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This act tried to raise the price of crops. In order to reduce the surplus, farmers were given subsidies to stop production of certain crops and kill off excess livestock. This first act was unsuccessful because it was deemed unconstitutional by the Supreme Court.
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On 16 June 1933, Roosevelt signed the 1933 Banking Act into law, creating the FDIC. The initial plan set by Congress in 1934 was to insure deposits up to $2,500 ($45,734 today) adopting of a more generous, long-term plan after six months.
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This helped farmers refinance their mortgages and keep their land. It was successful in the short-term because it helped farmers from being foreclosed. However, in the long-term it was unsuccessful because it helped inefficient farms keep their land.
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The Securities and Exchange Commission was established in 1934 to regulate the commerce in stocks, bonds, and other securities.
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The Federal Housing Administration is a United States government agency created in part by the National Housing Act of 1934. The FHA sets standards for construction and underwriting and insures loans made by banks and other private lenders for home building.
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This administration tried to bring electricity to farms. It was unsuccessful because by 1940 less than half of the farms had electricity.
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The National Labor Relations Act passed both houses easily and was signed on July 5, 1935. The new law and labor board sought to govern relations between unions, employees, and employers, and guarantee employees the right to organize and bargain collectively with their employers.
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On August 14, 1935, the Social Security Act established a system of old-age benefits for workers, benefits for victims of industrial accidents, unemployment insurance, aid for dependent mothers and children, the blind, and the physically handicapped.
