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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
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