Federal Emergency Relief Act Quotes

The record of legislation passed and signed into law is simply astonishing. March 9. Roosevelt signed the Emergency Banking Relief Act. March 20. Roosevelt signed the Economy Act, reorganizing the government and cutting salaries and the pensions of veterans—perhaps the most potent lobby in Washington at that time—to reduce expenses by $500 million. March 21. Roosevelt signed the Civilian Conservation Corps Reforestation Relief Act, to employ up to 250,000 young men in construction and environmental projects. March 22. Roosevelt signed the Beer-Wine Revenue Act, legalizing beer and wine with less than 4 percent alcohol and taxing it heavily to increase government revenue. April 19. Roosevelt took the country off the gold standard, demonetized gold by making gold coins no longer legal tender and recalling them to the Treasury, and forbidding citizens to hold bullion. The next year he devalued the dollar from $20.66 to an ounce of gold to $35.00. May 12. Roosevelt signed the Federal Emergency Relief Act to provide grants totaling $500 million to states to fund relief for the unemployed. May 12. Roosevelt also signed the Agricultural Adjustment Act to relieve farmers with measures to raise farm prices, limit production, and refinance farm mortgages. May 18. Roosevelt signed the bill authorizing the establishment of the Tennessee Valley Authority to develop the Tennessee River Valley by building dams that would provide electric power in seven states. May 27. Roosevelt signed the Federal Securities Act, which required full disclosure of pertinent information to investors, the first federal regulation of the securities business. June 5. Congress by joint resolution canceled clauses in contracts requiring payment in gold. June 6. Roosevelt signed the National Employment Act establishing the U.S. Employment Service to work with state employment agencies to help the unemployed find jobs. June 13. Roosevelt signed the Home Owners Refinancing Act establishing the Home Owners Loan Corporation, which was empowered to issue $2 billion in bonds to help nonfarm home owners keep their properties. June 16. Roosevelt signed the Banking Act of 1933, usually known as the Glass-Steagall Act after its congressional sponsors. It revolutionized American banking.