National Industrial Recovery Act antitrust Supreme Court Glass–Steagall Act Federal Deposit Insurance Corporation Securities and Exchange Commission securities Federal Communications Commission regulate telecommunications
Reform of the economy was the goal of the National Industrial Recovery Act (NIRA) of 1933. It sought to end cutthroat competition by forcing industries to establish rules such as minimum prices, agreements not to compete, and production restrictions. Industry leaders negotiated the rules with NIRA officials, who suspended antitrust laws in return for better wages. The Supreme Court in May 1935 declared NIRA unconstitutional by a unanimous decision, to Roosevelt's chagrin. He reformed financial regulations with the Glass–Steagall Act, creating the Federal Deposit Insurance Corporation (FDIC) to underwrite savings deposits. The act also limited affiliations between commercial banks and securities firms. In 1934, the Securities and Exchange Commission was created to regulate the trading of securities, while the Federal Communications Commission (FCC) was established to regulate telecommunications.
