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The First New Deal (1933–1934) dealt with the pressing banking crisis through the Emergency Banking Act and the 1933 Banking Act.The Federal Emergency Relief Administration (FERA) provided US$500 million (equivalent to $11.8 billion in 2023) for relief operations by states and cities, and the short-lived CWA gave locals money to operate make-work projects from 1933 to 1934. [2]
Oscar Cox, a primary author of the Lend-Lease Act and general counsel of the Foreign Economic Administration, joined as well. Lauchlin Currie, formerly of the Federal Reserve Board staff, was the deputy administrator to Leo Crowley. The RFC established eight new corporations and purchased an existing corporation.
The Federal Emergency Relief Administration (FERA) was a program established by President Franklin D. Roosevelt in 1933, building on the Hoover administration's Emergency Relief and Construction Act. It was replaced in 1935 by the Works Progress Administration (WPA).
In the aftermath of the New Deal, Hoover continued to warn against the continual rise of “big government” and the associated economic threats of deficit spending, high taxes, and inflation.
The RFC would be adopted by Roosevelt and greatly expanded as part of his New Deal. [71] Herbert Hoover in the Oval Office with press secretary Ted Joslin, 1932. The economy continued to worsen, with unemployment rates nearing 23 percent in early 1932.
The Emergency Relief and Construction Act (ch. 520, 47 Stat. 709, enacted July 21, 1932), was the United States's first major-relief legislation, enabled under Herbert Hoover and later adopted and expanded by Franklin D. Roosevelt as part of his New Deal.
Relief for the unemployed was a major priority for the New Deal, and Roosevelt copied the programs he had initiated as governor of New York as well as the programs Hoover had started. [24] The Federal Emergency Relief Administration (FERA), the largest program from 1933 to 1935, involved giving money to localities to operate work relief ...
Opinion: The president promoted equality of opportunity and liberty in the face of the New Deal, writes John Hendrickson.