In response to the ongoing economic crisis, President Franklin D. Roosevelt initiated the Second New Deal in 1935. This series of programs aimed to expand upon the initial New Deal measures and provide further relief and recovery efforts.
Key Facts
- Social Security: The Social Security Act was a key component of the Second New Deal. It established an economic “safety net” for Americans by providing unemployment and disability insurance, as well as old-age pensions.
- National Labor Relations Act (Wagner Act): This act, also known as the Wagner Act, reestablished labor’s right to bargain collectively. It created the National Labor Relations Board (NLRB) to adjudicate labor disputes.
- Works Progress Administration (WPA): The WPA was a relief agency that provided employment to millions of Americans. It funded various projects, including the construction of roads, bridges, airports, public buildings, and artistic and cultural programs.
- Banking Act of 1935: This act was a major revision of banking laws and aimed to regulate the banking industry. It established a seven-member board of governors to oversee regional banks and control reserve requirements and discount rates.
- Rural Electrification: The Second New Deal also included programs to bring electricity to rural areas. This initiative aimed to improve the quality of life for farmers and rural communities.
- Breaking up Utility Holding Companies: Another important aspect of the Second New Deal was the effort to break up utility holding companies. This was done to promote fair competition and prevent monopolies in the utility industry.
Social Security Act
The Social Security Act was a landmark piece of legislation that established an economic safety net for Americans. It provided unemployment and disability insurance, as well as old-age pensions. This program remains a vital part of the U.S. social welfare system.
National Labor Relations Act (Wagner Act)
The National Labor Relations Act, also known as the Wagner Act, restored labor’s right to collective bargaining. It established the National Labor Relations Board (NLRB) to resolve labor disputes and protect workers’ rights.
Works Progress Administration (WPA)
The WPA was a relief agency that provided employment to millions of Americans. It funded a wide range of projects, including the construction of roads, bridges, airports, and public buildings. The WPA also supported artistic and cultural programs, such as painting public murals and writing local and regional histories.
Banking Act of 1935
The Banking Act of 1935 significantly revised banking laws and aimed to regulate the banking industry. It established a seven-member board of governors to oversee regional banks and control reserve requirements and discount rates.
Rural Electrification
The Second New Deal included programs to bring electricity to rural areas. This initiative aimed to improve the quality of life for farmers and rural communities by providing access to essential infrastructure.
Breaking up Utility Holding Companies
Another important aspect of the Second New Deal was the effort to break up utility holding companies. This was done to promote fair competition and prevent monopolies in the utility industry.
Sources
- Second New Deal – Wikipedia
- Franklin D. Roosevelt – New Deal, Presidency, Depression | Britannica
- The Second New Deal | US History II (OS Collection)
FAQs
What was the Social Security Act?
The Social Security Act was a key component of the Second New Deal. It established an economic “safety net” for Americans by providing unemployment and disability insurance, as well as old-age pensions.
What was the National Labor Relations Act (Wagner Act)?
The National Labor Relations Act, also known as the Wagner Act, reestablished labor’s right to bargain collectively. It created the National Labor Relations Board (NLRB) to adjudicate labor disputes.
What was the Works Progress Administration (WPA)?
The WPA was a relief agency that provided employment to millions of Americans. It funded various projects, including the construction of roads, bridges, airports, public buildings, and artistic and cultural programs.
What was the Banking Act of 1935?
The Banking Act of 1935 was a major revision of banking laws and aimed to regulate the banking industry. It established a seven-member board of governors to oversee regional banks and control reserve requirements and discount rates.
What was the purpose of rural electrification programs in the Second New Deal?
The Second New Deal included programs to bring electricity to rural areas. This initiative aimed to improve the quality of life for farmers and rural communities by providing access to essential infrastructure.
Why were utility holding companies broken up as part of the Second New Deal?
The effort to break up utility holding companies was intended to promote fair competition and prevent monopolies in the utility industry.
What were the goals of the Second New Deal?
The Second New Deal aimed to expand upon the initial New Deal measures and provide further relief and recovery efforts. It focused on addressing ongoing economic challenges, expanding social welfare programs, and promoting labor rights.
What was the impact of the Second New Deal?
The Second New Deal had a significant impact on the American economy and society. It provided employment to millions of workers, expanded social safety nets, and helped to stabilize the financial system. The programs implemented during this period continue to shape American society today.