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Course: US history   >   Unit 7

• The presidency of Herbert Hoover
• The Great Depression
• FDR and the Great Depression

The New Deal

• The New Deal was a set of domestic policies enacted under President Franklin D. Roosevelt that dramatically expanded the federal government’s role in the economy in response to the Great Depression.
• Historians commonly speak of a First New Deal (1933-1934), with the “alphabet soup” of relief, recovery, and reform agencies it created, and a Second New Deal (1935-1938) that offered further legislative reforms and created the groundwork for today’s modern social welfare system.
• It was the massive military expenditures of World War II , not the New Deal, that eventually pulled the United States out of the Great Depression.

Origins of the New Deal

• relief (for the unemployed)
• recovery (of the economy through federal spending and job creation), and
• reform (of capitalism, by means of regulatory legislation and the creation of new social welfare programs). 2 ‍  

The First New Deal (1933-1934)

The second new deal (1935-1938), the legacy of the new deal, what do you think.

• Franklin Roosevelt, " Address Accepting the Presidential Nomination at the Democratic National Convention in Chicago ," July 2, 1932. Full text courtesy The American Presidency Project, University of California, Santa Barbara.
• See David M. Kennedy and Lizabeth Cohen, The American Pageant: A History of the American People , 15th ed. (Boston: Wadsworth, 2013), 754-277.
• Eric Foner, Give Me Liberty: An American History (New York: Norton, 2005), 829. Emphasis added.
• On industrial output, see Akira Iriye, American Foreign Policy Relations (1913), 119.
• On Keynes, see Robert Skidelsky, John Maynard Keynes: 1883–1946: Economist, Philosopher, Statesman (New York: MacMillan, 2003.)
• On Roosevelt's court-packing plan, see Burt Solomon, FDR v. The Constitution: The Court-Packing Fight and the Triumph of Democracy (New York: Walker & Co., 2003).
• See David M. Kennedy, Freedom from Fear: The American People in Depression and War (New York: Oxford University Press, 1999), 131-287.

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The New Deal — A Guide to FDR’s Plan for Relief, Recovery, and Reform

The New Deal was a series of programs and policies implemented in the 1930s by President Franklin Delano Roosevelt in response to severe economic and social issues in the United States.

President Franklin D. Roosevelt in 1944. Image Source: FDR Presidential Library & Museum on Flickr .

New Deal Summary

The New Deal was a series of programs and policies implemented in the 1930s by President Franklin Delano Roosevelt — commonly referred to as FDR — in response to severe economic and social issues in the United States. Each New Deal program and policy fell into one or more of three areas, known as the “Three Rs” — Relief, Recovery, and Reform.

At the end of the Roaring Twenties, the 1929 Stock Market Crash triggered the Great Depression started when the stock market crashed in 1929. Starting in 1931, the southwestern Great Plains suffered from a severe drought, which led to massive dust storms. The area was called “The Dust Bowl” and thousands of people were forced to abandon their homes and move west. In the wake of these events, Roosevelt ran for President in 1932, promising a “New Deal” for Americans, and defeated incumbent Herbert Hoover.

Roosevelt was inaugurated on March 4, 1933. In his First Inaugural Address, he delivered the famous line, “The only thing we have to fear is fear itself.” FDR moved quickly to ease the effects of the Depression on Americans by passing New Deal legislation during “The First Hundred Days” of his Presidency.

FDR started by restoring faith in banks, which had suffered due to the stock market crash of 1929. A Bank Holiday was declared and Congress followed by passing the Emergency Banking Relief Act, which allowed the government to inspect the financial health of banks before allowing them to reopen.

The New Deal aimed to tackle unemployment by creating programs that provided job opportunities. The Civil Works Administration (CWA) and the Civilian Conservation Corps (CCC) employed millions of Americans to work on infrastructure projects, such as building roads, bridges, and schools. Other programs, like the Tennessee Valley Authority (TVA), developed hydroelectric power plants to bring electricity to communities where none existed.

