Political Developments: Notable Reform and Regulation Alphabet Agencies Flashcards
What was the EBR Act?
Emergency Banking Relief Act
What year was the EBR Act passed?
1933
What did FDR do to banks initially in March 1933?
He closed them for 4 days
How long did it take for the Emergency Banking Relief Act to be debated?
40 minutes
What did the EBR Act allow the Treasury to do?
Allowed them to investigate all banks threatened with collapse
What was the RFC?
Reconstruction Finance Corporation
What did the RFC do with all USA banks?
It bought up the debts of all banks
What was the Reform section of the New Deal for?
Reform of the financial system
What was the Regulation section of the New Deal for?
Regulation of the financial system
What did the 1933 Economy Act try to do to the government budget?
Cut the government budget
What was the NRA alphabet agency?
National Recovery Agency
What year was the NRA made?
1933
Who did the NRA bring together? What did they try and do?
Brought the government, businesses and unions together to try and stop prices being low
What was the ERTA alphabet agency?
Emergency Railroad Transportation Administration
What year was the ERTA alphabet agency passed?
1934
What did the ERTA regulate?
Regulated railroad companies
What was the FCC alphabet agency?
Federal Communications Commission
What year was the FCC created?
1934
What did the FCC regulate?
Regulated radio stations
Which act was created by the government to make a banking system that would last a long time?
The Glass-Steagall Act
What year was the Glass-Steagall Act passed?
1933
What were small banks banned from doing under the Glass-Steagall Act?
Banned from investment banking
How much money could people deposit that would be insured by the government under the Glass-Steagall Act?
$2500
Which act required brokers to give customers realistic information about securities they were selling?
The Truth-in-Securities Act of 1933
What was the SEC alphabet agency?
Securities and Exchange Commission
What did the SEC make illegal for stock traders?
Made it illegal to buy stocks on credit
What year was the SEC set up?
1934
What form of trading did the SEC regulate to prevent occurring?
Insider trading
What was the NRA alphabet agency?
National Recovery Agency
What did the NRA do to antitrust legislation?
It suspended antitrust legislation for 2 years
What year was the National Recovery Administration created?
1933
Due to antitrust legislation being briefly repealed, what did businesses start to do with their workers?
Exploit their workers
What were businesses told to follow under the NRA?
Codes
What was the situation for consumption by 1933?
It was not increasing
What had to be created by the government in late 1933 to stimulate consumption?
A “Buy Now” campaign
What code were businesses under the NRA meant to follow with working hours?
Meant to cut 10 hours off of working weeks
What code were businesses meant to follow under the NRA in terms of wages?
Meant to give employees a 10% wage increase
What was the situation with the codes enforced under the NRA?
They were not accepted by businesses
What happened to the NRA in 1935?
It was deemed unconstitutional by the Supreme Court.
