Electricity, Banking & Stocks
Emergency Banking Relief Act (EBRA)
- Passed 5 days after taking office March 1933
- Passed in response to the thousands of banks that closed down
- Passes 4 days after FDR announced the Bank Holiday, which closed banks down temporarily
- The EBRA would close down the bank, reorganize it then reopen the bank when it was stable
- Provided insurance to peoples money in banks
- When banks reopened on MArch 13 1933 many people put their money back in the banks
- Within a couple od weeks more than half of the money that people withdrew frmo banks was put into banks
- generally ended banks.............
Federal Deposit Insurance Corporation (FDIC)
- Created by the glass-Steagall Act in 1933
- insured peoples money in banks up to 1000 (today up to 100,000)
- Passed in response to bank failures after crash
- Insures money in saving and check accounts
- doesn't insure stocks, bonds and other things
Banking Act of 1935
- Made FDIC a permanent agency within the US government
- Strengthened power of the federal reserve making banking safer overall
Federal Securitites Act
- Passed in 1933
- made the stock market a safer place for people to invest their money
- goals:
- required investors receive significant info regarding securities being offered for public sale
- prohibited deceit, misrepresentations, and other fraud in the sale of securities to the public
Securities and Exchange Commission Act (SEC)
- Established in 1934 and still around today
- regulates the stock market therefore making the market more secure and safer for peoples money
Tennessee Valley Authority (TVA)
- create general electric power and controlled floods
- FDR signed on May 18
- Agency still exists and has grown to become Americas largest public company
- Some criticized TVA only helping a specific region not the whole country
Rural Electrification Administration (REA)
- created in 1935
- brought electricity to farms
- examples: wooden poles on the roads
Federal Project (WPA)
- WPA built 650,000 miles of roads, and more bridges, buildings, and airport runways
- Presented 225,000 concerts and produced 475,000 works of art
Indian Reorganization Act (IRA)
- Abolished Dawes Act and allowed native american to govern themselves
- Allowed native to manage and keep their own land
- Included provisions to help create job opportunities on Indian reservations. This has led to many casinos on Indian reservations
- Act still around today
FDR's 3 R's
Relief for the needy
Financial Reform
Economic Recovery
Opponents (of Roosevelt?)
- Say FDR went to far. Spent too much $$$
- Others say he didnt do enough. He needed to do more
- Created very powerful president that led congress, this was a violation of checks and balances
- It was a reaical departure from Lassiez Fare ideals. Created "big government"
- Some acts appeared interfering and unconstitutional
- Heavy debt burden- the US was engaged in deficit spending and this was unhealthy for the................
Father Charles Caughlin
- Called for a guaranteed income
- Wanted government to take over the banks
Francis Townshend
- Argued FDR wasnt doing enough to help the elderly
- His ideas let to Social Security
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