The New Deal also addressed labor relations by passing the National Labor Relations Act — also known as the (Wagner Act). It protected the rights of workers, allowing them to join unions and engage in collective bargaining. The act also established the Fair Labor Standards Act, which set a minimum wage for workers.

The New Deal programs and policies created a significant expansion of the Federal government. They also redefined the government’s role in dealing with economic and social issues. The New Deal was controversial when it was implemented, and its legacy continues to be debated by historians, economists, and others. However, the significance of the New Deal and its impact on the United States during the era leading up to World War II cannot be denied.

What did the New Deal do?

This video from the Daily Bellringer provides an overview of the New Deal and its programs. It also touches on the controversy caused by the New Deal which was caused by the expansion of the Federal Government.

New Deal Facts

• The name “New Deal” came from Franklin D. Roosevelt’s 1932 acceptance speech for the Democratic Party’s presidential nomination. In the speech, he said, “I pledge you, I pledge myself, to a new deal for the American people.”
• The New Deal was designed to deal with the economic and social issues created by the 1929 Stock Market Crash, the Great Depression, and the Dust Bow.
• On March 4, 1933, Franklin D. Roosevelt was elected President. He gave a speech on Capitol Plaza in Washington DC to 100,000 people. He said the “only thing we should be afraid of is fear itself.”
• He took action right away by calling Congress into a special session known as “The Hundred Days,” during which legislation was passed to deal with the Depression and provide economic aid to struggling Americans.
• In an effort to restore the public’s confidence in banks, FDR declared a Bank Holiday and Congress passed the Emergency Banking Relief Act.
• The New Deal dealt with unemployment by creating programs like the Civil Works Administration (CWA) and the Civilian Conservation Corps (CCC), providing jobs for millions of Americans and improving the nation’s infrastructure.
• The New Deal was followed by the Second New Deal, which included the National Labor Relations Act, the  Works Progress Administration, and the Social Security Act.
• The New Deal also included labor-related legislation, such as the National Labor Relations Act (Wagner Act) and the Fair Labor Standards Act, which gave workers the right to join unions, negotiate collectively, and established a minimum wage.
• The New Deal paved the way for the repeal of the 18th Amendment, which established Prohibition. The Beer-Wine Revenue Act of 1933 amended the Volstead Act by raising the amount of alcohol allowed to 3.2 percent and also levied a tax.
• Social programs established by the New Deal are still in effect today, including Social Security and the “Food Stamp Plan.”

New Deal AP US History (APUSH) Terms, Definitions, and FAQs

This section provides terms, definitions, and Frequently Asked Questions about the New Deal and the Second New Deal, including people, events, and programs. Also, be sure to look at our Guide to the AP US History Exam .

The New Deal was a series of policies and programs implemented by President Franklin D. Roosevelt during the 1930s in response to the Great Depression. The New Deal aimed to provide relief to the unemployed and poor, promote economic recovery, and reform the financial system. The New Deal included programs such as the Civilian Conservation Corps (CCC), the Federal Emergency Relief Administration (FERA), and the National Recovery Administration (NRA). It also created numerous agencies and programs such as the Securities and Exchange Commission (SEC), the Federal Deposit Insurance Corporation (FDIC), and the Social Security Administration.

The second phase of the New Deal, which was enacted in 1935. The Second New Deal focused on providing economic security to Americans through the creation of Social Security and other welfare programs. It also included measures to stimulate the economy, such as the Works Progress Administration (WPA) and the National Labor Relations Act (NLRA). The Second New Deal was instrumental in helping to alleviate poverty and providing employment opportunities during the Great Depression.

FDR’s Alphabet Soup refers to the numerous programs and agencies created during Franklin D. Roosevelt’s presidency as part of the New Deal. These initiatives, often known by their acronyms, aimed to provide relief, recovery, and reform during the Great Depression. Examples include the CCC (Civilian Conservation Corps), the TVA (Tennessee Valley Authority), and the WPA (Works Progress Administration).

