| Line 94: |
Line 94: |
| | 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. | | 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. |
| | | | |
| − | 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. | + | 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. |
| | | | |
| | To regulate the financial markets, Congress passed the Securities and Exchange Act in 1934. This established the Securities Exchange Commission to regulate stock exchanges | | To regulate the financial markets, Congress passed the Securities and Exchange Act in 1934. This established the Securities Exchange Commission to regulate stock exchanges |
| | + | |
| | + | The Trade Agreements Act became law in 1934. It amended the Tariff Act of 1930 (Smoot-Hawley Tariff Act) to give authority to negotiate mutual tariff reductions. Many felt that high tariffs were interfering with economy recovery from the Great Depression. |
| | + | |
| | + | |
| | | | |
| | 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 |
| Line 108: |
Line 112: |
| | Fair Labor Standards Act in 1938: abolished child labor and set national minimum wage ($.40 per hour) and the 40 hr week | | Fair Labor Standards Act in 1938: abolished child labor and set national minimum wage ($.40 per hour) and the 40 hr week |
| | | | |
| − | Trade Agreements Act 1934: amended the Tariff Act of 1930 (Smoot-Hawley Tariff Act) to give authority to negotiate mutual tariff reductions
| |
| − |
| |
| − | Neutrality Act 1935: forbids sale of arms to all belligerents if Pres. says a state of war exists; designed to keep us at peace
| |
| − |
| |
| | The New Deal did '''not''' help lift the nation out of the Great Depression. The economy improved a little from 1933 to 1940, but the depression never really ended. FDR became furious with the Supreme Court's invalidation of his New Deal programs (e.g., in ''Schecter Poultry v. U.S.'' (1935), the Supreme Court declared the National Industrial Recovery Act unconstitutional because it delegated too much power to agency). By 1937 FDR was so angry that he proposed his "court-packing" scheme to appoint new Justices to the Supreme Court who would be favorable to him. This shocked even FDR's own Democratic Party, which then opposed FDR's flagrant violation of the checks and balances in the Constitution, and as a result FDR lost much of his credibility. He weakened himself with this proposal, which never passed, and FDR himself could not persuade Congress to do anything more for his program. | | The New Deal did '''not''' help lift the nation out of the Great Depression. The economy improved a little from 1933 to 1940, but the depression never really ended. FDR became furious with the Supreme Court's invalidation of his New Deal programs (e.g., in ''Schecter Poultry v. U.S.'' (1935), the Supreme Court declared the National Industrial Recovery Act unconstitutional because it delegated too much power to agency). By 1937 FDR was so angry that he proposed his "court-packing" scheme to appoint new Justices to the Supreme Court who would be favorable to him. This shocked even FDR's own Democratic Party, which then opposed FDR's flagrant violation of the checks and balances in the Constitution, and as a result FDR lost much of his credibility. He weakened himself with this proposal, which never passed, and FDR himself could not persuade Congress to do anything more for his program. |
| | | | |