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US Economy
key legislature for US Econ.
| Question | Answer |
|---|---|
| Non-Intercourse Act (1809) | Repealed the Embargo Act (1807).U.S. allowed to trade with all foriegn countries.Trade could resume with either country if there was an agreement to respect American neutral rights. |
| Panic of 1819 | Causes included end of Napoleonic wars, land speculation, and tight credit policy of the Second Bank of th U.S.South and West hardest hit regions.Characterized by bank failures, farm foreclosures, and unemployment |
| Tariff of 1816 | Increased rates to both protect US industries and raise revenue.Support for tariff strong in Western and Middle Atlantic states; opposition in the South.Sectional divide over tariff issues become more pronounced over next 15 yrs. |
| National Bank Act (1863) | Established national banking system remained in place until formation of the Federal Reserve(1913).Encouraged formation national banks required to have part of capital in US securities.State bank note tax (1865) leads to withdrawal from circulation. |
| Pacific Railway Act (1862) | central route for construction of 1st transcontinental RR.Provided for rights of way, large land grants from public domain.construction begun by Union and Cantral Pacific RR in 1863, finished 1869 |
| Independent Treasury Act (1840, 1846) | created independent fed deposits for money coming into fed gov.'t; not connected with banking system.repealed by whigs in 1841; reestablished by Democrats in 1846.In place until enactment of the Federal Reserve act (1913) |
| Financing Civil War (1861-1865) | North- increased excise taxes, 1st fed income tax, higher tariff rates (1861 Morrill Tariff), printed paper moneySouth- print paper money; bond sales; taxes not important |
| Rationing during WWII (1941-1945) | managed through Office of Price Admin.; gov.'t issues ration books |
| Fair Employment Practices Committee (1941) | established to threat by black leaders to organize Washington march on job discrimination.Prohibited discrimination based on race, creed, color in defense industries and fed gov.Committee investigates discrimination charges, little enforcemment power |
| Office of Price Administration (1941) | set max prices for goods (except commodities) and rents to control inflation during war.Managed wartime rationing.Disbanded in 1946 |
| Fair Labor Standards Act (1938) | set 1st fed min. wage $.25/hr.Overtime pay= time and a half.made 16 age of employment.est. 40 hr. work week by 1940.many classes not covered (retail, ag) |
| wealth tax act (1935) | large tax increase on incomes over 1 million.reponse to Huey Long's Share Our Wealth program |
| Natioanl Labor Relations Act (1935) | restored labor provisions of NIRA (1933) which was unconstituional. Created National Labor Relations Board to supervise union elections, resolve labor disputes, check into unfair labor practices.AKA Wagner Act |
| Securitites and Exchange Act (1934) | est. SEC to regulate stock exchanges. set margin requirements for buying stock on credit. |
| The Economy Act (1933) | cut in fed spending early in 1st 100 days.designed to balance budget.cuts in salaries of fed employees and reduction in vet benefits |
| Emergency Banking Relief Act (1933) | approved national bank holiday. only banks treasury dept. found sound allowed to reopen. Reconstruction Finance Corp. (RFC) made funds available if needed. prohibited private hoarding of gold. ended banking crisis. |
| Reconstruction Finance Corporation (1932) | EST. DURING Hoover admin. in response to the great depression. provided loans to banks, some funding for public works.RFC expands role under FDR |
| Agriculture Marketing Act (1929) | Hoover admin. measure to address problems after McNary-Haugen Bill.Created Federal Farm Board to promote marketing |
| McNary-Haugen Bill (1924-1928) | attempt to deal with falling ag prices.Legislation had the fed. gov. buy farm surplus to sell on the international market; kept domestic farm prices high.vetoed by coolidge, not enough support for congress to override |
| Fordney-McCumber Tariff (1922) | Reversed the lower tariffs of the Progressive Era and returned to the protectionist policies of 1890s.Increased rates on metals, sugar...Nations around the world raise their tariffs too. |
| Budget and Accounting Act (1921) | Required the president to sumbit an annual budget to Congress.Bureau of the Budget est. to assist the White House.Created the Government Accounting Office as gov.'s auditor |
| National War Labor Board (1918,1942) | composed of business, labor, and public reps; responsible for resolving labor disputes.pushed for 8 hr. work day. membership in union (esp. AF of L) grew. NWLB est. in 1942 to settle labor disputes that could interrupt war effort |
| Food Administration (1917) | Federal agency responsible for managing ag. headed by hoover. encouraged increased farm production (gov. pays higher prices); conservative programs include victory gardens |
| Mann-Elkin Act (1910) | Telephone, telegraph, and wireless companies came under the authority of the Interstate COmmeerce Commission.Provided for stricter enforcement of regarding long v. short haul rate discrimination by RR |
| Hepburn Act (1906) | Gave the Interstate Commerce Commission power to set max. rail rates.Expanded the ICC's jurisdiction to include ferries, oil pipelines, and bridges.ICC rulings in effect while they were challenged in court. |
| Panic of 1893 (1893-1897) | Causes: British investors calledin loans/ sold stock, high tariff, reduced revenues/ farm prices, and shrinking gold reserves.Effects: widespread bank/business failure; drop stock prices; high unemployment.Sherman Silver Purchase Act(1890) repealed |
