What does NRA mean in BUSINESS

The National Recovery Administration (NRA) was part of President Franklin D. Roosevelt’s New Deal program, established with the passage of the National Industrial Recovery Act in 1933. The NRA aimed to stabilize employment levels, increase wages and improve working conditions during the Great Depression. It also sought to reduce destructive competition among businesses by establishing codes of conduct for each industry.

The NRA created programs within each industry that allowed business leaders from each sector to meet and create “codes of fair competition” that set wages, price minimums, production schedules and other labor regulations. The idea was that businesses would band together and agree to abide by these rules in order to insure their industry’s economic survival during the Depression.

Many critics argued that certain sections of the NIRA (the legislation which created the NRA) gave too much power to industry associations, as well as giving the federal government authority over state laws. Also, there were concerns about whether or not this would lead to more government involvement in marketing and manufacturing practices for private companies, something proponents argued against vociferously.

After operating for two years and facing numerous court battles over its legality, Congress voted down a bill which would have renewed funding for it in 1935. This effectively ended the program on June 16th of that same year.

Even though it only operated for two years, many argue that its existence had a lasting impact on several areas of law including labor law, antitrust (anti-monopoly) law and consumer protection laws. Additionally, many of its codes influenced regulation within industries still today such as those related to clothing workers, car dealerships and retail trade organizations.

As part of FDR's 'New Deal' initiative , Congress passed an act known as 'The National Industrial Recovery Act'. This legislation officially created the National Recovery Administration in 1933 with a goal towards stabilizing employment levels , increasing wages , improving working conditions and reducing competition among businesses.

Yes . Groups both inside and outside of Congress opposed both Roosevelt's policies , as well as aspects specifically concerning how much control should be given over private companies . This included questions over whether agencies such as NRA could interfere with local laws in regards to pricing , marketing practices etc.