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The smoot-Hawley Tariff passes on June 17. Democrats gain in congressional elections but still don't have majority. The GNP fails 9.4% and unemployment rate climbs 3.2% to 8.7%. 1931, a second banking panic occurs in the spring. The GNP falls another 8.5%. Unemployment rises to 15.9%. 1932, this year and next year are the worst of the depression...
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1932, this year and next year are the worst of the depression. GNP falls a record 13.4%. Unemployment falls another 23.6%. Congress creates the reconstruction finance corporation. Congress passes the federal home loan bank act Congress passes the glass steagall act of 1932. 1933 Roosevelt inaugurated...
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