Ch.+26+First+Hundred+Days

The First Hundred Days The country was so desperate for help that they enacted any law the President Roosevelt had to bring the country from the depression. The laws and agency were commonly referred by their initials: WPA, AAA, CCC, and NRA. **__ Bank Holiday: __** President ordered that all banks be closed for a bank holiday on March 6, 1933. He had this issued so the government could reorganize the banks. On March 12, 1933 President Roosevelt went on the radio to have a chat with the American people. He also went on air to announce that the banks were now open and that they were safe too. **__ Financial recovery programs: __** · // Emergency Bank Relief Act // - authorized the gov’t to examine the finances of banks closed during the bank holiday and reopen those judged to be sound. · // Federal Deposit Insurance Corporation (FDIC // ) - guaranteed individual bank deposits up to $5000. · // Home Owners Loan Corporation (HOLC // ) - provided refinancing of small homes to prevent foreclosures. · // Farm Credit Administration // - provided low-interest farm loans and mortgages to prevent foreclosures on the property of indebted farmers. **__ Programs for relief for the unemployed: __** · // Federal Emergency Relief Administration (FERA) // – offered outright grants of federal money to states and local government that were operating soup kitchens and other forms of relief for the jobless and homeless. o  Director: Harry Hopkins · // Public Works Administration (PWA) // – allotted money to state and local governments for building roads bridges, dams, and other public works. This provided thousands of jobs. o  Director: Harold Ickes · // Civilian Conservation Corps (CCC // ) – employed young men on projects on federal lands and paid their families small monthly sums. · // Tennessee Valley Authority (TVA) // – a government corporation that hired thousands of people in one of the nation’s poorest regions, the Tennessee Valley, to build dams, operate electric power plants, control flooding and erosion, and manufacture fertilizer. **__ Industrial recovery program: __** · // National Recovery Administration (NRA) // – to attempt to guarantee reasonable profits for business and fair wages and hours of labor. o  Directed by Hugh Johnson o  It could help each industry set codes of wage, hours of work, levels of prohibition, and prices of finished goods. o  Gave workers the right to organize and bargain collectively. o  Operated with limit success for two years until Supreme Court found it unconstitutional ( Schecter v. U.S)   **__ Farm production control program: __** · // Agriculture Adjustment Administration (AAA // ) – encouraged farmers to reduce production by offering to pay government subsidies for every acre they plowed under. o  Supreme Court found it unconstitutional in 1935 (met the same fate NRA did) **__
 * __ Fireside chats:  __**

Other programs of the First New Deal after the Hundred days: __** // Civilian Works Administration (CWA) // – this agency hired workers for a temporary time period to work on construction projects sponsored by the federal government. // Securities and Exchange Commission (SEC // ) – created to regulate the stock market and to place strict limits on the kind of speculative practices that had led to the Wall Street crash in 1929. // Federal Housing Administration (FHA // ) – gave both the construction industry and homeowners a boost by insuring bank loans for building new houses and repairing old ones. A law that took the United States gold standard in an effort to halt deflation. Value of the dollar was set to $35 per ounce.