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President Franklin D. Roosevelt delivered his inaugural address after being sworn in by Chielf Justice Charles Hughes on March 4, 1933. It was the last inaugural ceremony held in March.
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On March 6, 1933, President Roosevelt officially signed a Proclamation declaring a Bank Holiday. All the banks in the nation were closed. The Bank Holiday was to go from March 6, Monday, to Thursday. No bank could transact any banking business except by permission of the Secretary of the Treasury. The stock exchange was closed.
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Emergency Session of Congress was held, Emergency Banking Act was passed.
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In his first fireside radio chat, President Franklin D. Roosevelt talked about Emergency Bank Act.
"My friends: I want to talk for a few minutes with the people of the United States about banking -- to talk with the comparatively few who understand the mechanics of banking, but more particularly with the overwhelming majority of you who use banks for the making of deposits and the drawing of checks. ........" -
President Roosevelt used the emergency currency provisions of the Act to encourage the Federal Reserve to create de facto 100 percent deposit insurance in the reopened banks. Americans responded by returning more than half of their hoarded cash to the banks within two weeks and by bidding up stock prices by the largest ever one-day percentage price increase on March 15—the first trading day after the Bank Holiday ended.
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This Act cut Veterans benefits by 50%. Veterans benefits made up 25% of the budget. The whole budget was $3.6 billion. Therefore, pre cuts, the benefits were $900 million, afterwards $450 million.
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The CCC was a public works program that put more than three million young men and adults to work building roads and trails in parks, building conservation dams, building campgrounds, planting trees, draining swamps, replanting grazing land, renovating historic buildings and stringing telephone lines. the CCC was one of the most popular New Deal programs. It may have set a record for the short time between idea and implementation.
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This law levies a federal tax on all alcoholic beverages to raise revenue for the federal government and gives individual states the option to further regulate the sale and distribution of beer and wine.
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Farm Credit Administration created by Executive Order merger of 9 separate agencies
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•The bill passed both houses on March 31, 1933.
•FDR signed it, appointed an administrator and brought in the military.
•The first enrollee was inducted April 7, 1933, just 37 days after FDR's inauguration. -
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The law gave holders of farm mortgages the privilege of exchanging their mortgages for Federal Land Bank bonds, which gave them the benefit of lower interest rates and more liberal terms of payment.
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Beer sales were legal for the first time since Prohibition began in 1920. Tax revenues flow into government.
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The TVA developed the hydroelectric potential of the Tennessee River. It brought full employment to the region, reduced erosion problems, increased reforestation, provided for affordable housing, and better river navigation.
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US$ slumps. Treasury refuses to license more gold exports.
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The United States had been on a gold standard since 1879, except for an embargo on gold exports during World War I, but bank failures during the Great Depression of the 1930s frightened the public into hoarding gold, making the policy untenable. According to Keynesian economic theory, one of the best ways to fight off an economic downturn is to inflate the money supply. And increasing the amount of gold held by the Federal Reserve would in turn increase its power to inflate the money supply.
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Review progress after 60 days.
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FERA was the first major relief operation to help unemployed people to get jobs. Many people lined up to try and get a job and found it a relief to finally get support from a president.
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the Securities and Exchange Commission established. Intended to “restore some old fashioned standards of rectitude” as FDR put it in his signing statement.
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ended to help coordinate job searches between Federal and state governments.
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At the urging of President Franklin Roosevelt, the US Congress created the Home Owners' Loan Corporation in June of 1933 . "Implicit in the legislation which I am suggesting to you is a declaration of national policy," Roosevelt stated in his message to Congress. "This policy is that the broad interests of the Nation require that special safeguards should be thrown around home ownership as a guaranty of social and economic stability...".
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This legislation created the Federal Deposit Insurance Corporation, and protected bank deposits up to $5,000.
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"...In order to foster and protect interstate commerce in relation to railroad transportation by preventing and relieving obstructions and burdens thereon resulting from the present acute economic emergency, and in order to safeguard and maintain an adequate national system of transportation, there is hereby created the office of Federal Coordinator of Transportation, who shall be appointed by the President..."
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The Farm Credit Act made it possible for many farmers to keep their farms and survive the Great Depression. It did so by offering short-term loans for agricultural production as well as extended low interest rates for farmers threatened by foreclosure. It also brought to the completion of the process launched with the Executive Order forming the Farm Credit Administration.
