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12.1: The First New Deal

12.1: The First New Deal. 1932 Election 32 nd President (vs. Hoover). Landslide win All “things” democratic Pres. and congress Pres. Obama Worked while waiting for inauguration March; 20 th Amend. to Jan. 1933. A. Franklin D. Roosevelt: The “can-do” president.

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12.1: The First New Deal

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  1. 12.1: The First New Deal

  2. 1932 Election 32nd President (vs. Hoover)

  3. Landslide win All “things” democratic Pres. and congress Pres. Obama Worked while waiting for inauguration March; 20th Amend. to Jan. 1933 A. Franklin D. Roosevelt: The “can-do” president

  4. B. What was the New Deal? Policies developed by FDR that would give relief to the needy, economic recovery, and financial reform (3 R’s) • What kind of issues does he have to address in order to make changes related to the 3 R’s?

  5. C. First Hundred Days • Precedent set by FDR • Represents the time period in which the sitting president tries to pass as many bills as possible

  6. 1. Gold standard: 1 oz. of gold = set dollar amount Thought it would reduce value of the dollar = increased bank runs 2. Bank Holidays Closed banks before bank runs bankrupt them Inspected by gov’t to ensure they were secured = Emergency Banking Relief Act Restores confidence by the people D. Concern of the people

  7. Talking directly to Americans Informing them of plans/policies Build confidence in banks E. Fireside Chats

  8. Est. Federal Deposit Insurance Corporation (FDIC) $5,000 $100,000 $200,000 F. Glass-Steagall Banking Act

  9. G. Reforming Banking and Finance • Finance/Stockmarket • Federal Securities Act: co. makes stock info public • Securities and Exchange commission (SEC): regulate stock market, “insider trading”

  10. H. Home Owners Loan Corporation (HOLC) • Gov’t loans to avoid foreclosure, only if you still have an income

  11. 1. Agricultural Adjustment Act Lower production = _____ prices Gov’t will pay subsidy (financial support/price supports) Commercial farmers benefited most Tenant farmers lost jobs and homes (AA) I. Helping America’s Farmers

  12. 2. Farm Credit Administration (FCA) • Helped farmers refinance their mortgages • Usually helped farmers who were not prosperous – money could have went to those businesses who were more profitable = better economic benefit

  13. J. Helping Industry: • National Industrial Recovery Act • Established fair practice codes and regulations • Considered unconstitutional - Why?

  14. 2. National Recovery Administration • Set prices on products to ensure fair competition, banned child labor, and set work hours • Allowed for unions

  15. K. Relief Programs 1. Civilian Conservation Corp • Roads, planting trees, flood control, soil erosion • $5/$25 • Free food & uniforms

  16. 2. Federal Emergency Relief Administration • Direct aid for food & clothes

  17. L. Creating Jobs • Public Works Admin (PWA) turned to the Civil Works Admin (CWA) • PWA for all types of construction • Ineffective; awarded contracts, not direct hire • CWA more effective due to direct hiring

  18. Taxes applied to raise revenue for federal government M. 1933: 21st Amendment

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