{"id":294,"date":"2015-08-21T18:07:00","date_gmt":"2015-08-21T18:07:00","guid":{"rendered":"https:\/\/courses.candelalearning.com\/ushistory2os2xmaster\/?post_type=chapter&#038;p=294"},"modified":"2022-10-21T04:31:15","modified_gmt":"2022-10-21T04:31:15","slug":"the-first-new-deal","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/wm-ushistory2\/chapter\/the-first-new-deal\/","title":{"raw":"The First New Deal","rendered":"The First New Deal"},"content":{"raw":"<div class=\"bcc-box bcc-highlight\">\r\n<h3>Learning Objectives<\/h3>\r\n<ul>\r\n \t<li>Describe key pieces of legislation included in Roosevelt's \"First New Deal\"<\/li>\r\n \t<li>Describe Roosevelt's fireside chats<\/li>\r\n<\/ul>\r\n<\/div>\r\n<span style=\"color: #077fab; font-size: 1.15em; font-weight: 600;\">The First Hundred Days<\/span>\r\n\r\n<span style=\"font-size: 1rem; text-align: initial;\">In his first hundred days in office, the new president pushed forward an unprecedented number of new bills, all geared towards stabilizing the economy, providing relief to individuals, creating jobs, and helping businesses.\u00a0As one historian noted, the president \"directed the entire operation like a seasoned field general.\" [footnote]Leuchtenburg, Franklin D. Roosevelt and the New Deal[\/footnote]\u00a0And despite some questions over the constitutionality of many of his actions, Americans and their congressional representatives conceded that the crisis demanded swift and immediate action.\u00a0A sympathetic Democrat-controlled Congress helped propel his agenda forward.<\/span>\r\n<div class=\"textbox examples\">\r\n<h3>Watch It<\/h3>\r\nThis video highlights Roosevelt's significant actions and programs in his first 100 days in office.\r\n\r\n<center><iframe src=\"\/\/plugin.3playmedia.com\/show?mf=8202222&amp;p3sdk_version=1.10.1&amp;p=20361&amp;pt=375&amp;video_id=oyePw4CtUAE&amp;video_target=tpm-plugin-2zphaev4-oyePw4CtUAE\" width=\"800px\" height=\"450px\" frameborder=\"0\" marginwidth=\"0px\" marginheight=\"0px\"><\/iframe><\/center><center>You can view the\u00a0<a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/US+history+II\/TheFirst100Days.html\" target=\"_blank\" rel=\"noopener\">transcript for \u201cThe First 100 Days\u201d here (opens in new window)<\/a>.<\/center><\/div>\r\n<span style=\"font-size: 1rem; text-align: initial;\">Roosevelt began his administration with a broad strategy: a combination of relief and recovery programs designed first to save the patient (in this case, the American people) and then to find a long-term cure (reform through federal regulation of the economy). What later became known as the \"First New Deal\" ushered in a wave of legislative activity seldom seen in the country's history. By the close of 1933, to stem the crisis, Congress had passed over fifteen significant pieces of legislation\u2014many of the circulated bills allegedly still wet with ink from the printing presses as members voted upon them. Most bills could be grouped around relief, recovery, and reform issues.<\/span>\r\n<h2>Key Programs from the First New Deal<\/h2>\r\n<section id=\"fs-idp9027872\" data-depth=\"1\">At the outset of the First New Deal, specific goals included the following:\r\n<ol>\r\n \t<li>Bank reform<\/li>\r\n \t<li>Job creation<\/li>\r\n \t<li>Economic regulation<\/li>\r\n \t<li>Regional planning<\/li>\r\n<\/ol>\r\n<p id=\"fs-idm32487616\">The programs that made up the First New Deal are listed in the table below.<\/p>\r\n\r\n<table id=\"Table_26_01_NewDeal1\" style=\"height: 406px;\" summary=\"A table composed of three columns and fifteen rows describes the key programs from the First New Deal. The first row is the title row, and from left to right reads: New Deal Legislation, Years Enacted, and Brief Description. Rows two through fifteen contain the information corresponding to those three headings, respectively. Row two reads Agricultural Adjustment Administration, 1933\u20131935, and Farm program designed to raise process by curtailing production. Row three reads Civil Works Administration, 1933\u20131934, and Temporary job relief program. Row four reads Civilian Conservation Corps, 1933\u20131942, and Employed young men to work in rural areas. Row five reads Farm Credit Administration, 1933\u2013today, and Low interest mortgages for farm owners. Row six reads Federal Deposit Insurance Corporation, 1933\u2013today, and Insure private bank deposits. Row seven reads Federal Emergency Relief Act, 1933, and Direct monetary relief to poor unemployed Americans. Row eight reads Glass-Steagall Act, 1933, and Regulate investment banking. Row nine reads Homeowners Loan Corporation, 1933\u20131951, and Government mortgages that allowed people to keep their homes. Row ten reads Indian Reorganization Act, 1933, and Abandoned federal policy of assimilation. Row eleven reads National Recovery Administration, 1933\u20131935, and Industries agree to codes of fair practice to set price, wage, production levels. Row twelve reads Public Works Administration, 1933\u20131938, and Large public works projects. Row thirteen reads Resettlement Administration, 1933\u20131935, and Resettles poor tenant farmers. Row fourteen reads Securities Act of 1933, 1933\u2013today, and Created SEC; regulates stock transactions. Row fifteen reads Tennessee Valley Authority, 1933\u2013today, and Regional development program; brought electrification to the valley.\"><caption><strong><span data-type=\"title\">Key Programs from the First New Deal<\/span><\/strong><\/caption>\r\n<thead>\r\n<tr style=\"height: 28px;\">\r\n<th style=\"height: 28px; width: 139.578125px;\">New Deal Legislation<\/th>\r\n<th style=\"height: 28px; width: 52.703125px;\">Years Enacted<\/th>\r\n<th style=\"height: 28px; width: 525.234375px;\">Brief Description<\/th>\r\n<\/tr>\r\n<\/thead>\r\n<tbody>\r\n<tr style=\"height: 28px;\">\r\n<td style=\"height: 28px; width: 139.578125px;\">Agricultural Adjustment Administration<\/td>\r\n<td style=\"height: 28px; width: 52.703125px;\">1933\u20131935<\/td>\r\n<td style=\"height: 28px; width: 525.234375px;\">Farm program designed to reduce surpluses and increase prices\/profits<\/td>\r\n<\/tr>\r\n<tr style=\"height: 28px;\">\r\n<td style=\"height: 28px; width: 139.578125px;\">Civil Works Administration<\/td>\r\n<td style=\"height: 28px; width: 52.703125px;\">1933\u20131934<\/td>\r\n<td style=\"height: 28px; width: 525.234375px;\">Temporary job relief program<\/td>\r\n<\/tr>\r\n<tr style=\"height: 28px;\">\r\n<td style=\"height: 28px; width: 139.578125px;\">Civilian Conservation Corps<\/td>\r\n<td style=\"height: 28px; width: 52.703125px;\">1933\u20131942<\/td>\r\n<td style=\"height: 28px; width: 525.234375px;\">Employed young men to work in rural areas<\/td>\r\n<\/tr>\r\n<tr style=\"height: 28px;\">\r\n<td style=\"height: 28px; width: 139.578125px;\">Farm Credit Administration<\/td>\r\n<td style=\"height: 28px; width: 52.703125px;\">1933-today<\/td>\r\n<td style=\"height: 28px; width: 525.234375px;\">Low-interest mortgages for farm owners<\/td>\r\n<\/tr>\r\n<tr style=\"height: 28px;\">\r\n<td style=\"height: 28px; width: 139.578125px;\">Federal Deposit Insurance Corporation<\/td>\r\n<td style=\"height: 28px; width: 52.703125px;\">1933\u2013today<\/td>\r\n<td style=\"height: 28px; width: 525.234375px;\">Insure private bank deposits<\/td>\r\n<\/tr>\r\n<tr style=\"height: 28px;\">\r\n<td style=\"height: 28px; width: 139.578125px;\">Federal Emergency Relief Act<\/td>\r\n<td style=\"height: 28px; width: 52.703125px;\">1933<\/td>\r\n<td style=\"height: 28px; width: 525.234375px;\">Direct