Documents
Resources
Learning Center
Upload
Plans & pricing Sign in
Sign Out

Emergency Banking Relief Act - Ning

VIEWS: 4 PAGES: 19

									New Deal Act
Franklin D.
Roosevelt
By Julie Schneider
Emergency
Banking Relief
Act
March 9, 1933
Definition
 Banks reopen when financially ready
 Federal support
 FDR met with the head of suffering banks
 Passed by congress
 Gave insurance to money people had in
  banks
Others
 First problem FDR faced
 Many banks failing
 FDR met with the head of suffering banks
 Called a bank holiday ^
 One of Roosevelt’s first steps in the act
Examples
 3 days – 5,000 banks reopen
 65% of banks reopened
 http://en.wikisource.org/wiki/Emergency_
  Banking_Relief_Act
Success!
 Yes
 Banks reopened
 http://www.articlesbase.com/finance-
  articles/emergency-banking-relief-act-
  temporary-savior-599919.html
 http://www.sparknotes.com/testprep/boo
  ks/sat2/history/chapter17section2.rhtml
 http://www.apfn.net/messageboard/01-
  18-04/discussion.cgi.60.html
Is it still around?
 No
 It was a temporary solution
 Only during 1933
Federal Securities Act
Passed May 27,1933
Drafted by: Benjamin V. Cohen, Thomas
Corcoran, James M. Landis
Signed into law by: FDR
Definition
   Made people feel safer about putting
    their money into stock market
What it took place of
 Regulations of security governed by state
  laws
 “Blue sky laws”
 Still in effect after FSA passed
What did it do?
 Could sell bad stock, but had to have all
  facts right
 2 goals:
       “to ensure more transparency
        in financial statements so investors can make
        informed decisions about investments”
       “to establish laws against misrepresentation and
        fraudulent activities in the securities markets”
Success again!
 It was successful
 Prevented people from selling bad stocks
  and saying they were good
 Stopped inflation of stock prices
 Stopped people from pooling
  (overpriced)
Is it still around today?
 Yes
 Changed: no false advertising
 Still no bad stocks being sold by lying
Legislation and Agencies of the First New Deal
Emergency Banking Relief Act ********          ended the bank panic, provided banks with federal support


Civilian Conservation Corps (CCC)              employed more than two million young men from 1933 to 1941


Agricultural Adjustment Administration (AAA)   regulated farm production, helped raise farm income


Federal Emergency Relief Act (FERA)            funded state and local treasuries


Tennessee Valley Authority (TVA)               helped develop and preserve the resources of the Tennessee Valley


Federal Securities Act **************          regulated the stock market


Federal Deposit Insurance Corporation (FDIC)   backed individuals’ bank deposits with federal funds


National Recovery Administration (NRA)         regulated business by establishing fair codes of competition


Public Works Administration (PWA)              employed jobless men and women from all fields (industrial workers, artists,
                                               teachers)

Civil Works Administration (CWA)               provided short-term projects for the unemployed
Sources
 http://www.articlesbase.com/finance-
  articles/emergency-banking-relief-act-
  temporary-savior-599919.html
 http://en.wikipedia.org/wiki/Emergency_B
  anking_Act
 http://en.wikipedia.org/wiki/Securities_Ac
  t_of_1933
 http://en.wikipedia.org/wiki/U.S._Securities
  _and_Exchange_Commission

								
To top