The New Deal was a series of economic programs and reforms enacted by President Franklin D. Roosevelt during the Great Depression. The New Deal sought to provide relief, recovery, and reform to the American economy. It included programs such as Social Security, the National Labor Relations Act (NLRA), and the Fair Labor Standards Act (FLSA). These programs were instrumental in helping to protect workers’ rights and providing employment opportunities during the Great Depression. However, the New Deal was controversial, with some arguing it was a “raw deal” for workers and others arguing that it helped to alleviate the suffering of millions of Americans.

The three Rs of the New Deal were 1) Relief for the needy, 2) Recovery of the economy, and 3) Reform of the financial system. Each of the New Deal Programs generally fell into one of these areas. The goal of the three Rs was to keep the United States from falling into another Economic Depression.

New Deal People and Groups

Herbert Hoover — Herbert Hoover served as the 31st President of the United States from 1929 to 1933. He faced the immense challenges of the Great Depression and was criticized for his belief in limited government intervention. Despite his efforts to address the crisis, Hoover’s presidency is often associated with economic hardships and the initial response to the Depression.

John L. Lewis — An American labor leader who was instrumental in the formation of the Congress of Industrial Organizations (CIO) in 1935. He was a key figure in the Second New Deal and helped to pass the National Labor Relations Act (NLRA). He was also responsible for leading several major strikes during the Great Depression, including the United Mine Workers strike of 1934. Lewis worked to protect workers’ rights and provide employment opportunities during the Great Depression.

Franklin D. Roosevelt — Franklin D. Roosevelt was the 32nd President of the United States, serving from 1933 to 1945. He was elected to the presidency during the Great Depression, and his presidency is closely associated with the New Deal, a series of policies and programs aimed at addressing the economic crisis and promoting economic recovery. He was re-elected for an unprecedented four terms and his leadership during the Great Depression and World War II solidified the role of the Federal government in the American economy and society.

Eleanor Roosevelt — The wife of Franklin D. Roosevelt and one of the most influential First Ladies in American history. She was an advocate for civil rights and women’s rights, and she used her position to promote social reform.

FDR’s Brain Trust — A group of advisors to President Franklin D. Roosevelt who helped him develop the New Deal. They included prominent academics and intellectuals such as Raymond Moley, Rexford Tugwell, and Adolf Berle.

New Deal Democrats —  New Deal Democrats were a faction within the Democratic Party during the 1930s and 1940s that supported Franklin D. Roosevelt’s New Deal policies. These Democrats supported increasing government intervention in the economy and expanding social welfare programs.

United Mine Workers — A labor union that was formed in 1890. The union was instrumental in the formation of the Congress of Industrial Organizations (CIO) in 1935 and led several major strikes during the Great Depression, including the United Mine Workers strike of 1934.

Hundred Days Congress — The Hundred Days Congress was a special session of the United States Congress that ran from March 9 to June 16, 1933. It was called in response to the economic crisis of the Great Depression and was used to pass a number of laws known as the New Deal. During this period, President Franklin D. Roosevelt proposed a series of sweeping reforms designed to provide relief for those affected by the depression, as well as to stimulate the economy. The Hundred Days Congress passed a number of laws, including the Emergency Banking Relief Act, the Glass-Steagall Act, and the National Industrial Recovery Act.

New Deal Events

1932 Presidential Election — The 1932 Presidential Election marked a pivotal moment in American history as the nation grappled with the Great Depression. It was primarily a contest between Republican incumbent Herbert Hoover and Democratic candidate Franklin D. Roosevelt (FDR). FDR emerged victorious, promising a “New Deal” to combat the Depression and implementing a series of reforms that fundamentally reshaped the role of the federal government.

Bank Holiday — A bank holiday is a period of time during which banks are closed, usually by government order. In 1933, President Franklin D. Roosevelt declared a national bank holiday in order to address the banking crisis caused by the Great Depression. During the holiday, which lasted four days, the government examined the books of all banks and only those that were found to be sound were allowed to reopen. This action helped stabilize the banking system and restore public confidence in banks.

