Confidence, Expectations, Direction

The New Deal(s) • First: early 1933-mid-1935. • 1st Hundred Days• New Nationalism

• Second: mid-1935-1938• 2nd Hundred Days• New Freedom

• Third?

Making Sense of the First New Deal: Digesting the Alphabet Soup

1. REGULATION• Banking Legislation– Emergency Banking Act– Glass-Steagall Act (Banking Act of 1933) (FDIC)

• Stock Market Legislation– Truth in Securities Act– Securities Exchange Commission Act (SEC)

2. REGIONAL PLANNING

Tennessee Valley Authority (TVA)

Pacific NW: Bonneville Dam (1933-37), Grand Coulee Dam (1935-42)SW: Boulder (1931-36)/Hoover Dam (1947)

Rural Electrification Administration (REA)

3. RELIEF

• Direct Relief• Credit Relief: Mortgage Relief: Reconstruction

Finance Corp (RFC)• Work Relief: Harry Hopkins (WPA)

Harold Ickes (Secretary of the Interior) (PWA)Federal Emergency Relief Administration, 1933-35 (Formerly Emergency Relief Administration, 1931-33)Evolves in 1935 into Works Progress Administration (WPA),

1935-43 (1939, renamed Works Projects Administration)Public Works Administration (PWA), 1933-39Civilian Conservation Corps (CCC), 1933-42

4. RURAL POLICY (FARM AID)Agricultural Adjustment Administration (AAA)Domestic Allotment System

5. RECOVERYNational Recovery Administration (Hugh Johnson)Codes of fair competition; minimum wages, maximum weekly hoursDeclared Unconstitutional by Supreme Court, 1935

NRA: The First New Deal’s Failure

Referendum on the First New Deal

• 1934 Midterm ElectionsDems gain 9 seats in Senate and 9 in House of

Representatives(N.B.: 1932: Dems gained 13 seats in Senate and

90 in house)1998: Dems gain 0 seats in Senate + 5 in House2002: Repubs gain 2 seats in Senate + 4 in House