THE NEW DEAL: ECONOMIC & BANKING PROGRAMS

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THE NEW DEAL: ECONOMIC & BANKING PROGRAMS

Public Utility Holding Company Act (1935)

Protected consumers from certain rate increases, and also from high-risk speculation activitiesc

Frazier-Lemke Farm Bankruptcy Act (1934

Protected farms from creditor repossession

Gold Reserve Act (1934)

Called in all private gold and created a government hoard (Fort Knox).

Income and Wealth Taxes (1934)

Greater emphasis on progressive taxation and taxation on wealth; consistent revenue increases achieved.

Securities Act (1933) & Securities Exchange Act (1934)

Created Securities and Exchange Commission (SEC). Allowed federal regulation of stock trading in public corporations

Federal Deposit Insurance Corporation (FDIC) (1933)

Insured bank deposits against bank failure.

Glass-Steagall Banking Act (1933)

Created Federal Deposit Insurance Corporation to insure personal bank accounts

Emergency Banking Relief Act (1933)

Gave the president emergency powers over the US banking system, under which he called a ‘bank holiday’ to allow evaluation of all banks and closure of insolvent ones.

National Industrial Recovery Act (1933)

Created National Recovery Administration (NRA). Legalized industry collaboration for price controls and collective bargaining for labor.

Agricultural Adjustment Act (1933)

Created Agricultural Adjustment Administration (AAA). Introduced measures to reduce crop supply, stabilize prices and support farm incomes.

Reconstruction Finance Corporation (1932)

Created during the Hoover Administration, expanded by FDR. Helped finance public works, industry, and national defense activities.