The Hundred Days
Alphabet Soup
- Banking. FDR ordered a closing of all banks on March 5 and got passage of the Emergency Banking Relief Act (March 9) which licensed the reopening of only healthy banks and brought government into banking to deal with the bank failures. The Banking Act (June 16) established the Federal Deposit Insurance Corporation, the FDIC
- Government Costs. The Economy Act (March 20) slashed salaries for Federal workers, veterans' benefits and otherwise cut costs.
- Joblessness. The Unemployment Relief Act (March 31) establishes Civilian Conservation Corps, the CCC aimed an providing Federal employment to jobless youth, employing half a million two years later on sopil reclamation, parks and other projects.
- Farming. The Agricultural Adjustment Act (May 12) established Federal subsidies to insure farm prices without radically interferring in market matters, but the Supreme Court declared it unconstitutional (1936). In addition, the Tennesse Valley Authority (May 18) planned the Federal construction of dams on the Tennessee and Cumberland river to bring rural electrification to the poorest region of the country.
-
The Federal Farm Bankruptcy Act (1934) continued these
efforts to maintain family farming. Funding State/Local Relief
- Federal Relief. The Federal Emergency Relief Act (May 12) established funds for distribution to state and local attempts to deal with the effects of the depression; headed by Harry Hopkins, a colorful ex-social worker important in "the Brain Trust".
- The Stock Market. The Federal Securities Act (May 27) made corporate executives responsible for providing the FTC full inofrmation on stock and personally liable for miresrepresentations of securities issued, extended with the establishment of the Securities and Exchange Commission, the SEC (1934) as Federal watchdogs on the market.
- Housing. Through the Home Owners' Refinancing Act (June 13), the Federal authorities helped underwrite low interest loans to homeowners in towns and cities, extended through the Home Owners' Loan Act (1934); the Farm Credit Act (June 16) did the same for farmers.
- The National Industrial Recovery Act (June 16) establishes a National Recovery Administration to oversee relief and recovery efforts; the NRA included a Public Works Administration; in contrast to Hopkins who sought to get into circulation as much money as possible quickly, "Honest Harold" Ickes of the PWA left much of the relief undistributed as his agency painstakingly reviewed every proposed project. The Supreme Court declared it unconstitutional (1935).
After his experience working through state agencies, Hopkins convinced other New Dealers of the necessity for direct Federal aid to individuals, establishing a temporary Civil Works Administration (Nov. 1933), bolstered by the Civil Works Emergency Relief Act (1934). The Communications Act (1934) established a Federal Communications Commission, the FCC to licence use of the air waves