monetary relief to poor, unemployed Americans<\/td>\r\n<\/tr>\r\n<tr style=\"height: 14px;\">\r\n<td style=\"height: 14px; width: 139.578125px;\">Glass-Steagall Act<\/td>\r\n<td style=\"height: 14px; width: 52.703125px;\">1933<\/td>\r\n<td style=\"height: 14px; width: 525.234375px;\">Regulate investment banking<\/td>\r\n<\/tr>\r\n<tr style=\"height: 28px;\">\r\n<td style=\"height: 28px; width: 139.578125px;\">Homeowners Loan Corporation<\/td>\r\n<td style=\"height: 28px; width: 52.703125px;\">1933\u20131951<\/td>\r\n<td style=\"height: 28px; width: 525.234375px;\">Government mortgages that allowed people to keep their homes<\/td>\r\n<\/tr>\r\n<tr style=\"height: 28px;\">\r\n<td style=\"height: 28px; width: 139.578125px;\">Indian Reorganization Act<\/td>\r\n<td style=\"height: 28px; width: 52.703125px;\">1934<\/td>\r\n<td style=\"height: 28px; width: 525.234375px;\">Decreased federal involvement with indigenous groups and increased their self-government autonomy<\/td>\r\n<\/tr>\r\n<tr style=\"height: 28px;\">\r\n<td style=\"height: 28px; width: 139.578125px;\">National Recovery Administration<\/td>\r\n<td style=\"height: 28px; width: 52.703125px;\">1933\u20131935<\/td>\r\n<td style=\"height: 28px; width: 525.234375px;\">Industries agree to codes of fair practice to set prices, wages, and production levels.<\/td>\r\n<\/tr>\r\n<tr style=\"height: 28px;\">\r\n<td style=\"height: 28px; width: 139.578125px;\">Public Works Administration<\/td>\r\n<td style=\"height: 28px; width: 52.703125px;\">1933\u20131938<\/td>\r\n<td style=\"height: 28px; width: 525.234375px;\">Large public works projects<\/td>\r\n<\/tr>\r\n<tr style=\"height: 28px;\">\r\n<td style=\"height: 28px; width: 139.578125px;\">Resettlement Administration<\/td>\r\n<td style=\"height: 28px; width: 52.703125px;\">1933\u20131935<\/td>\r\n<td style=\"height: 28px; width: 525.234375px;\">Resettled poor tenant farmers<\/td>\r\n<\/tr>\r\n<tr style=\"height: 28px;\">\r\n<td style=\"height: 28px; width: 139.578125px;\">Securities Act of 1933<\/td>\r\n<td style=\"height: 28px; width: 52.703125px;\">1933\u2013today<\/td>\r\n<td style=\"height: 28px; width: 525.234375px;\">Created SEC; regulates stock transactions<\/td>\r\n<\/tr>\r\n<tr style=\"height: 28px;\">\r\n<td style=\"height: 28px; width: 139.578125px;\">Tennessee Valley Authority<\/td>\r\n<td style=\"height: 28px; width: 52.703125px;\">1933\u2013today<\/td>\r\n<td style=\"height: 28px; width: 525.234375px;\">Regional development program; brought electricity to the valley<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<div class=\"textbox exercises\">\r\n<h3>Interactive: The New Deal Legacy<\/h3>\r\n<iframe src=\"https:\/\/lumenlearning.h5p.com\/content\/1291768724595280918\/embed\" width=\"1088\" height=\"637\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" aria-label=\"The New Deal Close to Home\"><\/iframe><script src=\"https:\/\/lumenlearning.h5p.com\/js\/h5p-resizer.js\" charset=\"UTF-8\"><\/script>\r\n\r\n<\/div>\r\n<h2 data-type=\"title\">Bank Reform<\/h2>\r\n<p id=\"fs-idp5421360\">When Roosevelt took office, he faced one of the worst moments in the country's banking history. States were in disarray. New York and Illinois had ordered the closure of their banks in the hopes of avoiding further \"bank runs,\" which occurred <span style=\"color: #000000;\">when<\/span> hundreds (if not thousands) of individuals ran to their banks to withdraw all of their savings. Two of every five banks open in 1929 had been shuttered, and some Federal Reserve banks were on the verge of insolvency.[footnote]Eric Rauchway, Winter War: Hoover, Roosevelt, and the First Clash over the New Deal (New York: Basic Books, 2018), 140.[\/footnote]\u00a0<a id=\"identifier_40_111\" class=\"footnote-link footnote-identifier-link\" title=\"Eric Rauchway, Winter War: Hoover, Roosevelt, and the First Clash over the New Deal (New York: Basic Books, 2018), 140.\" href=\"http:\/\/www.americanyawp.com\/text\/23-the-great-depression\/#footnote_40_111\"><\/a><\/p>\r\n\r\n\r\n[caption id=\"\" align=\"alignright\" width=\"390\"]<img src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images-archive-read-only\/wp-content\/uploads\/sites\/884\/2015\/08\/23203153\/CNX_History_26_02_Fireside.jpg\" alt=\"A sculpture shows a man sitting in a chair beside a radio.\" width=\"390\" height=\"305\" data-media-type=\"image\/jpeg\" \/> <strong>Figure 1.<\/strong> Roosevelt's \"fireside chats\" allowed him to speak directly to the American people, and the people were happy to listen. These radio addresses, commemorated at the Franklin D. Roosevelt Memorial in Washington, DC, with this bronze sculpture by George Segal, contributed to Roosevelt's tremendous popularity. (credit: Koshy Koshy)[\/caption]\r\n\r\nWithin forty-eight hours of his inauguration, Roosevelt proclaimed an official bank holiday and called Congress into a special session to address the crisis. The resulting <strong><span class=\"no-emphasis\" data-type=\"term\">Emergency Banking Act<\/span> of 1933<\/strong> was signed into law on March 9, 1933, approximately eight hours after Congress first saw it. The law officially took the country off the gold standard, a restrictive practice that, although conservative and traditionally viewed as safe, severely limited the circulation of paper money. Those holding gold were told to sell it to the U.S. Treasury for a discounted rate of over twenty dollars per ounce. Furthermore, dollar bills were no longer redeemable in gold. The law also gave the comptroller of currency the power to reorganize all national banks faced with insolvency, a level of federal oversight seldom seen before the Great Depression. Between March 11 and March 14, auditors from the Reconstruction Finance Corporation, the Treasury Department, and other federal agencies swept through the country, examining each bank. By March 15, 70 percent of the banks were declared solvent and allowed to reopen.\r\n<div id=\"fs-idm45689888\" class=\"history defining-american\" data-type=\"note\" data-label=\"Defining American\">\r\n<h2 data-type=\"title\">Roosevelt's Fireside Chats<\/h2>\r\n<p id=\"fs-idp19296160\">On March 12, the night before select banks reopened under stricter federal guidelines, Roosevelt appeared on the radio in his first <strong>Fireside Chats<\/strong>. The addresses, which the president continued delivering through four terms, were informal and personal. Roosevelt used his airtime to explain New Deal legislation, encourage confidence in government action, and mobilize the American people's support. In the first chat, Roosevelt described the new banking safeguards and asked the public to place their trust and savings in banks. Americans responded, and deposits outpaced withdrawals across the country.\u00a0While a panic culture had contributed to the country's downward spiral after the crash, these confidence-inducing Fireside Chats helped\u00a0<span style=\"color: #000000;\">build it back up.\u00a0<\/span>Consumer confidence returned, and within weeks, close to $1 billion in cash and gold had been brought out from under mattresses and hidden bookshelves and re-deposited in the nation's banks. The immediate crisis had been quelled, and the public was ready to believe in their new president.<\/p>\r\n\r\n<div class=\"textbox key-takeaways\">\r\n<h3>The Power of Hearth and Home<\/h3>\r\n<p id=\"fs-idm64640848\">Fireside chats\u2014Roosevelt's weekly radio addresses\u2014<span style=\"color: #000000;\">highlighted\u00a0<\/span>Roosevelt's savvy in understanding how best to reach people. Using simple terms and a reassuring tone, he invoked a family patriarch sitting by the fire, explaining to those who trusted him how he was working to help them. It is worth noting how he explained complex financial concepts quite simply but, at the same time, complimented the American people on their \"intelligent support.