New Deal Programs: Bank Relief, Glass-Steagall, Agricultural Adjustment, Conservation Corp, Lecture notes of Law

Download New Deal Programs: Bank Relief, Glass-Steagall, Agricultural Adjustment, Conservation Corp and more Lecture notes Law in PDF only on Docsity! Emergency Bank Relief Act One day after taking office, Roosevelt declared a national bank holiday and closed all banks to prevent further withdrawals. Then he persuaded Congress to pass the Emergency Bank Relief Act (EBRA), which authorized the Treasury Department to inspect the country’s banks. Those that were deemed sound were allowed to reopen at once; those that were unable to pay their debts remained closed. Those that needed help could receive loans. This measure revived public confidence in banks, since customers now had greater faith that the open banks had been approved and were in good financial shape. On your own paper, answer the following: 1. Write the full name of the program and the abbreviation (for example, AAA) 2. Which of the 3 R’s is it and why? 3. What problem is this program addressing? 4. How is this program addressing that problem? The Glass-Steagall Banking Act & The FDIC Within a few weeks of taking office, Roosevelt had restored the people’s confidence in banks. After people began to put their savings back into the banks, Congress took a step to reorganize the banking system by passing the Glass-Steagall Banking Act. Among other things, this law established the Federal Deposit Insurance Corporation (FDIC), which provided federal insurance for all individual banks accounts. This meant that in the future, if many people wanted to withdraw their money at the same time and the bank did not have all of the money on hand, they could get the money from their insurer. The FDIC still exists today, and the Glass-Steagall Banking Act reassured millions of Americans that their hard-earned money was safe. On your own paper, answer the following: 1. Write the full name of the program and the abbreviation (for example, AAA) 2. Which of the 3 R’s is it and why? 3. What problem is this program addressing? 4. How is this program addressing that problem? The Civil Works Administration & The Public Works Administration The PWA, created in 1933, provided money to states to create jobs. Harry Hopkins, the head of the program, thought that giving people money was helpful for buying food, but giving people a job enables people to gain confidence and self-respect. These jobs were chiefly the construction of schools and other community buildings. When these programs failed to make a sufficient dent in unemployment, President Roosevelt established the Civil Works Administration. This provided 4 million immediate jobs. Some critics of the CWA claimed that these work programs cost too much money, but the CWA built over 40,000 schools and paid the salaries of over 50,00 teachers in rural America. On your own paper, answer the following: 1. Write the full name of the program and the abbreviation (for example, AAA) 2. Which of the 3 R’s is it and why? 3. What problem is this program addressing? 4. How is this program addressing that problem? The National Industrial Recovery Act The NIRA sought to promote industrial growth by establishing codes of fair practice for individual industries. It created the National Recovery Administration (NRA), which set prices of many products to ensure fair competition, and established standards for working hours and a ban on child labor. The aim of the NRA was to promote recovery by interrupting the trend of wage cuts, falling prices, and layoffs. Competing businesses would meet with representatives of workers and consumers to draft the codes of fair competition. These codes both limited production and established prices. Because businesses were given new concessions, workers made demands. Congress met their demands by passing a section for the NIRA guaranteeing workers’ rights to unionize and bargain collectively. *Note: This NRA is not related to the modern-day NRA, which is the National Rifle Association On your own paper, answer the following: 1. Write the full name of the program and the abbreviation (for example, AAA) 2. Which of the 3 R’s is it and why? 3. What problem is this program addressing? 4. How is this program addressing that problem? The Work Progress Administration The WPA set out to create as many jobs as possible as quickly as possible. It received a budget of $5 billion, the largest sum any nation had ever spent for public welfare at one time. Between 1935 and 1943, it employed more than 8 million people. WPA workers, most of them unskilled, built 850 airports throughout the country. They constructed or repaired roads and streets, put up libraries, schools, and hospitals. Sewing groups, employed by women, sewed garments for the needy. The WPA employed many professionals as well – writers, teachers, artists, musicians, and actors. These professionals were hired to create art, music, and scholarly studies. They wrote guides to cities, collected historical slave narratives, painted murals on the walls of public buildings, and performed in theater troupes around the country. At the urging of Eleanor Roosevelt, the WPA made special efforts to help women, minorities, and young people. On your own paper, answer the following: 1. Write the full name of the program and the abbreviation (for example, AAA) 2. Which of the 3 R’s is it and why? 3. What problem is this program addressing? 4. How is this program addressing that problem?