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Tariff Act
The Tariff Act raised the dutiable tariff level on imported goods, in an effort to protect American production. President Hoover signed the legislation against his own preference for international cooperation and in spite of opposition from economists and industrialists. Foreign trading partners retaliated with higher tariffs, and American trade was reduced by half, contributing to the depth and length of the global Depression. -
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The 1930's
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Reconstruction Finance Corporation Act
Congress chartered the Reconstruction Finance Corporation (RFC) to provide aid to state and local governments and loans to banks, mortgage corporations and businesses. The RFC continued under the New Deal to help restore business prosperity. -
Wall Street Strike
In protest of the Securities Act of 1933, major Wall Street firms refused to bring new issues of stock to the market. -
President FDR
President Franklin D. Roosevelt is inaugurated for the first time. His speech with its hallmark phrase, "We have nothing to fear, but fear itself," begins to rally the public and Congress to deal with great depression issues. His subsequent Fireside Chats, that began eight days later, would continue his addresses with the American public. -
The Federal Unemployment Relief Act
he Civilian Conservation Corps is authorized under the Federal Unemployment Relief Act. It would provide work for two and one-half million men during the succeeding nine years and help construct many national park and other projects across the United States. -
The New Deal
The New Deal social and economic programs are passed by the United States Congress in a special one hundred day session to address depression era economics. -
Securities Exchange Act
President Roosevelt sent a message to Congress recommending that it pass legislation to regulate the exchanges. -
Social Security Act
The Social Security Act is passed by Congress as part of the New Deal legislation and signed into law by President Franklin D. Roosevelt. It would begin payouts to retirees within two years. Workers began contributing into the system during the same year, at a rate of 2% of the first $3,000 in earnings, half paid by the employee and half paid by the employer. -
FDR's Second Term
Franklin D. Roosevelt overwhelms his Republican challenger, Alfred Landon, for a second presidential term. His Electoral College margin, 523 to 8, and 62% of the popular vote insured Roosevelt carte blanche in his goals of the New Deal. -
The National Minimum Wage
The National Minimum Wage is signed into law within the federal legislation known as the Fair Labor Standards Act. It established a minimum wage of $0.25 at the time, as well as time and one half for overtime and the prohibition of most employment for minors. -
The A-bomb
Albert Einstein alerts Franklin D. Roosevelt to an A-bomb opportunity, which led to the creation of the Manhattan Project. Einstein had arrived as a fugitive from Nazi Germany six years earlier on October 17, 1933. -
WWII Begins
The United States declares its neutrality in the European war after Germany invaded Poland, effectively beginning World War II after a year of European attempts to appease Hitler and the aims of expansionist Nazi Germany.