\" One of his fireside chats is provided below:<\/p>\r\n\r\n<blockquote>\r\n<div>\r\n\r\nI recognize that the many proclamations from State capitols and from Washington, the legislation, the Treasury regulations, etc., couched for the most part in banking and legal terms, should be explained for the benefit of the average citizen. I owe this in particular because of the fortitude and good temper with which everybody has accepted the inconvenience and hardships of the banking holiday. I know that when you understand what we in Washington have been about I shall continue to have your cooperation as fully as I have had your sympathy and help during the past week.\u00a0.\u00a0.\u00a0.\r\n\r\nThe success of our whole great national program depends, of course, upon the cooperation of the public\u2014on its intelligent support and use of a reliable system.\u00a0.\u00a0.\u00a0. After all, there is an element in the readjustment of our financial system more important than currency, more important than gold, and that is the confidence of the people. Confidence and courage are the essentials of success in carrying out our plan. You people must have faith; you must not be stampeded by rumors or guesses. Let us unite in banishing fear. We have provided the machinery to restore our financial system; it is up to you to support and make it work. It is your problem no less than it is mine. Together we cannot fail.\r\n\r\n\u2014Franklin D. Roosevelt, March 12, 1933\r\n\r\n<\/div><\/blockquote>\r\n<p id=\"fs-idp10842960\">A considerable part of Roosevelt's success in turning around the country can be seen in his addresses like these: He built support and <span style=\"color: #000000;\">motivated<\/span>\u00a0the public. Ironically, Roosevelt, the man who famously said we have nothing to fear but fear itself, had a significant fear: fire. <span style=\"color: #000000;\">Due to his paralysis, Roosevelt had a fear of being left too close to a fireplace.<\/span>\u00a0But he knew the powerful symbolism of the hearth and home and drew on this mental image to help the public view him how he hoped to be seen.<\/p>\r\n\r\n<\/div>\r\n<div class=\"textbox exercises\">\r\n<h3>Link to Learning<\/h3>\r\nVisit the <a href=\"https:\/\/www.presidency.ucsb.edu\/documents\/second-fireside-chat\" target=\"_blank\" rel=\"noopener\">American Presidency Project<\/a> to listen to one of Roosevelt's fireside chats. What kind of feelings do his language and demeanor evoke?\r\n\r\n<\/div>\r\n<\/div>\r\n<div class=\"textbox tryit\">\r\n<h3>Try It<\/h3>\r\nhttps:\/\/assess.lumenlearning.com\/practice\/e467f59f-9d54-408b-a23e-3ec2e46f88d4\r\n\r\n<\/div>\r\n<p id=\"fs-idm14558864\">In June 1933, Roosevelt replaced the Emergency Banking Act with the more permanent <strong><span class=\"no-emphasis\" data-type=\"term\">Glass-Steagall Banking Act<\/span><\/strong>. This law prohibited commercial banks from engaging in investment banking, therefore stopping the practice of banks speculating in the stock market with deposits. This law also created the <strong>Federal Deposit Insurance Corporation<\/strong>, or FDIC, which insured personal bank deposits up to $2,500 and is still a functioning agency today. Other measures designed to boost confidence in the overall economy beyond the banking system included the passage of the Economy Act, which fulfilled Roosevelt's campaign pledge to reduce government spending by reducing salaries, including his own and members of Congress. He also signed into law the <strong>Securities Act<\/strong>, which required full disclosure to the federal government from all corporations and investment banks that wanted to market stocks and bonds. Roosevelt also sought new revenue through the Beer Tax. As the Twenty-First Amendment, which would repeal the Eighteenth Amendment establishing Prohibition, moved towards ratification, this law authorized the manufacture of 3.2 percent beer and levied a tax on it.<\/p>\r\n\r\n<\/section><section id=\"fs-idp18381008\" data-depth=\"1\"><section id=\"fs-idp1660240\" data-depth=\"2\">\r\n<h2 data-type=\"title\">Job Creation<\/h2>\r\n<h3 data-type=\"title\">Immediate Relief: Employment for the Masses<\/h3>\r\n<p id=\"fs-idm23067040\">Even as he worked to rebuild the economy, Roosevelt recognized that the unemployed millions required jobs more quickly than the economy could provide. In a push to create new jobs, Roosevelt signed the Wagner-Peyser Act, creating the <strong>United States Employment Service<\/strong>, which promised states matching funds if they created local employment opportunities. He also authorized $500 million in direct grants through the <strong>Federal Emergency Relief Act (FERA)<\/strong>. This money went directly to states to infuse relief agencies with the much-needed resources to help the nearly fifteen million unemployed. These two bills illustrate Roosevelt's dual purposes of providing short-term emergency help and building employment opportunities that would strengthen the economy in the long term.<\/p>\r\n\r\n\r\n[caption id=\"\" align=\"alignright\" width=\"390\"]<img src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images-archive-read-only\/wp-content\/uploads\/sites\/884\/2015\/08\/23203155\/CNX_History_26_02_CCC.jpg\" alt=\"A photograph shows a group of CCC workers building a canal.\" width=\"390\" height=\"302\" data-media-type=\"image\/jpeg\" \/> <strong>Figure 2.<\/strong> The CCC put hundreds of thousands of men to work on environmental projects around the country. Some call it the beginning of the modern environmentalist movement in the United States.[\/caption]\r\n<h3>Long Term Work Solutions<\/h3>\r\n<p id=\"fs-idp2608416\">Roosevelt was aware of the need for immediate help, but he knew job creation would provide a long-term solution.\u00a0FERA overseer Harry Hopkins, who later was in charge of the <strong><span class=\"no-emphasis\" data-type=\"term\">Civil Works Administration<\/span> (CWA)<\/strong>, shared this sentiment. The CWA, founded in early 1933, put millions of men and women to work. At its peak, some four million Americans were repairing bridges, building roads and airports, and undertaking other public projects. Another work program was the <strong>Civilian Conservation Corps Relief Act (CCC)<\/strong>. The CCC provided government jobs for young men aged fourteen to twenty-four who came from relief families. They would earn thirty dollars per month planting trees, fighting forest fires, and refurbishing historic sites and parks, building an infrastructure that families would continue to enjoy for generations to come. Within the first two months, the CCC employed its first 250,000 men and eventually established about twenty-five hundred camps.<\/p>\r\n\r\n<h2>Economic Help for Homeowners<\/h2>\r\n<p id=\"fs-idp32677008\">The final element of Roosevelt's efforts to provide relief to those in desperate straits was the <strong>Home Owners' Refinancing Act<\/strong>. Created by the Home Owners' Loan Corporation (HOLC), the program rescued homeowners from foreclosure by refinancing their mortgages. Not only did this save the homes of countless homeowners, but it also saved many of the small banks that owned the original mortgages by relieving them of that responsibility. Later, New Deal legislation created the Federal Housing Authority, which eventually standardized the thirty-year mortgage and promoted the housing boom of the post-World War II era. A similar program, designed through the Emergency Farm Mortgage Act and Farm Credit Act, provided the same service for farm mortgages.