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Congress authorizes creation of the Agricultural Adjustment Administration
Congress authorizes creation of the Agricultural Adjustment Administration, the Civilian Conservation Corps, the Farm Credit Administration, the Federal Deposit Insurance Corporation, the Federal Emergency Relief Administration, the National Recovery Administration, the Public Works Administration and the Tennessee Valley Authority. -
• Economic recovery continues: the GNP grows another 8.1 percent, and unemployment falls to 20.1 percent.
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The Supreme Court declares the National Recovery Administration to be unconstitutional.
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• Top tax rate raised to 79 percent.
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• Top tax rate raised to 79 percent.
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The year-long recession makes itself felt: the GNP falls 4.5 percent, and unemployment rises to 19.0 percent.
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• No major New Deal legislation is passed after this date, due to Roosevelt's weakened political power.
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• World War II starts with Hitler's invasion of Poland. • World War II starts with Hitler's invasion of Poland.