Fireside Chats — The Fireside Chats were a series of radio addresses given by President Franklin D. Roosevelt during his presidency. The chats were designed to provide the American people with information about the government’s policies and actions and to explain the reasoning behind them in plain language. The chats were informal and conversational in tone, and they were delivered from the White House, often in the evening, giving the impression that Roosevelt was speaking directly to the American people from the warmth and comfort of their own homes. The Fireside Chats were a powerful tool for Roosevelt to communicate with the American people, build public support for his policies and maintain public confidence during a time of economic crisis.

Great Depression — The Great Depression refers to the severe economic downturn that occurred in the United States and other countries during the 1930s. It was characterized by widespread unemployment, poverty, and a sharp decline in industrial production and trade—ultimately leading to a fundamental restructuring of the American economy and significant social and political changes.

Roosevelt Recession — A period of economic contraction that occurred during the Great Depression, starting in 1937 and lasting until 1938. It was caused by a combination of factors, including President Franklin D. Roosevelt’s decision to reduce government spending, an increase in taxes, and the Federal Reserve’s decision to raise interest rates. This resulted in a decrease in consumer spending and investment, leading to a decrease in economic activity. The Roosevelt Recession was a major setback for the New Deal and led to increased unemployment and poverty.

United Mine Workers Strike of 1934 — A major strike led by the United Mine Workers Union during the Great Depression. The strike was in response to wage cuts and other grievances. It lasted for several months and resulted in a victory for the miners, who were able to secure higher wages and better working conditions.

New Deal Programs

Agricultural Adjustment Act (1933) — A law passed by Congress in 1933 as part of the New Deal. The AAA was designed to help farmers by providing subsidies for reducing crop production and encouraging soil conservation. It also established the Agricultural Adjustment Administration (AAA), which was responsible for implementing the provisions of the act. The AAA was instrumental in helping to stabilize agricultural prices and providing economic relief to farmers during the Great Depression.

Civilian Conservation Corps (CCC) — The CCC provided employment for young men between the ages of 18 and 25, who were paid to work on conservation projects such as planting trees, building roads, and constructing dams. The CCC also provided educational opportunities for its workers, including classes in literacy, math, and vocational skills. The CCC was instrumental in helping to restore the environment and providing employment opportunities during the Great Depression.

Civil Works Administration (CWA) — An agency created by the Federal Emergency Relief Act of 1933 as part of the New Deal. The CWA was responsible for providing jobs to millions of Americans during the Great Depression. It provided employment in construction, repair, and maintenance projects such as building roads, bridges, and public buildings. The CWA was instrumental in helping to alleviate poverty and providing employment opportunities during the Great Depression.

Emergency Banking Relief Act (1933) — A law passed by Congress in 1933 which allowed the federal government to provide emergency loans to banks in order to stabilize the banking system. The act was part of President Franklin D. Roosevelt’s New Deal and was designed to restore public confidence in the banking system. It provided for the reopening of solvent banks, the reorganization of insolvent banks, and the establishment of a Federal Deposit Insurance Corporation (FDIC) to insure deposits up to $2,500. The act was instrumental in helping to stabilize the banking system during the Great Depression and restoring public confidence in banks.

Federal Deposit Insurance Corporation (FDIC) — An independent agency of the United States government created in 1933 as part of the New Deal. The FDIC provides insurance for deposits up to a certain amount in member banks, protecting depositors from losses due to bank failures. The FDIC also regulates and supervises financial institutions to ensure that they are operating safely and soundly. It is one of the most important financial regulatory agencies in the United States and has helped to restore public confidence in the banking system.

Federal Emergency Relief Act (1933) — A law passed by Congress in 1933 as part of the New Deal. The FERA provided federal funds to states and local governments to create relief programs for the unemployed. It also established the Civil Works Administration (CWA), which was responsible for providing jobs to millions of Americans during the Great Depression. The FERA was instrumental in helping to alleviate poverty and providing employment opportunities during the Great Depression.

Federal Housing Administration (FHA) — An agency created by the National Housing Act of 1934 as part of the New Deal. The FHA was responsible for providing mortgage insurance to lenders, which allowed them to make home loans with lower down payments and easier credit requirements. This helped to increase homeownership and provided jobs to thousands of Americans during the Great Depression. The FHA helped stabilize the housing market and provide employment opportunities during the Great Depression.

