February 2-6

[7Ally]

Watch video over FDR's background. Also watched video over banks. 

EBRA

     Passed five days after taking office- March, 1993. 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. Provided insurance to people's money in the banks. When banks reopened on March 13, 1933, many people put their money back in the banks. 

FDIC

    Created by the Glass-Steagall Act in 1933. Insured people's money in banks up to $1000 (today up to $100,000) Passed in response to the bank failures after the crash. Insures money in savings and checking accounts, money market accounts, and CD's. 

Banking Act of 1935

    Made the FDIC a permanent agency within the US government. Strengthened the power of the federal reserve making banking safer overall. 

Federal Security Act

      Passed in 1933. Made the stock market a safer place for people to invest their money. Two goals: Required that people be honest about their profits, and Prohibited deceit, misrepresentations, and other fraud in the sale of securities to the public. 

Security and Exchange Commission

       Established in 1934 and is still around today. Regulates the stock market therefor making the market more secure. 

Opponents

          Some say FDR went too far. Spent too much $$. Others say he didn't do enough. He needed to do more. 

                                        Republicans:

                                                  1. Created a very powerful president that led Congress, this was a violation of checks and balances. 

                                                  2. It was a radical departure from Laissez Faire ideals. Created "big government."

                                                  3. Some acts appeared interfering and unconstitutional. 

                                                  4. Heavy dept burden: the United States was engaged in deficit spending and this was unhealthy for the economy in the long run. 

                        Father Charles Coughlin

                                           Called for a guaranteed income.

                                           Wanted government to take over the banks. 

                        Francis Townsend 

                                           Argued FDR wasn't doing enough to help the elderly. 

                                           His ideas eventually led to Social Security. 

                        Senator Huey Long

                                           "Every man a king"

                                            Shot and killed by Carl Weiss in 1935.