One of the key elements of Reform mentioned in the list of acronyms is the creation of the FDIC; namely, the Federal Depositi Insurance Corporation, which, to this day, insures deposits up to a certain amount of money so that investors will not lose everything is there is another "crash." With his Emergency Banking Act of 1933, the Federal Reserve banks reopened, and billions of dollars of hoarded currency and gold flowed back into these banks, thus stabilizing them. This creation of the FDIC is one of the fail-safes that have prevented other recessions such as that of 1975 and the current one from becoming a full blown economic depression.
While the WPA of 1935, or Works Project Administration created jobs for men, it did not help women--other than widows or wives of disabled men--procure jobs until 1941. Federal Art Projects were also begun. One such project gave 162 trained artists the opportunity to paint murals or create statues for post offices.
Convinced that the economy would not stabilize until farming became prosperous, Franklin directed many programs to farmers. The AAA, Agricultural Adjustment Administration, began in 1933; its aim was to raise prices for commodities through artificial scarcity. So, the AAA paid farmers for leaving some of their land idle. While farmers incomes rose in the first three years of this program, a Gallup Poll revealed that most Americans were against this program. Nevertheless, the government to this day pays farmers not to plant and not to utilize all their land.
More income came to legitimate businesses with the repeal of Prohibition in 1933, as well. Also, in 1933, the National Industrial Recovery Act was passed insuring workers raises as the value of products increased.
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