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Stock market Crashes
Misvalued stocks, marginal buying, business and bank failures resulted in a relative "heart attack" on Americas economy, sending the nations stocks into freefall. -
The worst of the Depression
The unemployment rate reaches 22.9%, gross domestic product drops sharply, the Dow Jones Industrial Average drops from about 241 to 60, and there are 5,755 bank failures, resulting in clients losing their life savings. Many Americans lose their homes and farms in foreclosure. -
Roosevelt is elected
FDR wins the race againsed Hoover with 88.9% of the electoral college and 57% of the popular vote. -
Pecora Investigation
Pioneered by U.S. Senator Peter Norbeck before attorney Ferdinand Pecora took over the task. The Pecora investigation uncovered widespread greed, corruption, and general cockroach activities that gave FDR a place to start in reform. -
Attempted Regicide
A man named Giuseppe Zangara attempts to assassinate Roosevelt in Miami, Florida. Roosevelt escapes unscathed but Mayor of Chicago: Anton Cermak, who had come to Miami to meet with Roosevelt, is shot and killed. In addition, several other people are injured. -
FDR's "Fear Itself" speech
“So, first of all, let me assert my firm belief that the only thing we have to fear is fear itself – nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance.”
-President Roosevelt, 1st address -
Bank Holiday
In an effort to "fix" the nations banks, FDR closes the banks for one day. -
Bank "fix"
President Roosevelt signs the Emergency Banking Relief Act into law. The law aims to clean up America's failed banks, and assess "financial stability". -
FDR's 1st "Fireside Chat"
“Your Government does not intend that the history of the past few years shall be repeated. We do not want and will not have another epidemic of bank failures.”
-Franklin Roosevelt, 1st fireside chat -
Beer-Wine Revenue Act
This act paved the way for prohibition. -
The Civilian Conservation Corps
FDR creates the Civilian Conservation Corps (CCC) through the Emergency Conservation Work Act, putting unemployed young men to work in the nation’s forests and parks. The CCC ultimately employs about three million men in conservation work (e.g., planting trees, reducing erosion, and fighting fires). -
Federal Emergency Releif
The Federal Emergency Relief Administration (FERA) is created, via the Federal Emergency Relief Act of 1933, to provide work and cash relief for Americans struggling to get through the Great Depression. -
Agricultural Adjustment Act
Roosevelt signs into law the Agricultural Adjustment Act seeking to reduce surpluses of farm goods and livestock. The law also creates the Agricultural Adjustment Administration (AAA). This was signed the same day as the emergency act. -
Tennesee Valley Authority
The Tennessee Valley Authority (TVA) is created with the passage of the Tennessee Valley Authority Act to provide power and flood control. Still in effect today. -
Securities Act
This law was designed to reduce fraudulent activities on Wall Street. -
Home Owners Loan Act/corporation
When FDR signed the Home Owners’ Loan Act of 1933 into law; the law assisted mortgage lenders and individual home owners by issuing bonds and loans for troubled mortgages, back taxes, home owners’ insurance, and necessary home repairs. It also created the Home Owners Loan Corporation (HOLC) to administer the provisions of the act. -
Banking Act
Also known as the “Glass-Steagall” is signed into law. It separates commercial and investment banking, and also creates the Federal Deposit Insurance Corporation (FDIC) to insure bank deposits, curb bank runs, and reduce the number of bank failures. The FDIC still preforms its duty today. -
Farm Credit Act
President Roosevelt signs the Farm Credit Act, making credit more accessible to farmers. -
National Industrial Recovery Act
President Roosevelt signs the National Industrial Recovery Act into law. Title I: regulations on certain business activities.Title II: created the Federal Emergency Administration of Public Works, which
becomes known as the Public Works Administration (PWA). During the next 10 years the PWA will contribute billions of dollars towards tens of thousands of infrastructure projects all across the nation in man power. -
Executive Order No. 6174
Executive Order No. 6174: Roosevelt authorizes up to $238 million in Public Works Administration (PWA) funds for the Navy. From these funds, 32 naval vessels are built. -
Federal Surplus Relief
The Federal Surplus Relief Corporation is created. The official name was changed to Federal Surplus Commodities Corporation on November 18, 1935. The agency provides millions of tons of food to commodities. -
The Procurement Division
A Procurement Division of the U.S. Treasury is created, within this division, the Public Works Branch is created which was later named the Public Buildings Branch. The PBB utilizes funding from the Public Works Administration and emergency relief appropriations to build and repair federal buildings. -
Fort Peck Dam
The Army Corps of Engineers begins the construction of Fort Peck Dam. Made possible by new deal programs. -
Civil Works Administration
The Civil Works Administration (CWA) is created with Executive Order No. 6420B. By January 1934, over 4 million formerly-jobless Americans are employed by the CWA. During the program, over $800 million was spent employing men to build 44,000 miles of new roads, install 1,000 miles of new water mains, construct or improve 4,000 schools, and more. -
The Public Works of Art Project
The Public Works of Art Project is created by an allocation of funds from the Civil Works Administration. Unemployed artists are hired to create works of art for public buildings and parks. They create nearly 16,000 works of art. -
Gold Reserve Act
President Roosevelt signs the Gold Reserve Act of 1934 into law. The law requires transfers ownership of almost all privately-held gold in America to the U.S. Treasury. -
Public Works of Art Project ends
This 5-month-long program employed 3,749 artists and created 15,663 works of art. -
The Securities Act
This law creates the Securities and Exchange Commission and authorizes the SEC to have regulatory and disciplinary powers. The SEC still exists today. -
Indian Reorganization Act
the Indian Reorganization Act was a law that returned or added tribal land, spurs the development of tribal business, creates a system of credit, and promotes tribal self-governance. -
The Communication Act
The law created a centralized regulatory authority: the Federal Communications Commission. The FCC oversaw and regulated the communications industry. -
The National Housing Act
President Roosevelt signs the National Housing Act to facilitate greater lending for home construction, home purchasing, and home improvements. The law also created the Federal Housing Administration as enforcement. -
The Civil Works Administration Ends
The CWA had spent about $800 million employing over 4 million men on various infrastructure projects, 44,000 miles of new roads, 1,000 miles of new water mains, and 4,000 new or improved schools. -
Treasury Section of Painting and Sculpture
Headed by Treasury Secretary Henry Morgenthau, between 1933 and 1943, this art program creates over 1,000 murals and over 260 sculptures for federal buildings, e.g., post offices. -
Results of First New Deal
The fruit of the first New deal was that the unemployment rate was down to 16% from about 22.9% at the start of Roosevelt’s presidency. Total domestic product rises dramatically a 16.9% increase from 1933, the Dow Jones Industrial Average is up to 104 (from 60 in 1932), and there are 9 bank failures, a huge win compared to 4,000 in 1933 and 14,807 during the 1920-33.