Emergency Banking Act - DOC by xiangpeng


									     Emergency Banking Act
Introduced: March 9 ……… Enacted: March 9

  After the President's temporary closing of the banks, the
Treasury Department was given the power to decide when a
 bank could reopen. The movement of gold was put under
 the President's control. The banking act was prepared, by
Hoover’s advisors. On Sunday following passage of the act,
the President made a speech on the radio, the first series of
 "fireside chats," telling people that it was safe for them to
     put their money back in approved banks. They did.
     Deposits were greater than withdraws in every city.
               Economy Act
Introduced: March 10 …… Enacted: March 11
 To fulfill a campaign promise that called for a cut in
federal spending, veterans' pensions were cut in half
    to save 400 million dollars. Salaries of federal
government employees were also cut by 100 million
dollars. This was one of the few New Deal laws that
                  decreased spending.
           Beer Act
Introduced: March 13 …… Enacted: March 22

This popular law made the sale of beer and
wine legal. This law was a step toward the
 end of Prohibition. The 18 Amendment
    was repealed on December 5, 1933.
Agricultural Adjustment Act (AAA)
Introduced: March 16 ……Enacted: May 12
The act set up a system whereby the government paid
farmers not to grow crops, thus raising farm prices and
    reducing surpluses. With the related Emergency
    Mortgage Act, the government was authorized to
refinance farm mortgages, preventing foreclosures. An
amendment to the act gave the President the power to
  print more paper money in the hopes that inflation
 (more money circulating and rising prices) might help
                  end the Depression.
Civilian Conservation Corps (CCC)
Introduced: March 21 …… Enacted: March 31

     The CCC initially gave jobs to 250,000, and
   eventually to 2.5 million unemployed single men
between the ages of 18 and 25. Living in camps set
   up in parks and forests, the young men planted
trees, built dams and bridges, restored historic sites,
 cleared beaches, and in many more ways improved
           and reclaimed natural resources.
   Federal Emergency Relief Act
Introduced: March 21 ……… Enacted: May 12
 Five hundred million dollars in loans and grants were given
to the states to use in providing emergency relief payments
  to the unemployed. Many men and women were able to
  move from direct relief to the work relief programs of the
 Civil Works Administration (CWA) and to the Public Works
 Administration (PWA). These programs used federal funds
to hire unemployed people for public works projects. Under
  these work programs, 250,000 miles of roads and streets
  were repaired, over 1000 airfields were built or improved,
          and millions of public records were saved.
         Farm Credit Act
Introduced: March 27 ……… Enacted: June 16

    This law created an agency to
centralize all farm credit services. The
Farm Credit Administration refinanced
   one-fifth of all farm mortgages.
    "Truth in Securities" Act
Introduced: March 29 ………Enacted: May 27

This law required sellers of securities (stocks and
  bonds) to make public important information
about the nature of these securities. It also gave
power to the Federal Trade Commission to block
    the sale of misrepresented securities and
   imposed stiff civil and criminal penalties for
Tennessee Valley Authority (TVA)
 Introduced: April 10 ……… Enacted: May 18
The TVA was a public corporation created to operate
  a power plant in Muscle Shoals, Alabama, on the
       Tennessee River. It also was supposed to
     determine the fairness of power rates and to
  develop the Tennessee Valley area through flood
   control and conservation and by generating and
 selling electricity. The TVA received much criticism
over the years because the government was actively
            competing with private industry.
    Home Owners' Loan Act
Introduced: April 13 ………… Enacted: June 13

Modeled on the Farm Credit Act, this law formed the
     Home Owners' Loan Corporation (HOLC) to
refinance individual home mortgages at low interest
for up to fifteen years. Thousands of home owners
 threatened with foreclosure or eviction were saved
    by HOLC loans. The HOLC eventually helped
 refinance one-fifth of all mortgaged urban homes.
  Railroad Coordination Act
Introduced: May 4 ………… Enacted: June 16

 This act attempted to rescue the depressed
 railroad industry by enforcing consolidation,
  rate-making reforms, and other economy
  measures. The goal, never realized, was a
      coordinated transportation system.
National Industrial Recovery Act (NIRA)
 Introduced: May 17………….. Enacted: June 16
   In perhaps the most far reaching of all the laws, Congress gave the
President power to manage the nation's business life. To stimulate the
 recovery of private business and to spread work among as many men
  and women as possible, Roosevelt established the National Recovery
 Administration (NRA). Businesses were to plan together, without fear
  of anti-trust suits, to set up codes for making, marketing and pricing
 goods and to work with the unions to determine minimum wages and
   maximum hours. The act also established a 3.3 billion dollar public
 works programs. The NRA was supposed to regulate wages, working
  hours, and prices, as well as established recognition of trade unions.
    The act was declared unconstitutional in 1935 on the grounds that
Congress did not have the right to delegate its lawmaking privileges to
                                the President.
 Glass-Steagall Banking Act
Introduced: May 17 ………… Enacted: June 16

The law forced commercial banks out of the
    investment business. The Federal
Deposit Insurance Corporation (FDIC)
   insured bank deposits up to $5,000.

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