No school Monday the 2nd
Emergency Banking Relief Act(EBRA)-
-Passed by Roosevelt five days after taking office(March, 1933)
-Passed in response to the thousands of banks that closed down
-Passed four days after FDR announced the Bank Holiday, which closed banks down temporarily
-The EBRA would close down the bank to keep people from taking all of their money out
-Provided insurances to people's money in the banks
-When banks reopened on March 13, 1933, many people put their money back into banks
-Within weeks, people put more than half of their withdrawn money back into the banks
Federal Deposit Insurance Corporation(FDIC)-
-Created by the Glass-Steagall Act in 1933
-Insured people's money and banks up to $1000 (today up to $250,000)
-Passed in response to the bank failures after the stock market crash
-Insures money and savings and checking accounts, money market accounts and CD's
-Doesn't insure stocks, bonds, mutual funds, etc.
Banking Act of 1935-
-Made FDIC a permanent agency within the US government
-Strengthened the power of the Federal Reserve making banking safer overall
Federal Securities Act-
-Passed in 1933
-Made the stock market a safer place for people to invest their money
-Two goals:
1) Required that investors recieve significant information regarding securities being offered for public sale
2) Prohibited deceit, misrepresentations, and other fraud in the sale of securities to the public
Securities and exchange Commission(SEC)-
-established in 1934 and is still around today
-regulates the stock market therefor making the market more secure and safer for people's money
Tennessee Valley Authority(TVA)-
-created to generate electric power and control floods in a seven state region around the Tennessee river valley
-FDR signed the Tennessee Valley Authority Act creating the TVA on May 18, 1933
-Agency still exists and has grown to America's largest public power company
-Some criticized the TVA for only helping a specific region not the whole country
Rural Electrification Administration(REA)-
-Provided power to farms and rural areas all throughout the country
Works Progress Association(WPA)-
-had projects to employ musicians, artists and other entertainers
-Federal Art Project(FAP): had many projects including; FMP, FTP and HRS
Indian Reorganization Act(IRA)-
-abolished Dawes Act
-allowed Native Americans to keep their own land
-created jobs on Indian reservations
-Women were expected to give up jobs to men
-Racism made it harder for anybody that's not white to get a job
Criticisms of FDR and the New Deal:
-FDR's 3 R's
-Some say FDR went too far and spent too much money
-Republicans thought he was spending way too much money
-For the most part historians say FDR did the right amount of work
-Some thought we was becoming too powerful
-He was criticized for creating a big government
-Some acts were interfering and unconstitutional to people and Supreme Court
-Heavy debt: spending way too much money
-upset that Supreme Court called 2 acts unconstitutional
-Wanted to pack the supreme court with different justices
-Criticized for upsetting checks and balances
-Father Charles Coughlin: wanted guaranteed incomes, wanted government to take over banks
-Francis Townsend: focused on elderly people, his ideas led to Social Security
-Huey Long: "Every man a king" Robin Hood, take from rich and give to poor
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