Political Developments: Legislation under the Second New Deal Flashcards
What year was the Social Security Act passed?
1935
How was the Social Security Act self-funding?
People would put their own money into their social secururity
What did the Social Security act provide for people?
It provided funding for people eligible under it
Name 2 groups of people eligible for the 1935 Social Security Act
Unemployed people, Elderly People
What was the situation for the funding of the Social Security Act?
It was self-funding
How much did pensioners get a month under the Social Security Act?
$85 a month
What was the minimum monthly subsistence cost in the 1930s?
$100 a month
What year would pensions be paid?
1940
How much did people have to pay into the unemployment benefit a week?
$70
How many weeks were people able to pay into their unemployment benefit for?
16 weeks
Was the Social Security Act enforced by federal or state legislation?
Federal legislation
When was the Bank Act passed?
1935
What did the Bank Act of 1935 do to bank control?
It put bank control under the federal government
Which organisation had controlled banks since 1913?
The Federal Reserve
What was the purpose of the 1935 Banking Act?
To prevent another Great Depression from occurring
