A New Deal for Americans, continued
In order to protect the economy from another economic downturn, Congress passed legislation to set up the Securities and Exchange Commission (SEC) to regulate the stock market and purchase of stocks.
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Under FDR, a National Labor Relations Act was passed to protect union activities including collective bargaining and closed shops. Prior to his second term, Congress established a social security system under the Social Security Act of 1935. This system provided regular paychecks to retired workers, the unemployed, dependent children, and the disabled. Social Security was paid for with an extra tax to working people’s income. Critics of the New Deal felt it did not protect the wages of work done by women and African-Americans. It also set minimum wages at a rate lower than what most people made. Some critics also felt that the New Deal limited individual freedom. The Supreme Court had invalidated some of the New Deal legislation as unconstitutional. In order to “pack” the court with Justices that supported his programs, FDR proposed to appoint a justice for each justice over the age of 70. Called the Federal Court-Packing Bill, FDR was forced to withdraw it from consideration. While the New Deal provided some economic stimulation, America was not pulled out of the Great Depression until after World War II. |