Commemorative issue National Recovery Administration
Created in June 1933 under terms of the National Industrial Recovery Act, the National Recovery Administration (NRA) was the keystone of President Franklin D. Roosevelt's "New Deal" program. The NRA allowed businesses to draft "codes of fair competition," subject to presidential approval, that regulated credit terms, plant construction, prices, wages, and working conditions. Businesses that complied with the codes were exempted from antitrust laws. Workers had the right to organize unions. Consumers who were antagonized by the NRA, claiming it kept production down and prices up, favored big business over small business establishments. In 1935 the U.S. Supreme Court declared the codes unconstitutional on the grounds that unwarranted delegation of legislative powers were involved in the drafting of the various codes.