1933

Franklin Roosevelt is sworn in as president on March 4; he had pledged a “new deal” for the American people and initiates numerous economic stimulus and relief programs in his first hundred days in office.

The Emergency Banking Relief Act of 1933 gives the president broad powers over the national banking system.

The U. S. Congress ratifies the Twentieth and Twenty-first Amendments to the U. S. Constitution; the Twentieth Amendment adjusts the length of congressional and presidential terms of office, and the Twenty-first Amendment ends Prohibition by repealing the Eighteenth Amendment to the U. S. Constitution.

Dorothy Day founds the Catholic Worker, a monthly newspaper that aims to raise society’s consciousness regarding the poor.

Benny Goodman records Billie Holiday and introduces her distinctive singing style to the American public.

The U. S. Congress passes the Agricultural Adjustment Act of 1933, which raises farm income and commodity prices—and reduces surpluses of basic commodities—by curtailing production.

The U. S. Congress creates the Federal Emergency Relief Administration to help support unemployed Americans until economic recovery can provide jobs.

The U. S. Congress creates the Tennessee Valley Authority to stimulate the economically depressed Tennessee River region.

The Gold Repeal Resolution of 1933 moves the United States away from the gold standard. Currency is no longer tied to the amount of gold held in reserve by the U. S. Treasury.

With unemployment of at least 25 percent of the American workforce, the U. S. Congress passes the National Industrial Recovery Act in an attempt to encourage industrial and business recovery, reduce unemployment, foster fair competition, and provide for the construction of public works.

President Franklin Roosevelt names Frances Perkins secretary of labor; she becomes the first female cabinet member.

U. S. Congress passes the Securities Act of 1933, which is designed to ensure full disclosure to purchasers of most stocks and bonds offered for public sale.

Fiorello La Guardia is elected mayor of New York City; his 12 years in office are marked by government reform and the expansion of public services.

President Roosevelt extends U. S. recognition to the Soviet government.

The Banking Act of 1933 separates commercial and investment banking and creates the Federal Deposit Insurance Corporation (FDIC) to protect deposits in the event of bank failure.