wanted to nationalize banks altogether. March 10, 1933: The Economy Act of 1933. Roosevelt, in sending this act to Congress, warned that if it did not pass, the country faced a billion-dollar deficit. The act balanced the federal budget by cutting the salaries of government employees and cutting pensions to veterans by as much as 15 percent. It intended to reassure the deficit hawks that the new president was fiscally conservative. Although the act was heavily protested by left-leaning members of congress, it passed by an overwhelming margin. The session also passed several other major pieces of legislation: March 31, 1933: The Civilian Conservation Corps Reforestation Relief Act (ch. 17, ) established the Civilian Conservation Corps (CCC) as a means to combat unemployment and poverty. May 12, 1933: The Agricultural Adjustment Act (ch. 25, ) was part of a plan developed by Roosevelt's Secretary of Agriculture, Henry A. Wallace, and was designed to protect American farmers from the uncertainties of the depression through subsidies and production controls. The act laid the frame for long-term government control in the planning of the agricultural sector. In 1936 the act was ruled unconstitutional by the United States Supreme Court because it taxed one group to pay for another. May 12, 1933: The Federal Emergency Relief Act (ch. 30, ) established the Federal Emergency Relief Administration (FERA) which develop public works projects to give work to the unemployed. May 18, 1933: The Tennessee Valley Authority Act (ch. 32, ) created the Tennessee Valley Authority to relieve the Tennessee Valley by a series of public works projects. June 5, 1933: The Securities Act of 1933 (ch. 38, ) established the Securities Exchange Commission (SEC) as a way for the government to prevent a repeat of the Stock Market Crash of 1929. June 12, 1933: The Glass–Steagall Act of 1933 (ch. 89, ) was a follow up to the Glass–Steagall Act of 1932. Both acts sought to make banking safer and less prone to speculation. The 1933 act, however, established the Federal Deposit Insurance Corporation. June 16, 1933: The National Industrial Recovery Act ("NIRA", ch. 90, ) was an anti-deflation scheme promoted by the Chamber of Commerce that reversed anti-trust laws and permit trade associations to cooperate in stabilizing prices within their industries while making businesses ensure that the incomes of workers would rise along with their prices. It guaranteed to workers of the right of