Topic 2 - The First New Deal

Question 1

The First 100 Days

Answer 1

More government legislation than at any previous time
Alphabet Agencies → 16 set up to deal with depression

Question 2

Help for the unemployed

Answer 2

FERA - Federal Emergency Relief Administration → Given $500 million to provide help to the unemployed
Limited impact → wasn’t enough money

Question 3

Help for farmers

Answer 3

AAA - Agricultural Adjustment Agency helped farmers
Farmers were paid more to make less to solve overproduction → led to a rise in profits for farmers

Question 4

Help for industry

Answer 4

NRA - National Recovery Administration set up → firms agreed to improve work conditions & product standard
PWA - Public Works Administration → $3.3 billion given

Question 5

Emergency Banking Relief Act

Answer 5

March 6th 1993 → banks shut down for four days
First ‘fireside chat’ aims of restoring confidence in banks
Within the first month, $1 billion returned to banks

Question 6

Glass-Steagall Act

Answer 6

Act to ensure that banks didn’t collapse in the future
Monitored and banned speculative investment
Federal Deposit Insurance Corporation

Question 7

Criticisms of the government

Answer 7

Government should’ve taken more control of banks
Gave too much power to to the Federal Reserve → e.g. by encouraging state banks to join

Question 8

Regulation of the stock exchange (acts)

Answer 8

1933 Truth In Securities → brokers had to be truthful
1934 Securities Act → set up Securities Exchange Commision (SEC) to oversee stock market activities

Question 9

Opposition from the Right

Answer 9

Liberty Leaguers → formed in April 1934 by Republicans and conservative Democrats who believed in a free market unregulated by govt → had 125,000 members by 1936

Question 10

Opposition from the Left

Answer 10

EPIC - End Poverty in California → suggested unemployed should be put to work in state-run cooperatives
‘Share Our Wealth’ → Huey Long proposed all private fortunes over $3 million should be taken and money redistributed
Old Age Revolving Pensions → proposed $200/month to 60yo+
Father Charles Coughlin → had a popular radio show that favoured redistribution of wealth

Question 11

Changes in elections

Answer 11

1934 Midterm Congressional Elections → Democrats won 69 out of 96 seats in the Senate → 1936 Presidential Election → Roosevelt won a majority winning all but two states