A New Deal Fights the A New Deal Fights the DepressionDepression

I. Americans get a New DealI. Americans get a New Deal

A. New DealA. New Deal 1. Franklin Delano Roosevelt (FDR) proposed the 1. Franklin Delano Roosevelt (FDR) proposed the

New Deal.New Deal. 2. “A New Deal for the American People.”2. “A New Deal for the American People.” 3. Was designed to alleviate the problems of the 3. Was designed to alleviate the problems of the

Great Depression.Great Depression.

B. New Deal’s goalsB. New Deal’s goals 1. Relief for the needy.1. Relief for the needy. 2. Economic recovery2. Economic recovery 3. Financial reform.3. Financial reform.

C. Hundred DaysC. Hundred Days 1. Lasted from March 9- June 16, 1933.1. Lasted from March 9- June 16, 1933. 2. Congress passed more than 15 pieces of New 2. Congress passed more than 15 pieces of New

Deal legislation focused primarily on banks and Deal legislation focused primarily on banks and finance.finance.

3. As a result of the Emergency Banking Relief 3. As a result of the Emergency Banking Relief Act the Treasury Department backed many Act the Treasury Department backed many reopened banks and people began to return their reopened banks and people began to return their savings to banks.savings to banks.

Fireside ChatsFireside Chats

D. Regulating Banking and FinanceD. Regulating Banking and Finance 1. The Glass-Steagall Act established the Federal 1. The Glass-Steagall Act established the Federal

Deposit Insurance Corporation (FDIC) which Deposit Insurance Corporation (FDIC) which provided federal insurance for individual bank provided federal insurance for individual bank accounts for up to $5,000.accounts for up to $5,000.

2. The Federal Securities Act required 2. The Federal Securities Act required corporations to provide complete information on corporations to provide complete information on all stock offerings and made them liable for all stock offerings and made them liable for misinterpretations.misinterpretations.

II. Helping the American PeopleII. Helping the American People

A. Helping FarmersA. Helping Farmers 1. The Agricultural Adjustment Act (AAA) paid 1. The Agricultural Adjustment Act (AAA) paid

farmers to underplow land and kill pigs so the farmers to underplow land and kill pigs so the limited supply of food would drive up prices.limited supply of food would drive up prices.

2. The Tennessee Valley Authority (TVA) 2. The Tennessee Valley Authority (TVA) focused on the Tennessee River Valley by focused on the Tennessee River Valley by rebuilding five dams, constructing 20 new rebuilding five dams, constructing 20 new ones, creating thousands of jobs, provided ones, creating thousands of jobs, provided flood control, electricity and other benefits for flood control, electricity and other benefits for the poor people in the region.the poor people in the region.

3. The Civilian Conservation Corps (CCC) 3. The Civilian Conservation Corps (CCC) put young men ages 18-25 to work building put young men ages 18-25 to work building roads, developing parks, planting trees, and roads, developing parks, planting trees, and helping in soil erosion and flood-control helping in soil erosion and flood-control projects. Almost 3 million men worked in projects. Almost 3 million men worked in CCC and planted over 200 million trees. CCC and planted over 200 million trees. Trees were designed to help stop the Dust Trees were designed to help stop the Dust Bowl.Bowl.

4. The National Industrial Recovery Act 4. The National Industrial Recovery Act (NIRA) provided money to states to create (NIRA) provided money to states to create jobs chiefly in the construction of schools and jobs chiefly in the construction of schools and other community buildings. The NIRA also other community buildings. The NIRA also established codes of fair practice (set prices of established codes of fair practice (set prices of products, fair competition, working hours, and products, fair competition, working hours, and a ban on child labor.)a ban on child labor.)

5. Home Owners Loan Corporation (HOLC) 5. Home Owners Loan Corporation (HOLC) provided government loans to homeowners provided government loans to homeowners who faced foreclosure.who faced foreclosure.

6. The Federal Emergency Relief 6. The Federal Emergency Relief Administration (FERA) was funded with 500 Administration (FERA) was funded with 500 million to help the needy.million to help the needy.

III. The New Deal Comes Under III. The New Deal Comes Under AttackAttack

A. Deficit SpendingA. Deficit Spending 1. The government was spending more money 1. The government was spending more money

than it received in revenue, but would pump more than it received in revenue, but would pump more money into the economy.money into the economy.

2. The New Deal had not stopped the Great 2. The New Deal had not stopped the Great Depression.Depression.

3. It was argued that the New Deal did not go far 3. It was argued that the New Deal did not go far enough to help the poor and that the government enough to help the poor and that the government had too much control over agriculture and had too much control over agriculture and industry.industry.

John Maynard KeynesJohn Maynard Keynes

B. Opponents to the New DealB. Opponents to the New Deal 1. Father Charles Coughlin hosted a radio show in 1. Father Charles Coughlin hosted a radio show in

which he favored a guaranteed annual income and which he favored a guaranteed annual income and the nationalization of banks.the nationalization of banks.

2. Dr. Francis Townsend believed Roosevelt 2. Dr. Francis Townsend believed Roosevelt wasn’t doing enough to help old people and he wasn’t doing enough to help old people and he developed a pension plan.developed a pension plan.

3. Sen. Huey Long proposed a Share-Our-Wealth 3. Sen. Huey Long proposed a Share-Our-Wealth policy.policy.

Father Charles CoughlinFather Charles Coughlin

Dr. Francis TownsendDr. Francis Townsend

Huey LongHuey Long