<\/p>\r\n\r\n<div class=\"textbox key-takeaways\">\r\n<h3>This American Experience<\/h3>\r\nIn this <a href=\"https:\/\/www.pbs.org\/wgbh\/americanexperience\/features\/author-interview-neil-maher\/\" target=\"_blank\" rel=\"noopener\">American Experience<\/a> interview, Neil Maher, author of <em data-effect=\"italics\">Nature's New Deal: The Civilian Conservation Corps and Roots of the Modern Environmental Movement<\/em>, provides a comprehensive look into what the CCC offered the country\u2014and the president\u2014on issues as diverse as economics, race, and recreation.\r\n\r\n<\/div>\r\n<\/section><section id=\"fs-idm47848144\" data-depth=\"2\">\r\n<div class=\"textbox examples\">\r\n<h3>Watch It<\/h3>\r\nThe following clip is from President FDR's fourth Fireside Chat, in which he describes his plans to bring relief to homeowners and mortgage payments and stabilize the currency.\r\n\r\n<center><iframe src=\"\/\/plugin.3playmedia.com\/show?mf=8202223&amp;p3sdk_version=1.10.1&amp;p=20361&amp;pt=375&amp;video_id=ZA_NauoLtRE&amp;video_target=tpm-plugin-t9338oi5-ZA_NauoLtRE\" width=\"800px\" height=\"450px\" frameborder=\"0\" marginwidth=\"0px\" marginheight=\"0px\"><\/iframe><\/center><center>You can view the\u00a0<a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/US+history+II\/PresidentFDROutlinesEconomicRecoveryProgress.html\" target=\"_blank\" rel=\"noopener\">transcript for \u201cPresident FDR Outlines Economic Recovery Progress - (1933)\u201d here (opens in new window)<\/a>.<\/center><\/div>\r\n<\/section><\/section>\r\n<div class=\"textbox tryit\">\r\n<h3>Try It<\/h3>\r\nhttps:\/\/assess.lumenlearning.com\/practice\/6a7e2dc5-4f28-4b58-afdc-2ef5f085970d\r\n\r\nhttps:\/\/assess.lumenlearning.com\/practice\/d83ab8eb-6364-4920-ab21-5c262cbaeae7\r\n\r\n<\/div>\r\n<div class=\"textbox learning-objectives\">\r\n<h3>Glossary<\/h3>\r\n<strong>Civilian Conservation Corps:\u00a0<\/strong>a public program for unemployed young men from relief families who were put to work on conservation and land management projects around the country\r\n\r\n<strong><span class=\"no-emphasis\" data-type=\"term\">Civil Works Administration:<\/span><\/strong> <span class=\"no-emphasis\" data-type=\"term\">a t<\/span><span class=\"no-emphasis\" data-type=\"term\">emporary job relief program<\/span>\r\n\r\n<strong>Civilian Conservation Corps Relief Act: t<\/strong>he\u00a0CCC provided government jobs for young men aged fourteen to twenty-four who came from relief families\r\n\r\n<strong><span class=\"no-emphasis\" data-type=\"term\">Emergency Banking Act<\/span>\u00a0of 1933: <\/strong>in response to the banking crisis, this\u00a0law officially took the country off the gold standard and\u00a0gave the comptroller of currency the power to reorganize all national banks faced with insolvency.\r\n\r\n<strong>Federal Deposit Insurance Corporation: <\/strong>the FDIC was created by the Glass-Steagall Banking Act and insured personal bank deposits up to $2,500 and is still a functioning agency today\r\n\r\n<strong>Federal Emergency Relief Act: <\/strong>Roosevelt\u00a0authorized $500 million in direct grants through the\u00a0Federal Emergency Relief Act (FERA).\r\n\r\n<strong><span class=\"no-emphasis\" data-type=\"term\">Glass-Steagall Banking Act:\u00a0<\/span><\/strong><span class=\"no-emphasis\" data-type=\"term\">legislation that\u00a0<\/span><span class=\"no-emphasis\" data-type=\"term\">prohibited commercial banks from engaging in investment banking, therefore stopping the practice of banks speculating in the stock market with deposits<\/span>\r\n\r\n<strong>Home Owners' Refinancing Act: <\/strong>this\u00a0program rescued homeowners from foreclosure by refinancing their mortgages\r\n\r\n<strong>The Securities Act:\u00a0<\/strong>required full disclosure to the federal government from all corporations and investment banks that wanted to market stocks and bonds\r\n\r\n<strong>United States Employment Service:\u00a0<\/strong>promised states matching funds if they created local employment opportunities\r\n\r\n<\/div>","rendered":"<div class=\"bcc-box bcc-highlight\">\n<h3>Learning Objectives<\/h3>\n<ul>\n<li>Describe key pieces of legislation included in Roosevelt&#8217;s &#8220;First New Deal&#8221;<\/li>\n<li>Describe Roosevelt&#8217;s fireside chats<\/li>\n<\/ul>\n<\/div>\n<p><span style=\"color: #077fab; font-size: 1.15em; font-weight: 600;\">The First Hundred Days<\/span><\/p>\n<p><span style=\"font-size: 1rem; text-align: initial;\">In his first hundred days in office, the new president pushed forward an unprecedented number of new bills, all geared towards stabilizing the economy, providing relief to individuals, creating jobs, and helping businesses.\u00a0As one historian noted, the president &#8220;directed the entire operation like a seasoned field general.&#8221; <a class=\"footnote\" title=\"Leuchtenburg, Franklin D. Roosevelt and the New Deal\" id=\"return-footnote-294-1\" href=\"#footnote-294-1\" aria-label=\"Footnote 1\"><sup class=\"footnote\">[1]<\/sup><\/a>\u00a0And despite some questions over the constitutionality of many of his actions, Americans and their congressional representatives conceded that the crisis demanded swift and immediate action.\u00a0A sympathetic Democrat-controlled Congress helped propel his agenda forward.<\/span><\/p>\n<div class=\"textbox examples\">\n<h3>Watch It<\/h3>\n<p>This video highlights Roosevelt&#8217;s significant actions and programs in his first 100 days in office.<\/p>\n<div style=\"text-align: center;\"><iframe loading=\"lazy\" src=\"\/\/plugin.3playmedia.com\/show?mf=8202222&amp;p3sdk_version=1.10.1&amp;p=20361&amp;pt=375&amp;video_id=oyePw4CtUAE&amp;video_target=tpm-plugin-2zphaev4-oyePw4CtUAE\" width=\"800px\" height=\"450px\" frameborder=\"0\" marginwidth=\"0px\" marginheight=\"0px\"><\/iframe><\/div>\n<div style=\"text-align: center;\">You can view the\u00a0<a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/US+history+II\/TheFirst100Days.html\" target=\"_blank\" rel=\"noopener\">transcript for \u201cThe First 100 Days\u201d here (opens in new window)<\/a>.<\/div>\n<\/div>\n<p><span style=\"font-size: 1rem; text-align: initial;\">Roosevelt began his administration with a broad strategy: a combination of relief and recovery programs designed first to save the patient (in this case, the American people) and then to find a long-term cure (reform through federal regulation of the economy). What later became known as the &#8220;First New Deal&#8221; ushered in a wave of legislative activity seldom seen in the country&#8217;s history. By the close of 1933, to stem the crisis, Congress had passed over fifteen significant pieces of legislation\u2014many of the circulated bills allegedly still wet with ink from the printing presses as members voted upon them. Most bills could be grouped around relief, recovery, and reform issues.<\/span><\/p>\n<h2>Key Programs from the First New Deal<\/h2>\n<section id=\"fs-idp9027872\" data-depth=\"1\">At the outset of the First New Deal, specific goals included the following:<\/p>\n<ol>\n<li>Bank reform<\/li>\n<li>Job creation<\/li>\n<li>Economic regulation<\/li>\n<li>Regional planning<\/li>\n<\/ol>\n<p id=\"fs-idm32487616\">The programs that made up the First New Deal are listed in the table below.