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The Kellogg-Briand Pact is signed in Paris by the major powers of the world. This treaty outlaws aggressive warfare.
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Black Tuesday, The Crash. Poverty spreads and dust bowl hits the great Plains.
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Hoover signed the Smoot-Hawley Tariff Act, which raised taxes on 900 imports. It originally was supposed to help farmers but ended up imposing tariffs on hundreds of other products. Other countries retaliated, setting off a trade war. As a result, international trade began to collapse.
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The Bank of the United States failed. It was the fourth-largest bank in the nation, and the largest bank failure in history at that time.
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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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Hoover signed the Revenue Act of 1932. It increased the top income tax rate to 63%.
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Franklin Delano Roosevelt launched the New Deal with the Emergency Banking Act. It closed all U.S. banks to stop devastating failures.
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The Gold Reserve Act prohibited private ownership of gold and doubled its price. The act changed gold price history.
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The Supreme Court declared the National Industrial Recovery Act unconstitutional. FDR launched more programs focused on the poor, the unemployed, and farmers
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The Social Security Act provided income to the elderly, the blind, the disabled, and children in low-income families.
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The National Labor Relations Act/Wagner Act protected workers' rights and created the National Labor Relations Board.
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The drought returned. The Federal Security Agency was launched to administer Social Security, federal education funding, and food and drug safety.
