Essential New Deal Legislation First New Deal Recovery: RFC – holdover from Hoover *approx. $2 billion in loans to big business, banks, farm mortgage assoc. **“the Millionaire’s Dole” ***$2 billion to state/local governments for public works (Hoover feared “collectivism”)
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Essential New Deal Legislation First New Deal Recovery: RFC – holdover from Hoover *approx. $2 billion in loans to big business, banks, farm mortgage assoc.
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Essential New Deal Legislation
First New DealRecovery: RFC – holdover from Hoover*approx. $2 billion in loans to big business, banks, farm mortgage assoc.**“the Millionaire’s Dole”***$2 billion to state/local governments for public works (Hoover feared “collectivism”)
AAA (1933, 1938)• Provided subsidies for cutting production
NLRB dealt with labor law violations; Fair Labor Standards Act (38) banned child labor, set fed. min. wage (40 cents/hr.), & 40 hours max
Revenue Act of 1935 (“Soak the Rich”)• Raised taxes on corporations, well-to-do,
gifts, estates
• "Our revenue laws have operated to the unfair advantage of the few, they have done little to prevent an unjust concentration of wealth and economic power." -FDR
• Wealthy conservatives labeled FDR a traitor to his class and conservatives criticized the New Deal for diminishing individual liberties