<\/p>\n<table id=\"Table_26_01_NewDeal1\" style=\"height: 406px;\" summary=\"A table composed of three columns and fifteen rows describes the key programs from the First New Deal. The first row is the title row, and from left to right reads: New Deal Legislation, Years Enacted, and Brief Description. Rows two through fifteen contain the information corresponding to those three headings, respectively. Row two reads Agricultural Adjustment Administration, 1933\u20131935, and Farm program designed to raise process by curtailing production. Row three reads Civil Works Administration, 1933\u20131934, and Temporary job relief program. Row four reads Civilian Conservation Corps, 1933\u20131942, and Employed young men to work in rural areas. Row five reads Farm Credit Administration, 1933\u2013today, and Low interest mortgages for farm owners. Row six reads Federal Deposit Insurance Corporation, 1933\u2013today, and Insure private bank deposits. Row seven reads Federal Emergency Relief Act, 1933, and Direct monetary relief to poor unemployed Americans. Row eight reads Glass-Steagall Act, 1933, and Regulate investment banking. Row nine reads Homeowners Loan Corporation, 1933\u20131951, and Government mortgages that allowed people to keep their homes. Row ten reads Indian Reorganization Act, 1933, and Abandoned federal policy of assimilation. Row eleven reads National Recovery Administration, 1933\u20131935, and Industries agree to codes of fair practice to set price, wage, production levels. Row twelve reads Public Works Administration, 1933\u20131938, and Large public works projects. Row thirteen reads Resettlement Administration, 1933\u20131935, and Resettles poor tenant farmers. Row fourteen reads Securities Act of 1933, 1933\u2013today, and Created SEC; regulates stock transactions. Row fifteen reads Tennessee Valley Authority, 1933\u2013today, and Regional development program; brought electrification to the valley.\">\n<caption><strong><span data-type=\"title\">Key Programs from the First New Deal<\/span><\/strong><\/caption>\n<thead>\n<tr style=\"height: 28px;\">\n<th style=\"height: 28px; width: 139.578125px;\">New Deal Legislation<\/th>\n<th style=\"height: 28px; width: 52.703125px;\">Years Enacted<\/th>\n<th style=\"height: 28px; width: 525.234375px;\">Brief Description<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"height: 28px;\">\n<td style=\"height: 28px; width: 139.578125px;\">Agricultural Adjustment Administration<\/td>\n<td style=\"height: 28px; width: 52.703125px;\">1933\u20131935<\/td>\n<td style=\"height: 28px; width: 525.234375px;\">Farm program designed to reduce surpluses and increase prices\/profits<\/td>\n<\/tr>\n<tr style=\"height: 28px;\">\n<td style=\"height: 28px; width: 139.578125px;\">Civil Works Administration<\/td>\n<td style=\"height: 28px; width: 52.703125px;\">1933\u20131934<\/td>\n<td style=\"height: 28px; width: 525.234375px;\">Temporary job relief program<\/td>\n<\/tr>\n<tr style=\"height: 28px;\">\n<td style=\"height: 28px; width: 139.578125px;\">Civilian Conservation Corps<\/td>\n<td style=\"height: 28px; width: 52.703125px;\">1933\u20131942<\/td>\n<td style=\"height: 28px; width: 525.234375px;\">Employed young men to work in rural areas<\/td>\n<\/tr>\n<tr style=\"height: 28px;\">\n<td style=\"height: 28px; width: 139.578125px;\">Farm Credit Administration<\/td>\n<td style=\"height: 28px; width: 52.703125px;\">1933-today<\/td>\n<td style=\"height: 28px; width: 525.234375px;\">Low-interest mortgages for farm owners<\/td>\n<\/tr>\n<tr style=\"height: 28px;\">\n<td style=\"height: 28px; width: 139.578125px;\">Federal Deposit Insurance Corporation<\/td>\n<td style=\"height: 28px; width: 52.703125px;\">1933\u2013today<\/td>\n<td style=\"height: 28px; width: 525.234375px;\">Insure private bank deposits<\/td>\n<\/tr>\n<tr style=\"height: 28px;\">\n<td style=\"height: 28px; width: 139.578125px;\">Federal Emergency Relief Act<\/td>\n<td style=\"height: 28px; width: 52.703125px;\">1933<\/td>\n<td style=\"height: 28px; width: 525.234375px;\">Direct monetary relief to poor, unemployed Americans<\/td>\n<\/tr>\n<tr style=\"height: 14px;\">\n<td style=\"height: 14px; width: 139.578125px;\">Glass-Steagall Act<\/td>\n<td style=\"height: 14px; width: 52.703125px;\">1933<\/td>\n<td style=\"height: 14px; width: 525.234375px;\">Regulate investment banking<\/td>\n<\/tr>\n<tr style=\"height: 28px;\">\n<td style=\"height: 28px; width: 139.578125px;\">Homeowners Loan Corporation<\/td>\n<td style=\"height: 28px; width: 52.703125px;\">1933\u20131951<\/td>\n<td style=\"height: 28px; width: 525.234375px;\">Government mortgages that allowed people to keep their homes<\/td>\n<\/tr>\n<tr style=\"height: 28px;\">\n<td style=\"height: 28px; width: 139.578125px;\">Indian Reorganization Act<\/td>\n<td style=\"height: 28px; width: 52.703125px;\">1934<\/td>\n<td style=\"height: 28px; width: 525.234375px;\">Decreased federal involvement with indigenous groups and increased their self-government autonomy<\/td>\n<\/tr>\n<tr style=\"height: 28px;\">\n<td style=\"height: 28px; width: 139.578125px;\">National Recovery Administration<\/td>\n<td style=\"height: 28px; width: 52.703125px;\">1933\u20131935<\/td>\n<td style=\"height: 28px; width: 525.234375px;\">Industries agree to codes of fair practice to set prices, wages, and production levels.<\/td>\n<\/tr>\n<tr style=\"height: 28px;\">\n<td style=\"height: 28px; width: 139.578125px;\">Public Works Administration<\/td>\n<td style=\"height: 28px; width: 52.703125px;\">1933\u20131938<\/td>\n<td style=\"height: 28px; width: 525.234375px;\">Large public works projects<\/td>\n<\/tr>\n<tr style=\"height: 28px;\">\n<td style=\"height: 28px; width: 139.578125px;\">Resettlement Administration<\/td>\n<td style=\"height: 28px; width: 52.703125px;\">1933\u20131935<\/td>\n<td style=\"height: 28px; width: 525.234375px;\">Resettled poor tenant farmers<\/td>\n<\/tr>\n<tr style=\"height: 28px;\">\n<td style=\"height: 28px; width: 139.578125px;\">Securities Act of 1933<\/td>\n<td style=\"height: 28px; width: 52.703125px;\">1933\u2013today<\/td>\n<td style=\"height: 28px; width: 525.234375px;\">Created SEC; regulates stock transactions<\/td>\n<\/tr>\n<tr style=\"height: 28px;\">\n<td style=\"height: 28px; width: 139.578125px;\">Tennessee Valley Authority<\/td>\n<td style=\"height: 28px; width: 52.703125px;\">1933\u2013today<\/td>\n<td style=\"height: 28px; width: 525.234375px;\">Regional development program; brought electricity to the valley<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div class=\"textbox exercises\">\n<h3>Interactive: The New Deal Legacy<\/h3>\n<p><iframe loading=\"lazy\" src=\"https:\/\/lumenlearning.h5p.com\/content\/1291768724595280918\/embed\" width=\"1088\" height=\"637\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" aria-label=\"The New Deal Close to Home\"><\/iframe><script src=\"https:\/\/lumenlearning.h5p.com\/js\/h5p-resizer.js\" charset=\"UTF-8\"><\/script><\/p>\n<\/div>\n<h2 data-type=\"title\">Bank Reform<\/h2>\n<p id=\"fs-idp5421360\">When Roosevelt took office, he faced one of the worst moments in the country&#8217;s banking history. States were in disarray. New York and Illinois had ordered the closure of their banks in the hopes of avoiding further &#8220;bank runs,&#8221; which occurred <span style=\"color: #000000;\">when<\/span> hundreds (if not thousands) of individuals ran to their banks to withdraw all of their savings. Two of every five banks open in 1929 had been shuttered, and some Federal Reserve banks were on the verge of insolvency.