National Industrial Recovery Act

The National Industrial Recovery Act (NIRA), enacted in 1933, was a U.S. law aimed at boosting the economy during the Great Depression. It encouraged industries to cooperate by setting fair prices and wages, reducing cutthroat competition. It also established the National Recovery Administration (NRA) to create codes of fair practice. The goal was to promote fair business practices, improve employment, and stabilize prices. However, the law faced legal challenges and was largely declared unconstitutional in 1935, leading to its eventual termination.