Friday, January 27th

[3Marielle]

Continued with presentations:Marea- PWA: The public works administration spent $7 billion dollars on constructing more jobs, maintaining purchasing powers and improving public welfare. It was part of the "priming the pump" part of the New Deal. It helped in constructing 34,000 projects. It built 12 million feet of sewer pipes, built 40,000 schools and over 255,000 roads, and much more. The CWA (civil works administration) created jobs and overpaid the workers.Julie-Emergency Banking Relief Act [EBRA]: passed on march 9th, 1933. Roosevelt called for a bank holiday and talked with the heads of the banks about them being able to open when they were financially ready. This act was passed so they would get insurance on money that people had in the banks. This problem was one of the first problems that Roosevelt was faced with and tried to solve first with the New Deal. The bank holiday was when a lot of the suffering banks shut down because of bankruptcy, but Roosevelt said that they could reopen and they could get financial support. In 3 days, 5,000 banks open which was 65% of all banks at that time. The Emergency Banking Relief Act is no longer around, because the banks reopened, didn't have anymore problems, so they didn't need it anymore. The Federal Securities Act (FSA) was passed on May 27th, 1933. It made people feel safer about putting their money in the stock market. It made sure that people who were selling stocks were truthful about it. It was successful because it kept people from selling bad stocks, stopped inflation of stock prices and stopped people from pooling (overpriced). It is still around today, but it's changed to "no false advertising".Connor: The FDIC is an independent agency that insures most of your money that's in a FDIC insured bank. If a bank were to fail, then the corporation would pay back all the people that has an account in that bank up to a certain amount. People were more confident in putting their money in the banks and knew they couldn't lose all of their money. The First Deposit insurance corporation to work out of around 150 since 1866. The FDIC still has the same goal of giving people a confidence for keeping their money in the banks. The NRA was established in 1933 by Franklin Roosevelt, and the NIRA was enforced in 1933. The NRA was made to eliminate competition that would put businesses out of business. It helped workers by setting minimum wages and maximum hours. The NIRA was made to get industries to make a code of fair competition. Its purpose was to regulate industry and then monopolies.