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| | As you can see, the U.S. Supreme Court invalidated a few key aspects of the New Deal, and this infuriated President Roosevelt. We'll mention this again later. | | As you can see, the U.S. Supreme Court invalidated a few key aspects of the New Deal, and this infuriated President Roosevelt. We'll mention this again later. |
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| − | 21st Amendment "1933: repeals Prohibition, gives power to States to regulate or prohibit alcohol" | + | More big things happened in 1933. The Democrats quickly ratified the 21st Amendment in order to repeal Prohibition and return to the States the power to regulate, allow or prohibit alcohol. This amendment was the only one to use ratifying conventions in each State in order to obtain the necessary 3/4 number of States for it to become part of the Constitution. Note that this process is different from holding a ''national'' constitutional convention to amend the Constitution, which has never occurred. |
| − | Good Neighbor Policy "1933: FDR policy of respect for Latin America, unlike Teddy Roosevelt's ""Big Stick"" and Taft's ""Dollar Diplomacy""" | + | |
| − | Federal Housing Authority "1934: provided low-cost, long-term loans for modernizing old bldgs and building new ones" | + | President Roosevelt changed foreign policy towards Latin America. In 1933 he implemented the "Good Neighbor Policy," which was more permissive towards Latin America and was in contrast with Teddy Roosevelt's "Big Stick" and Taft's "Dollar Diplomacy." Instead, FDR reduced the United States' involvement in Latin America. |
| − | Gold Reserve Act "1934: nationalized gold, U.S. treasury took title to all gold, stored most at Ft. Knox, KY" | + | |
| − | Securities and Exchange Act 1934: establishes Securities Exchange Commission to regulate stock exchanges | + | The New Deal continued to expand the federal government in 1934, again with the stated goal of trying to end the Great Depression. In 1934, Congress and FDR passed the National Housing Act, which set up the Federal Housing Authority (FHA). This new federal agency encouraged banks, building and loan associations to make loans for building homes, small business establishments, and farm buildings. The FHA provided low-cost, long-term loans for modernizing old buildings and constructing new ones. |
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| | + | Also in 1934, the Gold Reserve Act passed which nationalized the ownership of all gold. The U.S. treasury took title to all gold, and stored most of it at Ft. Knox, Kentucky. |
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| | + | To regulate the financial markets, Congress passed the Securities and Exchange Act in 1934. This established the Securities Exchange Commission to regulate stock exchanges |
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| | Works Progress Administration employed 8.5 million persons between 1935 and 1943 building public works | | Works Progress Administration employed 8.5 million persons between 1935 and 1943 building public works |
| − | National Housing Act "1934: set up the Federal Housing Authority (FHA). This agency encouraged banks, building and loan "
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| − | " associations, etc. to make loans for building homes, small business establishments, and farm buildings. "
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| | Schecter Poultry v. U.S. 1935: S. Ct. declares Nat'l Industrial Recovery Act unconstitutional because it delegated too much power to agency | | Schecter Poultry v. U.S. 1935: S. Ct. declares Nat'l Industrial Recovery Act unconstitutional because it delegated too much power to agency |
| | Wagner Act "1935: gives unions rights, promotes their growth; prohibit employer interference, estab. Nat'l Labor Relations Board" | | Wagner Act "1935: gives unions rights, promotes their growth; prohibit employer interference, estab. Nat'l Labor Relations Board" |