Emergency Banking Relief Act (EBRA)
-Passed March 9, 1933 by Franklin D. Roosevelt
-Law said that any bank that does not have enough funds to support their clients needs were to be shut down but those banks who were stable enough to support their clients needs could stay open.
-allowed the Secretary of Treasury to take gold from civilians in return for paper money
-bill was passed quickly so Congress didnt really get a chance to read it before it was passed
-most only got the chance to hear it when the Clerk of Congress read it to them
-many congressmen were against the bill
-10 months after it was passed 5,000 banks were allowed to stay open
-EBRA was only a temporary solution for banks losing money
-Later the 1933 Banking Act and the Federal Deposit Insurance Corporation were passed
Social Security Administration Act (SSA)
-Was passed August 14, 1935 by FDR
-designed to provide a steady income for retired workers 65 and up
-depression caused a need for old-age pensions
-old-age pensions were coordinated by Francis Townstead
-Roosevelt Administration reacted to old-age pensions by creating the Social Security Act
-would be funded on payroll taxes
-act has been amended many times
-beneficiaries
-1956-disability insurance was added
-1956-early retirement for women age 62
-1961-early retirement for men age 62
-1961-payroll rose to 6%
-Medicare Act-health care for beneficiaries 65 and up-passed by Lyndon B. Johnson
-was a very big accomplishment for our country
Sources
-http://ezinearticles.com/?The-Essence-of-the-Emergency-Banking-Relief-Act&id=1464408
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