June 16, 1933

President Franklin D. Roosevelt makes his “Statement on the National Industrial Recovery Act”, marking the beginning of the NRA (National Recovery Administration) – a program to aid economic recovery by establishing fair pricing, production, sales and labor practices on an industry-by-industry basis. Theodore E. Steinway represents the piano industry in the program. The program establishes the minimum wage of 40 cents per hour and the maximum number of 40 work hour per week. The National Industrial Recovery Act, a document that regulates the implementation of the NRA, encourages labor unions, which will soon lead to workers unrest, and to the eventual cancellation of the program in 1935.