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The First New Deal Chapter 10.1

The First New Deal Chapter 10.1. Roosevelt is elected as President in 1932. He has no clear agenda Just do something. In the first 100 days in office Roosevelt passes 15 Acts which become known as the First New Deal. President Franklin Delano Roosevelt.

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The First New Deal Chapter 10.1

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  1. The First New Deal Chapter 10.1 • Roosevelt is elected as President in 1932. • He has no clear agenda • Just do something In the first 100 days in office Roosevelt passes 15 Acts which become known as the First New Deal

  2. President Franklin Delano Roosevelt • Born to a wealthy family in New York in 1882 • Married to Eleanor Roosevelt in 1905 • Cousin to Theodore Roosevelt. • Senator and Governor of New York • Struck with polio in 1920

  3. Prior to the inauguration of Roosevelt… • People feared that Roosevelt would go off the gold standard. • Going off the gold standard would lower the value of the dollar and get control of depression. • This resulted in bank runs • 4,000 banks closed • Banks took a holiday and closed to prevent more runs on banks and bank closures.

  4. Roosevelt’s inauguration: “First of all, let me assert my firm belief that the only thing we have to fear is fear itself…. This nation asks for action, and action now.”

  5. First 100 Days: • Roosevelt selects his “Brain Trust” – hand chosen advisers with a variety of ideas and new ideas. They did not all agree with each other, and that is what Roosevelt wanted. • Roosevelt had no clear ideology. • Roosevelt made the final decisions on what direction. • He pushed through 15 new Acts and Programs. • This was called the First New Deal

  6. Roosevelt’s Brain Trust broke into three separate schools of thought. • The government and business should work together to manage the economy, like in WWI. • Those who blamed big business for the Depression. Government should control the recovery. • Those who blamed big Trusts for the Depression. Government needed to restore competition through regulation.

  7. Roosevelt’s first order of business: • Restore American’s confidence in the • banking system. • Temporarily close the banks to prevent further run on the banks and allow things to calm down. Passage of the Emergency Banking Relief Act

  8. Fireside Chats (March 12, 1932): • 60 million people tuned in • FDR communicates what he is doing on an ongoing basis thru the fireside chats. • “I assure you that it is safer to keep money in a reopened bank than under the mattress.” • The next day the banks reopened. • The Banking crisis was over.

  9. Banking Reforms: • The SEC - The Securities Exchange Commission • Regulates the Stock Market and prevents fraud.

  10. The FDIC – The Federal Deposit Insurance Corporation • Insures all deposits up to • $100,000

  11. Fixing Farming: • The AAA – • Agricultural Adjustment Administration • The government gave subsidies to farmers • to not grow crops and not to raise cattle. • Farmers also destroyed crops and • slaughtered cattle. • It helped large corporate farmers. • It hurt small farmers and African American • tenant farmers and share-croppers.

  12. Fixing Industries: • The NIRA – National Industrial Recovery Act • Removed regulation to spur on competition • The NRA – National Recovery Act • Large companies signed on to help • Small companies suffered • The Supreme Court ruled it unconstitutional

  13. Debt Relief: • The HOLC – Home Owner’s Loan Corporation • Helped homeowners behind in their mortgages. • It restructured their loans. • Only helped 10% of the homeowners in need. • The FCA - Farm Credit Administration • Gave loans to farmers in need • Some farmers were not efficient and a lot of the money was wasted.

  14. Spending and Relief: • The CCC – Civil Conservation Corp • Provided jobs for young men between the ages of 18-25. • The FERA – Federal Emergency Relief Administration • Did not create jobs, but funneled money to state and local agencies to fund their relief programs.

  15. The PWA – Public Works Administration • Unlike other relief efforts, these projects focused on investment in infrastructure. • Workers built highways, dams, sewer systems, waterways, schools, and other projects. • The CVP – Central Valley Project • Focused on water projects to provide power to the Central Valley of California. • Folsom and Shasta dams, Contra Costa Canal

  16. The CWA – Civil Works Administration • Employed 4 million workers • 300,000 women • Built 1,000 airports • 500,000 miles of roadways • 40,000 school buildings • 3,500 playgrounds, parks, and playing fields.

  17. The TVA – Tennessee Valley Authority • Huge dam building project in Tennessee that impacted several states. • Helped employ people. • Provided low cost power to the Southern states

  18. All of these projects (15 in all) were the Roosevelt Administration’s efforts to reverse the course of the Great Depression and known as the First New Deal.

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