National Industrial Recovery Act (NIRA)

The National Industrial Recovery Act (NIRA), enacted in 1933 during the Great Depression, aimed to stimulate the economy by regulating industry and promoting fair labor practices. It encouraged businesses to set fair prices, reduce competition, and improve working conditions, while also giving workers the right to organize and bargain collectively. NIRA was part of President Franklin D. Roosevelt's New Deal to address economic challenges. However, it was later declared unconstitutional by the Supreme Court in 1935, citing overreach of federal authority, but it laid important groundwork for future labor rights and industrial regulations.