Glass-Steagall Act (1933) — The Glass-Steagall Act was a law passed by Congress in 1933 as part of the New Deal. It was designed to separate commercial and investment banking, and it prohibited banks from engaging in certain types of speculative investments. The act also established the Federal Deposit Insurance Corporation (FDIC), which provided insurance for bank deposits up to a certain amount. The Glass-Steagall Act helped restore public confidence in the banking system and prevent another financial crisis.

National Industrial Recovery Act (1933) —  The National Industrial Recovery Act (NIRA) was a law passed by Congress in 1933 as part of the New Deal. It was designed to stimulate economic growth by providing government assistance to businesses, setting minimum wages and maximum hours for workers, and establishing codes of fair competition. The NIRA also established the National Recovery Administration (NRA), which was responsible for enforcing the provisions of the act. The NIRA was eventually declared unconstitutional by the Supreme Court in 1935.

The Public Works Administration (PWA) — An agency created by the National Recovery Administration of 1933 as part of the New Deal. The PWA was responsible for providing jobs to millions of Americans during the Great Depression. It provided employment in construction, repair, and maintenance projects such as building roads, bridges, and public buildings. The PWA played an important role in helping to alleviate poverty and providing employment opportunities during the Great Depression.

The Tennessee Valley Authority (TVA) — An agency created by the Tennessee Valley Authority Act of 1933 as part of the New Deal. The TVA was responsible for developing the infrastructure and resources of the Tennessee Valley region, including hydroelectric power, flood control, navigation, reforestation, and soil conservation. It also provided jobs to thousands of Americans during the Great Depression. The TVA played an important role in helping modernize the region and providing employment opportunities during the Great Depression.

Second New Deal Programs

Committee for Industrial Organizations (CIO) — An organization formed in 1935 as part of the Second New Deal. The CIO was responsible for organizing workers into unions and bargaining collectively with employers.

Fair Labor Standards Act (1938) — An act passed in 1938 as part of the Second New Deal. The Fair Labor Standards Act was responsible for establishing a minimum wage, overtime pay, and other labor standards.

National Labor Relations Act (1935) — An act passed in 1935 as part of the Second New Deal. The NLRA was responsible for protecting the rights of workers to organize and bargain collectively with their employers. It also established the National Labor Relations Board (NLRB), which was responsible for enforcing the provisions of the act.

Social Security Act (1935) — An act passed as part of the Second New Deal. The Social Security Act was responsible for providing economic security to Americans through the establishment of a federal retirement program and other welfare programs. It also provided unemployment insurance and disability benefits.

Wagner Act — Also known as the National Labor Relations Act (NLRA), it was passed in 1935 as part of the Second New Deal. The Wagner Act was responsible for protecting the rights of workers to organize and bargain collectively with their employers. It also established the National Labor Relations Board (NLRB), which was responsible for enforcing the provisions of the act.

Works Progress Administration (WPA) — An agency created by the Emergency Relief Appropriation Act of 1935 as part of the Second New Deal. The WPA was responsible for providing jobs to millions of Americans during the Great Depression. It funded a variety of projects, including construction, infrastructure development, and arts and culture programs. The WPA was instrumental in helping to stimulate the economy and providing employment opportunities during the Great Depression.

More New Deal Terms and Definitions

21st Amendment — The amendment to the U.S. Constitution that repealed the 18th Amendment and ended Prohibition. The 21st Amendment was ratified in 1933 as part of the New Deal and allowed states to regulate the sale and consumption of alcohol within their borders. It also gave states the power to collect taxes on alcohol sales, which provided a much-needed source of revenue during the Great Depression.

Boondoggling — A term coined by President Franklin D. Roosevelt to describe wasteful government spending on public works projects. The term was used to criticize the New Deal programs, which were seen as a form of government waste and corruption. Boondoggling became a popular term during the Great Depression and is still used today to refer to any wasteful or unnecessary government spending.

