National+Industrial+Recovery+Act+1

=**The National Industrial Recovery Act**=

"My friends, it is imperative to the recovery of the economy that The National Industrial Recovery Act is approved and the National Recovery Administration is created. This legislation will unite industries and bring in fair and equal competition. Anti-trust laws will be suspended for the time being, but this will lead to the strengthening of businesses, and jobs will be created. The NRA and all companies who wish to participate in the act will write an industry-wide "codes of fair competition" that will assure everyone has a chance to make and do business fairly. These codes will fix prices and wages, establish production quotas, but will not at all slow down business more than it already has been. This act will also allow unions to use collective bargaining and have more effective negotiations with businesses through public hearings. No worker will be forced to join a labor organization, but will still have the option to do so.

For this act to work, industrial self-regulation must be achieved. Businesses will have to bring down their competitive level and work with former rivals; but this will no doubt make America.

Hugh S. Johnson will act as administrator of the NRA. The NRA has the power to regulate hours of work, rates of pay, and the fixing of prices. June 16, 1933 will be the day America's industries pick themselves up and walk towards a better future, and never look back."

The National Industrial Recovery Act was passed on the last day of Roosevelt’s first on hundred days. Officially known as the NIRA, The National Industrial Recovery Act allowed the president to regulate the banks, suspend antitrust laws, companies were required to write industry-wide "codes of fair competition" that effectively fixed prices and wages and established production quotas. The NIRA was strongly supported by many of the industry’s biggest businessmen. The NIRA legalized cartels and funded massive government spending on public works through the Public Works Act. This increased spending was designed to restore prosperity and benefit General Electric and business alike.

Sources: http://www.historicaldocuments.com/NationalIndustrialRecoveryAct.htm http://www.ourdocuments.gov/doc.php?flash=false&doc=66 http://www.ourdocuments.gov/doc.php?doc=66