with local governments. The National Recovery Administration (NRA) sought to stimulate demand and provide work and relief through increased government spending. To end deflation the gold standard was suspended and a series of panels comprising business leaders in each industry set regulations that ended what was called "cut-throat competition," believed to be responsible for forcing down prices and profits nationwide. Several Hoover agencies were continued, most notably the Reconstruction Finance Corporation, which provided large-scale financial aid to banks, railroads, and other agencies. Reforms that had never been enacted in the 1920s now took center stage, such as the Tennessee Valley Authority (TVA) designed to electrify and modernize a very poor, mountainous region in Appalachia. In 1934–36 came the much more controversial "Second New Deal." It featured Social Security; the Works Progress Administration (WPA), a very large relief agency for the unemployed run by the federal government; and the National Labor Relations Board, which operated as a strong stimulus to the growth of labor unions. Unemployment fell by ⅔ in Roosevelt's first term (from 25% to 9%, 1933–1937). The second set of reforms launched by the Roosevelt Administration during the same period included the Social Security Act of 1935. Insurance and poor relief ("public assistance" or "welfare") are constituent parts of the legislation, which provided pensions to the aged, benefit payments to dependent mothers, crippled children and blind people, and unemployment insurance. The Social Security Act still plays a significant role of the American health and human service system so far. Much of the economy had recovered by 1936, but persistent, long-term unemployment lasted until rearmament began for World War II in 1940. The New Deal was, and still is, sharply debated. The business community, with considerable support from such conservative Democrats as Al Smith, launched a crusade against the New Deal, warning that a dangerous man had seized control of the economy and threatened America's conservative traditions. Scholars remain divided as well. When asked whether "as a whole, government policies of the New Deal served to lengthen and deepen the Great Depression," 74% of American university professors specializing in economic history disagreed, 21% agreed with provisos, and 6% fully agreed. Among respondents who taught or studied economic theory, 51% disagreed, 22% agreed with provisos, and 22% fully agreed. Recession of 1937–1938 By 1936, all the main economic indicators had regained the levels of the late 1920s, except for unemployment, which