6. 2. FDIC • Federal Deposit Insurance Corp. • Created by Congress to insure bank deposits • Insured deposits up to $5000

  7. FDIC Today • Increased its amount of protection for depositors to $250,000

  8. 3. Home Owners Loan Corporation (HOLC) • Created to assist homeowners who couldn’t pay their mortgage • Granting low-interest, long-term loans

  9. 4. Farm Credit Administration(FCA) • Provided low-interest, long-term loans to farmers • Allowed farmers to keep their farms, buy them back, or purchase equipment & supplies

  10. The New Deal & Poverty Relief

  11. 5. Federal Emergency Relief Admin. (FERA) • Distributed money for relief to state & local governments • Over ½ of money was distributed to families in need • Other ½ went to work-relief projects (raking leaves, litter)

  12. 6. Civilian Conservation Corps (CCC) • Provided jobs for unemployed young men 18 – 25 • Planted trees, cleared brush, created park trails, and developed campgrounds in national parks

  13. The New Deal & Economic Recovery

  14. 7. Securities & Exchange Commission (SEC) • Created to protect investors from stock fraud • Regulated companies that sold stocks & bonds • Goal: restore faith in the stock market

  15. SEC Today • Continues to regulate companies selling stocks & bonds

  16. 8. National Industrial Recovery Act (NIRA) • Stimulate industrial & business activity and to reduce unemployment • Goal: stabilize prices, raise wages, limit hours, and create jobs

  17. 9. Public Works Administration (PWA) • NIRA agency created to make jobs • Built roads, public buildings, and other public projects

  18. 10. National Recovery Administration (NRA) • stabilize prices, raise wages, & reduce work hours • Encouraged companies to create codes of fair competition • Eventually ruled unconstitutional

  19. The New Deal & Farmers

  20. 11. Agricultural Adjustment Admin. (AAA) • Paid farmers to reduce the output of crops • Output reduction led to higher prices • Farmer’s income increased • Critics argued it came at the expense of consumers

  21. 12. Tennessee Valley Authority • Largest of New Deal Programs • Aided a rural seven-state region that was economically distressed • Built new dams, flood control stations, and recreational facilities

  22. The New Deal Franklin D. Roosevelt & The Second New Deal

  23. The Second New Deal • 1934 Congressional Elections: • Democrats gain more seats • With support Roosevelt initiates more New Deal programs

  24. 1. The Works Progress Administration (WPA) • Designed to help Americans find work • Budget: over $5 billion for job creation programs • Employed 8.5 million people over the next 8 years

  25. WPA: Types of Work • Blue-Collar Workers: • Built public buildings & roads • White-collar Workers: • Research & teaching jobs • Artists: • Given work through the government & encouraged to develop pride in American Culture

  26. 2. Contained Three Major Provisions:

  27. Unemployment Insurance • Provided to workers who lost their jobs • Funds came from a payroll tax on employers

  28. Pensions • Provided to retired workers over the age of 65 • Funds came from: • Payroll tax on employers • Tax on employees’ wages

  29. Disability • A shared federal-state program • Provided payments to people with disabilities, the elderly, and wives & children of deceased male workers

  30. Result: Social Security • Has been expanded to cover 95% of American workers

  31. 3. Rural Electrification Administration (REA) • Designed to aid Americans • Provided electricity to isolated rural areas of the country • Also allowed regulation of gas & electricity to keep prices low

  32. Result: REA • Modernized the isolated parts of the region • Finally diversified the South’s economy

  33. 4. Revenue Act of 1935 • Developed to prevent an unjust concentration of wealth & economic power • Sharply raised taxes on the nation’s richest citizens

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