Title: 7 New Deal Programs Still in Effect Today
Headings: 7 New Deal Programs Still in Effect Today
7 New Deal Programs Still in Effect Today
Federal Deposit Insurance Corporation
Federal National Mortgage Association (Fannie Mae)
National Labor Relations Board
Securities and Exchange Commission
Social Security
Soil Conservation Service
Tennessee Valley Authority
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Federal National Mortgage Association (Fannie Mae)
The Federal National Mortgage Association, or Fannie Mae, is another New Deal program. Win McNamee / Getty Images
Much like in the recent financial crisis, the 1930's economic downturn came on the heels of a housing market bubble that burst. By the start of the Roosevelt administration in 1932, nearly half of all American mortgages were in default, and at its worst in 1933, some 1,000 home loans were foreclosed every day. 3 ﻿ Building construction came to a halt, putting workers out of their jobs and amplifying the economic fallout. As banks failed by the thousands, even worthy borrowers couldn't get loans to buy homes. The Federal National Mortgage Association, also known as Fannie Mae, was established in 1938 when President Roosevelt signed an amendment to the National Housing Act (passed in 1934). Fannie Mae's purpose was to purchase loans from private lenders, freeing up capital so those lenders could fund new loans. Fannie Mae helped fuel the post-WWII housing boom by financing loans for millions of GIs. 4 ﻿ Today, Fannie Mae and a companion program, Freddie Mac, are publicly held companies that finance millions of home purchases. 4 ﻿
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National Labor Relations Board
The National Labor Relations Board strengthened labor unions.