Tennessee River Valley — The Tennessee River Valley refers to the region in the southeastern United States encompassing parts of Tennessee, Alabama, and Kentucky. It gained prominence during the New Deal era due to the establishment of the Tennessee Valley Authority (TVA), a federal agency tasked with developing the area’s water resources, controlling flooding, and promoting economic development through hydroelectric power generation and irrigation projects.

National Parks — National Parks are protected areas designated by the federal government to preserve and showcase the country’s natural, historical, and cultural heritage. These areas, managed by the National Park Service, offer opportunities for recreation, conservation, and education. Notable examples include Yellowstone, Yosemite, and the Grand Canyon. National Parks serve as significant landmarks and contribute to the nation’s tourism industry and environmental conservation efforts.

Why is the New Deal important?

The New Deal is important to United States history for several reasons:

1. Response to the Great Depression: The New Deal was a direct response to the economic crisis of the Great Depression, which was one of the most challenging periods in American history. It represented a major shift in the role of the federal government in addressing economic issues and providing relief to citizens.

2. Economic Recovery and Relief: The New Deal implemented a range of programs and policies aimed at stabilizing the economy, creating jobs, and providing relief to those affected by the Great Depression. It helped alleviate immediate suffering and provided assistance to millions of Americans through employment, financial aid, and social welfare programs.

3. Expansion of Federal Government Power: The New Deal marked a significant expansion of the federal government’s role in regulating the economy and addressing social issues. It introduced new agencies and programs, such as the Works Progress Administration (WPA) and Social Security, that had long-lasting impacts on American society and established a precedent for increased government intervention in the economy.

4. Transformation of American Society: The New Deal’s programs had a transformative effect on American society. It brought about improvements in infrastructure, public works, and conservation projects, enhancing the nation’s physical landscape. It also introduced labor reforms, such as the right to unionize and the establishment of minimum wage standards, which aimed to improve working conditions and workers’ rights.

5. Legacy and Long-Term Impacts: Many of the programs and policies initiated during the New Deal era had lasting impacts on American society. Social Security, for example, continues to provide financial security to elderly and disabled Americans. The New Deal also shaped the political landscape, as the Democratic Party under FDR gained support from various social groups and established a coalition that would dominate American politics for decades.

• Written by Randal Rust

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By: History.com Editors

Updated: March 28, 2023 | Original: October 29, 2009

The New Deal was a series of programs and projects instituted during the Great Depression by President Franklin D. Roosevelt that aimed to restore prosperity to Americans. When Roosevelt took office in 1933, he acted swiftly to stabilize the economy and provide jobs and relief to those who were suffering. Over the next eight years, the government instituted a series of experimental New Deal projects and programs, such as the CCC , the WPA , the TVA, the SEC and others. Roosevelt’s New Deal fundamentally and permanently changed the U.S. federal government by expanding its size and scope—especially its role in the economy.

New Deal for the American People

On March 4, 1933, during the bleakest days of the Great Depression , newly elected President Franklin D. Roosevelt delivered his first inaugural address before 100,000 people on Washington’s Capitol Plaza.

“First of all,” he said, “let me assert my firm belief that the only thing we have to fear is fear itself.”

He promised that he would act swiftly to face the “dark realities of the moment” and assured Americans that he would “wage a war against the emergency” just as though “we were in fact invaded by a foreign foe.” His speech gave many people confidence that they’d elected a man who was not afraid to take bold steps to solve the nation’s problems.

Did you know? Unemployment levels in some cities reached staggering levels during the Great Depression: By 1933, Toledo, Ohio's had reached 80 percent, and nearly 90 percent of Lowell, Massachusetts, was unemployed.

The next day, Roosevelt declared a four-day bank holiday to stop people from withdrawing their money from shaky banks. On March 9, Congress passed Roosevelt’s Emergency Banking Act, which reorganized the banks and closed the ones that were insolvent.

In his first “ fireside chat ” three days later, the president urged Americans to put their savings back in the banks, and by the end of the month almost three quarters of them had reopened.