| Holding Company | a company established for the purpose of controlling other companies by owning a majority of their stock.Considered monopolies under the Sherman Antitrust Act (1890), eg. Northern Securitites v. US.Holding companies electricity/gas under fed reg. 1935 |
| McKinley Tariff (1890) | Tariff rates increased to protect American business from foriegn competition.COntributed to an increase in consumer prices.Higher prices considered a factor in President Ben Harrison's 1892 defeat. |
| Sherman Silver Purchase Act (1890) | Treasury Dept. allowed to buy 4.5 mil oz. of silver/month. increased amount of silver used for coinage. treasury issues money redeemable in gold/silver.Repealed 1893 by cleveland (balmed law for econ collapse= Panic of 1893 |
| Federal Reserve Act (1913) | divided country in 12 districts with fed res bank in each. fed res bank only deal with other banks, all national banks must be member of system. Fed res board control $$ supply by adjusting interest rates |
| War Industries Board (1917) | Fed agency est to gear US industry for war effort. oversaw factory conversion to wartime production; allocated raw materials |
| Clayton Anti-Trust Act (1914) | exempted labor and farm org from antitrust laws.recognized union right to strike.prohibited price discrimination, rebates, holding co. |
| Federal Trade Commission (1914) | 5-memberauthorized prohibition of unfair business pracs that encourage monopolies.FTC's cease and desist orders could be challenged in court |
| welfare capitalism | co. offered workers higher wages to ensure workforce loyalty, make union membership less likely; union mmbrshp declined in '20s. Example henry ford $5/day wages |
| Underwood-Simmons Tariff (1913) | provided sig. tariff reduction rate since civ war.included 1st fed income tax under amdt 16. |
| Bonanza Farms | large farms in upper great plains; highly mechanized; single crop; declined in 1890s |
| Bland-Allison Act (1878) | authorized sec of treasury to buy between 2-4 million in silver each month; passed overriding hayes' vetocompromise for farmers who wanted unlimited coinage of silver |
| Sherman Antitrust Act (1890) | response to monopoly growth (trusts). made them illegal. fed breaks trusts up through courts. not effectively enforced in 1890s; used against labor unions |
| Interstate Commmerce Act (1887) | response to Wabash v. Illinois (1886.Created ICC, 1st reguloatory agency.commission empowered to investigate RR op.RR rates must be fair. |
| Balanced Budget Act (1985) | response to the growing fed deficit during reagan admin.provided automatic spending cuts if deficit reductions not met. declared unconstitutional by SC in Bowsher v. Symar (1986); revised legislation (1987) not effectiveaka Gramm-Rudman |
| Economic Recovery Tax Act (1981) | tax cut across board for individuals.Red. in max tax rate for all incomes.expansion of IRAs. |
| Supply SIde Econ | associated with Reagan. tax cuts benefiting wealthy. gap between rich and poor widened in 1980s |
| Arab Oil Embargo (1973-1974) | OPEC cut oil shipments to US. action taken in response to support for Israel in Yom Kippur War(1973)led to inflation, gas station lines. |
| Stagflation | Associated with Nixon. econ condition combined with a slowdown in econ and high inflation. rising unemployment during 1970s. Nixon addresses with wage and price controls(1971) had little effect |
| Equal Pay Act (1963) | Recommendation of the Presidential COmmission on the status of Women created by JFK (1961). prohibited wage discrim. between men and women doing same job |
| Trade Expansion Act (1962) | Pres. given broad tariff cutting authority of up to 50% current rate in negotiations with other countries. led to the Kennedy Round of the General agreement on Tariffs and Trade. |
| St. Lawrence Seaway (1959) | Joint US-Canadian project to construct navigation channel to connect Atlantic with Great Lakes.Drmamtically increased shipping from Midwest at lower costs. |
| Landrum-Griffin Act 1959 | included provisions to ensure unions operate in open/democratic manner.Required closer scrutiny of union finances by Dept. Labor. Union leaders to act in best interest of members. response to congressional investigation (esp. teamsters union) |
| Taft-Hartley Act 1947 | prohibited closed shop, which required hiring union members.banned unions from making political campaign contributions. opposed organized labor, passed over truman's veto |
| employment act 1946 | fed max. employment production and purchasing power. created council of econ advisers to provide pres with analysis/ adivce on econ policy. est. joint econ committeee of the congress |
| war production board 1942 | similar responsibilities as its WWI predessor, war industries board. mgmt of war production, ended nonessential construction projects |
| coinage act 1873 | us ended coinage of silve; gold became sole monetary std.supporters of bimetallism reffered to it as crime of '73. critics included western mining interest, mainly farmers |
| First Transcontinental RR 1869 | authorized by the Pacific Railway Act(1862)Union Pacific RR buil line.Fed gov provided rights of way, land grants, and subsuduzed construction |
| Knights Of Labor (1869) | open to all workers irrespective of skill, gender, race.support 8 hr day, equal pay for women, end to child/ convict labor. preffered arbitration to strikes. declined following Haymarket Square Riot (1886). |
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