THE ROARING 20S 1920 1929
AMERICAN ECONOMY IN THE 1920S
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Social Security Act (1935)
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New Deal programs
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Federal Deposit Insurance Corporation (FDIC)
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Securities and Exchange Commission
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Detailed explanation-1: -The Social Security Act established two types of provisions for old-age security: (1) Federal aid to the States to enable them to provide cash pensions to their needy aged, and (2) a system of Federal old-age benefits for retired workers.
Detailed explanation-2: -The Social Security Act gave the board three major assignments. This was a federal-state program designed to provide assistance on the basis of need for persons over 65 years of age, dependent children and the needy blind.
Detailed explanation-3: -The Social Security Act was signed into law by President Roosevelt on August 14, 1935. In addition to several provisions for general welfare, the new Act created a social insurance program designed to pay retired workers age 65 or older a continuing income after retirement.
Detailed explanation-4: -On July 1, 1972, President Nixon signed Public Law 92-336, a bill to extend the public debt limit. The legislation also contained amendment to the Social Security Act, raising the amount of monthly cash benefits and revising several financing provisions.