The First Hundred Days

Roosevelt’s quest to end the Great Depression was just beginning, and would ramp up in what came to be known as “ The First 100 Days .” Roosevelt kicked things off by asking Congress to take the first step toward ending Prohibition —one of the more divisive issues of the 1920s—by making it legal once again for Americans to buy beer. (At the end of the year, Congress ratified the 21st Amendment and ended Prohibition for good.)

In May, he signed the Tennessee Valley Authority Act into law, creating the TVA and enabling the federal government to build dams along the Tennessee River that controlled flooding and generated inexpensive hydroelectric power for the people in the region.

That same month, Congress passed a bill that paid commodity farmers (farmers who produced things like wheat, dairy products, tobacco and corn) to leave their fields fallow in order to end agricultural surpluses and boost prices.

June’s National Industrial Recovery Act guaranteed that workers would have the right to unionize and bargain collectively for higher wages and better working conditions; it also suspended some antitrust laws and established a federally funded Public Works Administration.

In addition to the Agricultural Adjustment Act, the Tennessee Valley Authority Act and the National Industrial Recovery Act, Roosevelt had won passage of 12 other major laws, including the Glass-Steagall Act (an important banking bill) and the Home Owners’ Loan Act, in his first 100 days in office.

Almost every American found something to be pleased about and something to complain about in this motley collection of bills, but it was clear to all that FDR was taking the “direct, vigorous” action that he’d promised in his inaugural address.

Second New Deal

Despite the best efforts of President Roosevelt and his cabinet, however, the Great Depression continued. Unemployment persisted, the economy remained unstable, farmers continued to struggle in the Dust Bowl and people grew angrier and more desperate.

So, in the spring of 1935, Roosevelt launched a second, more aggressive series of federal programs, sometimes called the Second New Deal.

In April, he created the Works Progress Administration (WPA) to provide jobs for unemployed people. WPA projects weren’t allowed to compete with private industry, so they focused on building things like post offices, bridges, schools, highways and parks. The WPA also gave work to artists, writers, theater directors and musicians.

In July 1935, the National Labor Relations Act , also known as the Wagner Act, created the National Labor Relations Board to supervise union elections and prevent businesses from treating their workers unfairly. In August, FDR signed the Social Security Act of 1935, which guaranteed pensions to millions of Americans, set up a system of unemployment insurance and stipulated that the federal government would help care for dependent children and the disabled.

In 1936, while campaigning for a second term, FDR told a roaring crowd at Madison Square Garden that “The forces of ‘organized money’ are unanimous in their hate for me—and I welcome their hatred.”

He went on: “I should like to have it said of my first Administration that in it the forces of selfishness and of lust for power met their match, [and] I should like to have it said of my second Administration that in it these forces have met their master.”

This FDR had come a long way from his earlier repudiation of class-based politics and was promising a much more aggressive fight against the people who were profiting from the Depression-era troubles of ordinary Americans. He won the election by a landslide.

Still, the Great Depression dragged on. Workers grew more militant: In December 1936, for example, the United Auto Workers strike at a GM plant in Flint, Michigan lasted for 44 days and spread to some 150,000 autoworkers in 35 cities.

By 1937, to the dismay of most corporate leaders, some 8 million workers had joined unions and were loudly demanding their rights.

The End of the New Deal?

Meanwhile, the New Deal itself confronted one political setback after another. Arguing that they represented an unconstitutional extension of federal authority, the conservative majority on the Supreme Court had already invalidated reform initiatives like the National Recovery Administration and the Agricultural Adjustment Administration.

In order to protect his programs from further meddling, in 1937 President Roosevelt announced a plan to add enough liberal justices to the Court to neutralize the “obstructionist” conservatives.

This “ Court-packing ” turned out to be unnecessary—soon after they caught wind of the plan, the conservative justices started voting to uphold New Deal projects—but the episode did a good deal of public-relations damage to the administration and gave ammunition to many of the president’s Congressional opponents.

That same year, the economy slipped back into a recession when the government reduced its stimulus spending. Despite this seeming vindication of New Deal policies, increasing anti-Roosevelt sentiment made it difficult for him to enact any new programs.

