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National Industrial Recovery Act (1933)

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National Industrial Recovery Act (1933)

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The National Industrial Recovery Act was a two-pronged effort to stimulate economic recovery and ameliorate unemployment. The code provisions of the act were controversial because they created industrial alliances and “effectively fixed prices and wages, established production quotas, and imposed restrictions on entry of other companies into the alliances.” Title I of the act was probably the least successful of all New Deal programs. It was thought by many to be too intrusive in the nation’s economic affairs. An enduring legacy of the act, however, was its support for collective bargaining rights (Title I, Section 7(a)), which was reaffirmed in the National Labor Relations Act of 1935.

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Agricultural Adjustment Act (1933, Reauthorized 1938)

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Agricultural Adjustment Act (1933, Reauthorized 1938)

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The Agricultural Adjustment Act (AAA) was signed into law by President Franklin Roosevelt on May 12, 1933. Large agricultural surpluses during the 1920s had caused prices for farm products to drop steadily from the highs of the First World War, and with the onset of the Great Depression the bottom dropped out of agricultural markets. In the short run, farmers were paid to destroy crops and livestock, which led to depressing scenes of fields plowed under, corn burned as fuel and piglets slaughtered. More important was the long run effect of the AAA.

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June 26, 1934, President Franklin Delano Roosevelt signed the Federal Credit Union Act, authorizing the 'formation of federally chartered credit unions in the IJnited States.Oversight of federal credit unions was placed in the Farm Credit Administration (FCA), an earlier New Deal creation. The FCA described credit unions as “cooperative thrift and loan associations designed to supply their members with a simple and convenient system for saving and to make it possible for them, with their own savings and under their own management, to meet their short term credit requirements at reasonable rates of interest”.