<a class=\"footnote\" title=\"Eric Rauchway, Winter War: Hoover, Roosevelt, and the First Clash over the New Deal (New York: Basic Books, 2018), 140.\" id=\"return-footnote-294-2\" href=\"#footnote-294-2\" aria-label=\"Footnote 2\"><sup class=\"footnote\">[2]<\/sup><\/a>\u00a0<a id=\"identifier_40_111\" class=\"footnote-link footnote-identifier-link\" title=\"Eric Rauchway, Winter War: Hoover, Roosevelt, and the First Clash over the New Deal (New York: Basic Books, 2018), 140.\" href=\"http:\/\/www.americanyawp.com\/text\/23-the-great-depression\/#footnote_40_111\"><\/a><\/p>\n<div style=\"width: 400px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images-archive-read-only\/wp-content\/uploads\/sites\/884\/2015\/08\/23203153\/CNX_History_26_02_Fireside.jpg\" alt=\"A sculpture shows a man sitting in a chair beside a radio.\" width=\"390\" height=\"305\" data-media-type=\"image\/jpeg\" \/><\/p>\n<p class=\"wp-caption-text\"><strong>Figure 1.<\/strong> Roosevelt&#8217;s &#8220;fireside chats&#8221; allowed him to speak directly to the American people, and the people were happy to listen. These radio addresses, commemorated at the Franklin D. Roosevelt Memorial in Washington, DC, with this bronze sculpture by George Segal, contributed to Roosevelt&#8217;s tremendous popularity. (credit: Koshy Koshy)<\/p>\n<\/div>\n<p>Within forty-eight hours of his inauguration, Roosevelt proclaimed an official bank holiday and called Congress into a special session to address the crisis. The resulting <strong><span class=\"no-emphasis\" data-type=\"term\">Emergency Banking Act<\/span> of 1933<\/strong> was signed into law on March 9, 1933, approximately eight hours after Congress first saw it. The law officially took the country off the gold standard, a restrictive practice that, although conservative and traditionally viewed as safe, severely limited the circulation of paper money. Those holding gold were told to sell it to the U.S. Treasury for a discounted rate of over twenty dollars per ounce. Furthermore, dollar bills were no longer redeemable in gold. The law also gave the comptroller of currency the power to reorganize all national banks faced with insolvency, a level of federal oversight seldom seen before the Great Depression. Between March 11 and March 14, auditors from the Reconstruction Finance Corporation, the Treasury Department, and other federal agencies swept through the country, examining each bank. By March 15, 70 percent of the banks were declared solvent and allowed to reopen.<\/p>\n<div id=\"fs-idm45689888\" class=\"history defining-american\" data-type=\"note\" data-label=\"Defining American\">\n<h2 data-type=\"title\">Roosevelt&#8217;s Fireside Chats<\/h2>\n<p id=\"fs-idp19296160\">On March 12, the night before select banks reopened under stricter federal guidelines, Roosevelt appeared on the radio in his first <strong>Fireside Chats<\/strong>. The addresses, which the president continued delivering through four terms, were informal and personal. Roosevelt used his airtime to explain New Deal legislation, encourage confidence in government action, and mobilize the American people&#8217;s support. In the first chat, Roosevelt described the new banking safeguards and asked the public to place their trust and savings in banks. Americans responded, and deposits outpaced withdrawals across the country.\u00a0While a panic culture had contributed to the country&#8217;s downward spiral after the crash, these confidence-inducing Fireside Chats helped\u00a0<span style=\"color: #000000;\">build it back up.\u00a0<\/span>Consumer confidence returned, and within weeks, close to $1 billion in cash and gold had been brought out from under mattresses and hidden bookshelves and re-deposited in the nation&#8217;s banks. The immediate crisis had been quelled, and the public was ready to believe in their new president.<\/p>\n<div class=\"textbox key-takeaways\">\n<h3>The Power of Hearth and Home<\/h3>\n<p id=\"fs-idm64640848\">Fireside chats\u2014Roosevelt&#8217;s weekly radio addresses\u2014<span style=\"color: #000000;\">highlighted\u00a0<\/span>Roosevelt&#8217;s savvy in understanding how best to reach people. Using simple terms and a reassuring tone, he invoked a family patriarch sitting by the fire, explaining to those who trusted him how he was working to help them. It is worth noting how he explained complex financial concepts quite simply but, at the same time, complimented the American people on their &#8220;intelligent support.&#8221; One of his fireside chats is provided below:<\/p>\n<blockquote>\n<div>\n<p>I recognize that the many proclamations from State capitols and from Washington, the legislation, the Treasury regulations, etc., couched for the most part in banking and legal terms, should be explained for the benefit of the average citizen. I owe this in particular because of the fortitude and good temper with which everybody has accepted the inconvenience and hardships of the banking holiday. I know that when you understand what we in Washington have been about I shall continue to have your cooperation as fully as I have had your sympathy and help during the past week.\u00a0.\u00a0.\u00a0.<\/p>\n<p>The success of our whole great national program depends, of course, upon the cooperation of the public\u2014on its intelligent support and use of a reliable system.\u00a0.\u00a0.\u00a0. After all, there is an element in the readjustment of our financial system more important than currency, more important than gold, and that is the confidence of the people. Confidence and courage are the essentials of success in carrying out our plan. You people must have faith; you must not be stampeded by rumors or guesses. Let us unite in banishing fear. We have provided the machinery to restore our financial system; it is up to you to support and make it work. It is your problem no less than it is mine. Together we cannot fail.<\/p>\n<p>\u2014Franklin D. Roosevelt, March 12, 1933<\/p>\n<\/div>\n<\/blockquote>\n<p id=\"fs-idp10842960\">A considerable part of Roosevelt&#8217;s success in turning around the country can be seen in his addresses like these: He built support and <span style=\"color: #000000;\">motivated<\/span>\u00a0the public. Ironically, Roosevelt, the man who famously said we have nothing to fear but fear itself, had a significant fear: fire. <span style=\"color: #000000;\">Due to his paralysis, Roosevelt had a fear of being left too close to a fireplace.<\/span>\u00a0But he knew the powerful symbolism of the hearth and home and drew on this mental image to help the public view him how he hoped to be seen.<\/p>\n<\/div>\n<div class=\"textbox exercises\">\n<h3>Link to Learning<\/h3>\n<p>Visit the <a href=\"https:\/\/www.presidency.ucsb.edu\/documents\/second-fireside-chat\" target=\"_blank\" rel=\"noopener\">American Presidency Project<\/a> to listen to one of Roosevelt&#8217;s fireside chats. What kind of feelings do his language and demeanor evoke?