Business Before the Seventy-Third Congress (Second Session)

December 26, 1933

Report Outline
Business Conditions, Currency Inflation, Political Alignments
Emergency Expenditures and the Federal Budget
Congress, the A. A. A. and the N. R. A.
Banking Financial, and Regulatory Legislation
Proposed Federal Laws to Curb Organized Crime
Tariffs, Treaties, Questions of Foreign Policy
Special Focus

Business Conditions, Currency Inflation, Political Alignments

Under The Terms of the 20th amendment, which became a part of the Constitution with its ratification by the thirty-sixth state on January 23, 1933, the 73rd Congress will meet for its second, and probably its last, session on January 3, 1934.

The 73rd Congress was chosen with President Roosevelt in the national election of 1932. It is overwhelmingly Democratic in both houses. Called into special session by the President immediately after his inauguration, the new Congress met on March 9, 1933, and on that day enacted the Emergency Banking Act to deal with the banking crisis. In the 100 days that followed the President was armed with extraordinary powers for combatting depression and promoting recovery in a long series of measures approved by the two houses in substantially the form in which they were drafted in the executive departments, The special session adjourned in the early morning hours of June 16, and on that day the President signed the most striking of all the measures to which Congress had given its approval—the National Industrial Recovery Act.

Since the first session of the 73rd Congress met, enacted the administration's recovery program, and adjourned, there has been a striking improvement in many lines of economic activity—which was described by Recovery Administrator Johnson at the beginning of December as a “twenty-five per cent recovery from the depression.” The Federal Reserve Board's index of industrial production mounted to a peak of 100 in July, when it was exactly equal to the 1923–25 average, but declined during the four ensuing months.

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