The Hundred Days
Posted on Sat Jan 17, 2009 at 05:52:21 PM EST
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Below I state that Obama must be bold at the outset of his Presidency. In the NYTimes, Jean Edward Smith, who wrote a fine biography of FDR, describes the famous Hundred Days of FDR:
While many Americans think Roosevelt had the entire New Deal in mind for the special session, he in fact initially assumed that Congress would deal only with the banking crisis and then adjourn. The president had closed the nation’s banks by executive order and, like Lincoln in the Civil War, needed legislative authority to confirm his action and reorganize the financial system.
When Congress met on March 9, F.D.R.’s Emergency Banking Act was introduced in the House with the ink still wet. There were no committee hearings, no debate, no amendments. The measure was whooped through with bipartisan support and no roll call. Most members had not read the bill, and took on faith what the leadership presented. Three hours later the bill passed the Senate (73-7), and an hour later Roosevelt added his signature. The entire legislative process, from the bill’s introduction in the House to the president’s signature, took less than six hours.
. . . After consolidating his position, F.D.R. opened the New Deal floodgates. There was no preconceived order in which legislation was sent to Capitol Hill. As soon as a measure was ready, Roosevelt sent it forward — carefully preparing the ground beforehand with the Congressional leaders who would be responsible.
. . . Bills to reorder the nation’s agriculture, housing and mortgage markets followed in short order. Acreage allotments, price supports and crop set-asides reshaped the face of American agriculture. Farm mortgages were refinanced and the Farm Credit Act provided operating funds at low interest rates. The urban housing market was rescued with the establishment of the Home Owners Loan Corporation, which purchased the mortgages of distressed home owners, provided money for taxes and repairs, and set repayment schedules over 30-year terms at 5 percent interest. The loan corporation assumed one-sixth of all home mortgages in the United States, and soon made home ownership a goal to which most Americans could aspire.
On March 21, Roosevelt asked Congress for $500 million for unemployment relief. Congress complied and the president appointed Harry Hopkins to administer the program, the first ever by the federal government.
. . . Legislation to establish the Tennessee Valley Authority, providing cheap electric power to one of the most poverty stricken regions of the country, was introduced April 10 and became law five weeks later.
The excesses of Wall Street, blamed by many for the Depression, were reined in with the passage of the Truth in Securities Act on May 27. “If the country is to flourish,” said Roosevelt, “capital must be invested in enterprise. But those who seek to draw upon other people’s money must be wholly candid regarding the facts on which the investor’s judgment is asked.”
To make American farm products more affordable on the world market, F.D.R. took the United States off the gold standard, and Congress passed follow-up legislation nullifying the clauses in private contracts that required payment in gold.
The Glass-Steagall Act, one of the most far-reaching economic measures ever enacted, required banks to divest themselves of securities operations; gave the Federal Reserve Board the authority to set interest rates; and established the Federal Deposit Insurance Corporation to guarantee individual bank deposits, assuring the average citizen that his money would be protected by the government.
. . . The 100 days that Congress was in session in 1933 shattered all records for legislative activity. Roosevelt had sent 15 messages to Capitol Hill requesting action, and Congress had responded with 15 historic pieces of legislation.
FDR was as bold a leader as the Nation had seen in 1933. Obama must follow his example.
Speaking for me only
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