<\/p>\n<\/div>\n<\/div>\n<div class=\"textbox tryit\">\n<h3>Try It<\/h3>\n<p>\t<iframe id=\"assessment_practice_e467f59f-9d54-408b-a23e-3ec2e46f88d4\" class=\"resizable\" src=\"https:\/\/assess.lumenlearning.com\/practice\/e467f59f-9d54-408b-a23e-3ec2e46f88d4?iframe_resize_id=assessment_practice_id_e467f59f-9d54-408b-a23e-3ec2e46f88d4\" frameborder=\"0\" style=\"border:none;width:100%;height:100%;min-height:300px;\"><br \/>\n\t<\/iframe><\/p>\n<\/div>\n<p id=\"fs-idm14558864\">In June 1933, Roosevelt replaced the Emergency Banking Act with the more permanent <strong><span class=\"no-emphasis\" data-type=\"term\">Glass-Steagall Banking Act<\/span><\/strong>. This law prohibited commercial banks from engaging in investment banking, therefore stopping the practice of banks speculating in the stock market with deposits. This law also created the <strong>Federal Deposit Insurance Corporation<\/strong>, or FDIC, which insured personal bank deposits up to $2,500 and is still a functioning agency today. Other measures designed to boost confidence in the overall economy beyond the banking system included the passage of the Economy Act, which fulfilled Roosevelt&#8217;s campaign pledge to reduce government spending by reducing salaries, including his own and members of Congress. He also signed into law the <strong>Securities Act<\/strong>, which required full disclosure to the federal government from all corporations and investment banks that wanted to market stocks and bonds. Roosevelt also sought new revenue through the Beer Tax. As the Twenty-First Amendment, which would repeal the Eighteenth Amendment establishing Prohibition, moved towards ratification, this law authorized the manufacture of 3.2 percent beer and levied a tax on it.<\/p>\n<\/section>\n<section id=\"fs-idp18381008\" data-depth=\"1\">\n<section id=\"fs-idp1660240\" data-depth=\"2\">\n<h2 data-type=\"title\">Job Creation<\/h2>\n<h3 data-type=\"title\">Immediate Relief: Employment for the Masses<\/h3>\n<p id=\"fs-idm23067040\">Even as he worked to rebuild the economy, Roosevelt recognized that the unemployed millions required jobs more quickly than the economy could provide. In a push to create new jobs, Roosevelt signed the Wagner-Peyser Act, creating the <strong>United States Employment Service<\/strong>, which promised states matching funds if they created local employment opportunities. He also authorized $500 million in direct grants through the <strong>Federal Emergency Relief Act (FERA)<\/strong>. This money went directly to states to infuse relief agencies with the much-needed resources to help the nearly fifteen million unemployed. These two bills illustrate Roosevelt&#8217;s dual purposes of providing short-term emergency help and building employment opportunities that would strengthen the economy in the long term.<\/p>\n<div style=\"width: 400px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images-archive-read-only\/wp-content\/uploads\/sites\/884\/2015\/08\/23203155\/CNX_History_26_02_CCC.jpg\" alt=\"A photograph shows a group of CCC workers building a canal.\" width=\"390\" height=\"302\" data-media-type=\"image\/jpeg\" \/><\/p>\n<p class=\"wp-caption-text\"><strong>Figure 2.<\/strong> The CCC put hundreds of thousands of men to work on environmental projects around the country. Some call it the beginning of the modern environmentalist movement in the United States.<\/p>\n<\/div>\n<h3>Long Term Work Solutions<\/h3>\n<p id=\"fs-idp2608416\">Roosevelt was aware of the need for immediate help, but he knew job creation would provide a long-term solution.\u00a0FERA overseer Harry Hopkins, who later was in charge of the <strong><span class=\"no-emphasis\" data-type=\"term\">Civil Works Administration<\/span> (CWA)<\/strong>, shared this sentiment. The CWA, founded in early 1933, put millions of men and women to work. At its peak, some four million Americans were repairing bridges, building roads and airports, and undertaking other public projects. Another work program was the <strong>Civilian Conservation Corps Relief Act (CCC)<\/strong>. The CCC provided government jobs for young men aged fourteen to twenty-four who came from relief families. They would earn thirty dollars per month planting trees, fighting forest fires, and refurbishing historic sites and parks, building an infrastructure that families would continue to enjoy for generations to come. Within the first two months, the CCC employed its first 250,000 men and eventually established about twenty-five hundred camps.<\/p>\n<h2>Economic Help for Homeowners<\/h2>\n<p id=\"fs-idp32677008\">The final element of Roosevelt&#8217;s efforts to provide relief to those in desperate straits was the <strong>Home Owners&#8217; Refinancing Act<\/strong>. Created by the Home Owners&#8217; Loan Corporation (HOLC), the program rescued homeowners from foreclosure by refinancing their mortgages. Not only did this save the homes of countless homeowners, but it also saved many of the small banks that owned the original mortgages by relieving them of that responsibility. Later, New Deal legislation created the Federal Housing Authority, which eventually standardized the thirty-year mortgage and promoted the housing boom of the post-World War II era. A similar program, designed through the Emergency Farm Mortgage Act and Farm Credit Act, provided the same service for farm mortgages.<\/p>\n<div class=\"textbox key-takeaways\">\n<h3>This American Experience<\/h3>\n<p>In this <a href=\"https:\/\/www.pbs.org\/wgbh\/americanexperience\/features\/author-interview-neil-maher\/\" target=\"_blank\" rel=\"noopener\">American Experience<\/a> interview, Neil Maher, author of <em data-effect=\"italics\">Nature&#8217;s New Deal: The Civilian Conservation Corps and Roots of the Modern Environmental Movement<\/em>, provides a comprehensive look into what the CCC offered the country\u2014and the president\u2014on issues as diverse as economics, race, and recreation.<\/p>\n<\/div>\n<\/section>\n<section id=\"fs-idm47848144\" data-depth=\"2\">\n<div class=\"textbox examples\">\n<h3>Watch It<\/h3>\n<p>The following clip is from President FDR&#8217;s fourth Fireside Chat, in which he describes his plans to bring relief to homeowners and mortgage payments and stabilize the currency.<\/p>\n<div style=\"text-align: center;\"><iframe loading=\"lazy\" src=\"\/\/plugin.3playmedia.com\/show?mf=8202223&amp;p3sdk_version=1.10.1&amp;p=20361&amp;pt=375&amp;video_id=ZA_NauoLtRE&amp;video_target=tpm-plugin-t9338oi5-ZA_NauoLtRE\" width=\"800px\" height=\"450px\" frameborder=\"0\" marginwidth=\"0px\" marginheight=\"0px\"><\/iframe><\/div>\n<div style=\"text-align: center;\">You can view the\u00a0<a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/US+history+II\/PresidentFDROutlinesEconomicRecoveryProgress.html\" target=\"_blank\" rel=\"noopener\">transcript for \u201cPresident FDR Outlines Economic Recovery Progress &#8211; (1933)\u201d here (opens in new window)<\/a>.<\/div>\n<\/div>\n<\/section>\n<\/section>\n<div class=\"textbox tryit\">\n<h3>Try It<\/h3>\n<p>\t<iframe id=\"assessment_practice_6a7e2dc5-4f28-4b58-afdc-2ef5f085970d\" class=\"resizable\" src=\"https:\/\/assess.lumenlearning.com\/practice\/6a7e2dc5-4f28-4b58-afdc-2ef5f085970d?iframe_resize_id=assessment_practice_id_6a7e2dc5-4f28-4b58-afdc-2ef5f085970d\" frameborder=\"0\" style=\"border:none;width:100%;height:100%;min-height:300px;\"><br \/>\n\t<\/iframe><\/p>\n<p>\t<iframe id=\"assessment_practice_d83ab8eb-6364-4920-ab21-5c262cbaeae7\" class=\"resizable\" src=\"https:\/\/assess.lumenlearning.com\/practice\/d83ab8eb-6364-4920-ab21-5c262cbaeae7?iframe_resize_id=assessment_practice_id_d83ab8eb-6364-4920-ab21-5c262cbaeae7\" frameborder=\"0\" style=\"border:none;width:100%;height:100%;min-height:300px;\"><br \/>\n\t<\/iframe><\/p>\n<\/div>\n<div class=\"textbox learning-objectives\">\n<h3>Glossary<\/h3>\n<p><strong>Civilian Conservation Corps:\u00a0<\/strong>a public program for unemployed young men from relief families who were put to work on conservation and land management projects around the country<\/p>\n<p><strong><span class=\"no-emphasis\" data-type=\"term\">Civil Works Administration:<\/span><\/strong> <span class=\"no-emphasis\" data-type=\"term\">a t<\/span><span class=\"no-emphasis\" data-type=\"term\">emporary job relief program<\/span><\/p>\n<p><strong>Civilian Conservation Corps Relief Act: t<\/strong>he\u00a0CCC provided government jobs for young men aged fourteen to twenty-four who came from relief families<\/p>\n<p><strong><span class=\"no-emphasis\" data-type=\"term\">Emergency Banking Act<\/span>\u00a0of 1933: <\/strong>in response to the banking crisis, this\u00a0law officially took the country off the gold standard and\u00a0gave the comptroller of currency the power to reorganize all national banks faced with insolvency.