Imperial Valley press., 1933-06-16
FINE RECORD
ESTABLISHED
BY CONGRESS
important Laws Passed During
Three Months OF Special Ses-
sion Ended Last Night.
NEW DEAL Is SUPPORTED
Wide Powers Accorded Presi-
dent In Legislation Passed
By His Demands.

WASHINGTON, June 16. U.P)-
Congress adjourned today with a
record of accomplishments unsur-
passed in any previous peace-time
session.
In a little more than three
months this special session ham,
mered out 16 important new laws
giving President Roosevelt virtually
everything he asked for to trans
late his "new deal'' from a CAM
paign promise to a reality.
The vital bills written into law
this session are:
/. The national recovery act
SuSpends antitrust laws to inaug-
urate an era of cooperation rather
than individualism in industry.
Provides for industrial compacts to
limit production, maintain wage
levels and shorten working hours.
Gives the government power to
supervise and enforce these agree
ments, the first of which are now
being worked out. Launches So
300000,000 public works program
and levieS new taxes on corpora
tions to finance the necessary bond
issues. Through this measure the
administration aims to open up
100000 jobs by fall.
Q. Farm relief and initiation act
Empowers the President to expand
federal reserve credit by $3,000,000,-
900 to aid business revival. Per-
mits, but does not compel, him to
issue 100000, 900 of new curren-
cy or to reduce the gold content of
the dollar by SO per cent. The
farm section seeks to restore farm
ers' income and eliminate sur
pluses by giving the secretary of
agriculture power to lease farm
lands, allot production among
farmers and pay them bounties.
Provides for taxes on commodities
to raise funds for the bounty pay
ments. Authorizes $4,000 900 900
bond issue to refinance farm mort
cages.
| 8. Emergency bank laws = Gives
the President wartime control over
currency and precious metals. This
law rectified the March banking
moratorium and took the country
VA oA1C 6Olo otdAlQdlQ. k1IIOtIltI
provision gave the r. F. G. auth
GRITTY to purchase stock of national
banks which are now being reor-
ganized.
4. Glass-Steagall bank reform
act-Provides partial insurance af-
ter January l, 1894, on deposits in
federal reserve member banks and
other banks meeting requirements
! OF the insuring corporation. Re-
quires commercial banks to 90 out
of securities business within a year
and forbids investment banks to
accept deposits. Authorizes branch
banking by national banks in states
which permit it.
5. Wagner-Lewis emergency re-
lief aw-Establishes $500 900 600
fund from which grants now are
being made to the states to provide
| for the destitute.
8. ReforeStatiOn act-EmpoWers
the President to employ men on re-
foiestation and flood control work
at a salary of 81 a day. Thousands
already put to work and 5000
expected to be enrolled by July.
Z. Railroad organization-Esta
fishes a coordinator for the rail-
roads to work out economies in OPP
GRAFTON, with the stipulation that
employment shall not be reduced.
8. Economy law-Gives the Pre-
sident power to reduce veterans
compensation After making last
minute concessions to congress, the
President expects to save about
$500, 100000 on these payments. Act
also authorizes federal reorganiza-
| ton.
8. Securities law--Requires filing
with the federal trade commission
of complete information on new
stocks and bonds offered for sale.
Aims to protect investors by aSsur-