| |
Timeline on the Great Depression 3 - Timeline Help
Timeline on the Great Depression part 3 of 4 from 1932 to 1934 at Timeline Help.
- 1932
- 1933
- 1934 | The Reconstruction Finance Corporation is established to lend money to banks, building and loan associations, insurance firms, railroads and agricultural credit organizations. Over ¾ of a million people are on relief in New York City, with another 160,000 on the waiting list. In April, the Federal Reserve create an open market to buy $500 million of securities. They do it all over again in May for another $500 million of securities. The Revenue Act of 1932 is passed in June, creating the largest peacetime tax increase in this U. S. history timeline on the Great Depression. The top tax rates were raised from 25% to 63% and personal exemptions were reduced. In July, Federal law requires the names of banks borrowing money from the RFC be made public. The Emergency Relief and Construction Act is passed. The Bonus Army Riot begins in Washington, D. C. on July 28th. The Glass-Steagall Act is passed, liberalizing the rules for member banks to borrow money from the Federal Reserve. 1,493 banks close during 1932. The GNP drops 13.4% and unemployment rises to 23.6%. Franklin Delano Roosevelt is elected President of the United States.
FDR calls for a bank holiday from March 6 to the 9th, vowing to come up with a plan for the failing bank industry by then. On March 9th, Congress passes the Emergency Banking Act of 1933. By the end of March 1933 in this timeline on the Great Depression, many banks are beginning to operate again. Even with this help, 4,000 banks close in 1933. FDR takes the country off the gold standard. The Civilian Conservation Corps offers employment and relief to young men from age 17 to 27. The Federal Emergency Relief Administration, the National Industrial Recovery Act, the Tennessee Valley Authority and the National Labor Board are established. The Federal Emergency Relief Act, Agricultural Adjustment Act, the Federal Securities Act and the Home Owner's Loan Act are created. FDR also set up the Farm Credit Act, the Commodity Credit Corporation and the Civil Works Administration.
Congress creates the Federal Communications Commission, the National Mediation Board and the Securities and Exchange Commission. They pass the Securities and Exchange Act, the Gold Reserve Act and the Trade Agreement Act. The government sets up the Anti-Racketeering Act, the Federal Housing Administration, the Commodity Credit Corporation, the Federal Farm Bankruptcy Act, the Federal Surplus Relief Corporation, and the Reciprocal Trade Agreements Act. The economy starts to turn, the GNP rises 7.7%, unemployment falls to 21.7%. | Timeline on the Great Depression 3 1 2 4
| Bibliography of the Timeline on the Great Depression Mcelvaine, R (1993). Great Depression 1929 - 1941.
Watkins, T (1995). America in the 1930s.
Panzner, M (2008). Financial Armageddon. Protecting Your Future From Four Impending Catastrophes. |
Home to Timeline Help From Timeline on the Great Depression
|
Timeline Blog RSS