<\/p>\n<p><strong>Federal Deposit Insurance Corporation: <\/strong>the FDIC was created by the Glass-Steagall Banking Act and insured personal bank deposits up to $2,500 and is still a functioning agency today<\/p>\n<p><strong>Federal Emergency Relief Act: <\/strong>Roosevelt\u00a0authorized $500 million in direct grants through the\u00a0Federal Emergency Relief Act (FERA).<\/p>\n<p><strong><span class=\"no-emphasis\" data-type=\"term\">Glass-Steagall Banking Act:\u00a0<\/span><\/strong><span class=\"no-emphasis\" data-type=\"term\">legislation that\u00a0<\/span><span class=\"no-emphasis\" data-type=\"term\">prohibited commercial banks from engaging in investment banking, therefore stopping the practice of banks speculating in the stock market with deposits<\/span><\/p>\n<p><strong>Home Owners&#8217; Refinancing Act: <\/strong>this\u00a0program rescued homeowners from foreclosure by refinancing their mortgages<\/p>\n<p><strong>The Securities Act:\u00a0<\/strong>required full disclosure to the federal government from all corporations and investment banks that wanted to market stocks and bonds<\/p>\n<p><strong>United States Employment Service:\u00a0<\/strong>promised states matching funds if they created local employment opportunities<\/p>\n<\/div>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-294\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Modification, adaptation, and original content. <strong>Authored by<\/strong>: Kaitlyn Connell for Lumen Learning. <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><li>New Deal Legacy Interactive. <strong>Authored by<\/strong>: Megan Coplen for Lumen Learning. <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Shared previously<\/div><ul class=\"citation-list\"><li>US History. <strong>Provided by<\/strong>: OpenStax. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"http:\/\/openstaxcollege.org\/textbooks\/us-history\">http:\/\/openstaxcollege.org\/textbooks\/us-history<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em>. <strong>License Terms<\/strong>: Access for free at https:\/\/openstax.org\/books\/us-history\/pages\/1-introduction<\/li><li>The Great Depression. <strong>Provided by<\/strong>: The American Yawp. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"http:\/\/www.americanyawp.com\/text\/23-the-great-depression\/\">http:\/\/www.americanyawp.com\/text\/23-the-great-depression\/<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by-sa\/4.0\/\">CC BY-SA: Attribution-ShareAlike<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">All rights reserved content<\/div><ul class=\"citation-list\"><li>President FDR Outlines Economic Recovery Progress - (1933). <strong>Authored by<\/strong>: History Archive. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=ZA_NauoLtRE\">https:\/\/www.youtube.com\/watch?v=ZA_NauoLtRE<\/a>. <strong>License<\/strong>: <em>All Rights Reserved<\/em>. <strong>License Terms<\/strong>: Standard YouTube License<\/li><li>The First 100 Days. <strong>Provided by<\/strong>: FDR Library. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=oyePw4CtUAE\">https:\/\/www.youtube.com\/watch?v=oyePw4CtUAE<\/a>. <strong>License<\/strong>: <em>All Rights Reserved<\/em>. <strong>License Terms<\/strong>: Standard YouTube License<\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section><hr class=\"before-footnotes clear\" \/><div class=\"footnotes\"><ol><li id=\"footnote-294-1\">Leuchtenburg, Franklin D. Roosevelt and the New Deal <a href=\"#return-footnote-294-1\" class=\"return-footnote\" aria-label=\"Return to footnote 1\">&crarr;<\/a><\/li><li id=\"footnote-294-2\">Eric Rauchway, Winter War: Hoover, Roosevelt, and the First Clash over the New Deal (New York: Basic Books, 2018), 140. <a href=\"#return-footnote-294-2\" class=\"return-footnote\" aria-label=\"Return to footnote 2\">&crarr;<\/a><\/li><\/ol><\/div>","protected":false},"author":19,"menu_order":6,"template":"","meta":{"_candela_citation":"[{\"type\":\"cc\",\"description\":\"US History\",\"author\":\"\",\"organization\":\"OpenStax\",\"url\":\"http:\/\/openstaxcollege.org\/textbooks\/us-history\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"Access for free at https:\/\/openstax.org\/books\/us-history\/pages\/1-introduction\"},{\"type\":\"cc\",\"description\":\"The Great Depression\",\"author\":\"\",\"organization\":\"The American Yawp\",\"url\":\"http:\/\/www.americanyawp.com\/text\/23-the-great-depression\/\",\"project\":\"\",\"license\":\"cc-by-sa\",\"license_terms\":\"\"},{\"type\":\"original\",\"description\":\"Modification, adaptation, and original content\",\"author\":\"Kaitlyn Connell for Lumen Learning\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"copyrighted_video\",\"description\":\"President FDR Outlines Economic Recovery Progress - (1933)\",\"author\":\"History Archive\",\"organization\":\"\",\"url\":\"https:\/\/www.youtube.com\/watch?v=ZA_NauoLtRE\",\"project\":\"\",\"license\":\"arr\",\"license_terms\":\"Standard YouTube License\"},{\"type\":\"copyrighted_video\",\"description\":\"The First 100 Days\",\"author\":\"\",\"organization\":\"FDR Library\",\"url\":\"https:\/\/www.youtube.com\/watch?v=oyePw4CtUAE\",\"project\":\"\",\"license\":\"arr\",\"license_terms\":\"Standard YouTube License\"},{\"type\":\"original\",\"description\":\"New Deal Legacy Interactive\",\"author\":\"Megan Coplen for Lumen Learning\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"37598ade-538e-426b-bcaf-462eb28af616,a8a2d291-0df6-4a0d-9c0d-940e2c844470,c42379f3-21ac-42a0-892e-2ce76fd8c8db","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-294","chapter","type-chapter","status-publish","hentry"],"part":282,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/wm-ushistory2\/wp-json\/pressbooks\/v2\/chapters\/294","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/wm-ushistory2\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/wm-ushistory2\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-ushistory2\/wp-json\/wp\/v2\/users\/19"}],"version-history":[{"count":47,"href":"https:\/\/courses.lumenlearning.com\/wm-ushistory2\/wp-json\/pressbooks\/v2\/chapters\/294\/revisions"}],"predecessor-version":[{"id":9707,"href":"https:\/\/courses.lumenlearning.com\/wm-ushistory2\/wp-json\/pressbooks\/v2\/chapters\/294\/revisions\/9707"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/wm-ushistory2\/wp-json\/pressbooks\/v2\/parts\/282"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/wm-ushistory2\/wp-json\/pressbooks\/v2\/chapters\/294\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/wm-ushistory2\/wp-json\/wp\/v2\/media?parent=294"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-ushistory2\/wp-json\/pressbooks\/v2\/chapter-type?post=294"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-ushistory2\/wp-json\/wp\/v2\/contributor?post=294"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-ushistory2\/wp-json\/wp\/v2\/license?post=294"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}