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Hoover becomes president.
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Commenced the stock market crash.
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The president, Hoover signs the Tariff Act.
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Food riots broke out in minneapolis.
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Congress created the Reconstruction Finance Corporation to lend $2 billion to financial institutions to prevent further failures.
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Bank failures slowed, construction contracts increased 30%, and department store sales rose 8%.
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Hoover signed the Revenue Act of 1932. It increased the top income tax rate to 63%.
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The Federal Emergency Relief Act created more federal jobs. The Agricultural Adjustment Act paid farmers to limit crops, thus raising prices.
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Franklin Delano Roosevelt launched the New Deal with the Emergency Banking Act.
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The Beer-Wine Revenue Act ended Prohibition and taxed alcohol sales to raise revenue.
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The Civil Works Administration created 4 million construction jobs. Forty-eight dust storms pummeled Oklahoma and surrounding states.
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The Gold Reserve Act prohibited private ownership of gold and doubled its price.
