New Deal and Second New Deal Essay
When Franklin D. Roosevelt was elected president in the election of 1932, he had plans to stop the depression. These plans were called the New Deal. The first hundred days were the most hectic. Laws were passed almost daily. These laws affected many people. Before the first hundred days were over, Roosevelt had provided something for nearly every special interest group. The laws he passed made different organizations and restored confidence into the American government. The first priority was to restore confidence into the banking system. To do this, Roosevelt declared a four-day banking holiday. During these four days, money transactions were virtually stopped. Congress passed the Emergency Banking Act (EBA). This act provided funds to banks that could be saved and allowed the U.S. Treasury to close the banks that could not be saved. This act also created the Federal Deposit Insurance Corporation (FDIC). This insured that a certain amount of deposits would be insured. On March 12, Roosevelt went on his first fireside chat and assured them that banks would open and that they were safe. After Roosevelt restored the people's confidence, he turned to problem of helping the needy. He passed the Federal Emergency Re
lief Act (FERA). It gave $500 million to be used by cities and states for emergency relief. He also passed the Civil Works Administration (CWA). This gave an additional $400 million to cities and states. The CWA also provided work relief in the form of federally funded jobs for those able to work. The Civilian Conservation Corps (CCC) was created to protect natural resources and to give jobs. Men between 18 and 25 were put to work on jobs such as digging reservoirs, planting trees, and building fire towers. The Tennessee Valley Authority (TVA) did the same thing as the CCC; however, it did them in the Tennessee Valley. Congress also passed laws that would help homeowners, stock investors, and railroads. The Home Owners Refinancing Act (HORA) provided $2 billion to refinance home mortgages facing foreclosure. The Federal Housing Administration (FHA) helped new homebuyers secure low-interest mortgages. The FHA told banks they would be reimbursed for the money lost. An act passed to help the stock investors was the Federal Securities Act (FSA). This act required stockbrokers to provide investors with full information about new stock issues. The Emergency Railroad Transportation Act (ERTA) enabled bankrupt railroads to reorganize themselves. In 1935, Roosevelt sent a second list of legislation to congress. This was called the Second New Deal. The first act from the Second New Deal was the Emergency Relief Appropriation Act (ERAA). It provided $4.8 billion in work relief. At that time, it was the largest single congressional appropriation in American His
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Approximate Word count = 1066
Approximate Pages = 4 (250 words per page double spaced)
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