On December 7, 1941, the Japanese bombed Pearl Harbor and the United States entered World War II . The war effort stimulated American industry and, as a result, effectively ended the Great Depression .

The New Deal and American Politics

From 1933 until 1941, President Roosevelt’s New Deal programs and policies did more than just adjust interest rates, tinker with farm subsidies and create short-term make-work programs.

They created a brand-new, if tenuous, political coalition that included white working people, African Americans and left-wing intellectuals. More women entered the workforce as Roosevelt expanded the number of secretarial roles in government. These groups rarely shared the same interests—at least, they rarely thought they did— but they did share a powerful belief that an interventionist government was good for their families, the economy and the nation.

Their coalition has splintered over time, but many of the New Deal programs that bound them together—Social Security, unemployment insurance and federal agricultural subsidies, for instance—are still with us today.

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The New Deal

The election of Fran

Guiding Questions:

• What were President Franklin Roosevelt’s objectives as explained in his May 7, 1933 Fireside Chat?
• What problems were New Deal programs intended to solve?
• Why did President Franklin Roosevelt propose reorganization of the judiciary? What was the method he proposed the reorganization? What constitutional principles support his plan? How would reorganization have changed the constitutional system of checks and balances?
• What long-term results came from the New Deal?

Objectives:

• Students will describe the purposes of various New Deal programs.
• Students will analyze the extent to which President Franklin Roosevelt’s New Deal changed the shift of governmental power.
• Students will evaluate Roosevelt’s plan for the judiciary.

Expand Materials Materials

Student handouts.

• The New Deal Essay

Handout A: Franklin D. Roosevelt Fireside Chat “Outlining the New Deal Program”

Handout b: new deal programs.

• Handout C: Franklin D. Roosevelt’s Press Conference about the Composition of the Supreme Court, February 5, 1937

Handout D: Franklin D. Roosevelt’s Fireside Chat “On the Reorganization of the Judiciary”

Educator Resources

• Handout A: Franklin D. Roosevelt Fireside Chat “Outlining the New Deal Program” Answer Key
• Handout C: Franklin D. Roosevelt’s Press Conference about the Composition of the Supreme Court, February 5, 1937 Answer Key

Poster paper and markers for New Deal Programs presentations

Expand Key Terms Key Terms

• Fourteenth Amendment
• Bill of Rights
• due process
• limited government

Expand Prework Prework

Have students read the New Deal Essay .

Expand Warmup Warmup

Review some of the economic, social, and political conditions that faced the nation in 1932: deepening economic crisis and unemployment of the great Depression, stock market weakness and banking shutdown, plummeting industrial production, racial segregation and discrimination, lack of faith in the political system, etc.

Expand Activities Activities

Distribute Handout B: New Deal Programs . Have students work in pairs or trios to select one of the following New Deal programs and create a presentation in which both partners can explain the provisions of the program, which branch of the government would administer the program, and the intended length of the program.

• Agricultural Adjustment Act
• Civilian Conservation Corps
• Federal Communication Act
• Federal Emergency Relief Administration
• Federal Trade Commission
• Indian Reorganization Act
• National Labor Relations (Wagner) Act
• National Industrial Recovery Act
• Public Works Association
• Social Security Act
• Tennessee Valley Authority
• Works Progress Administration

Have students write the required information on poster paper. Encourage students to add illustrations, memory devices, and colorful elements to their posters, and then display the posters in the classroom for a gallery walk. Set a timer to give the audience 2 minutes at each poster. There is no particular order in which students should visit the posters; just spread out wherever there is space. Have one member of the pair responsible for each poster stand beside their poster to explain it to classmates for the first half of the gallery walk time, and then switch to allow the other teammate to present. As they view each poster, the audience should take notes on Handout B to summarize the main provisions of each New Deal program and develop a memory device for the program.

Have students read Handout C: Franklin D. Roosevelt’s Press Conference about the Composition of the Supreme Court, February 5, 1937 . If pressed for time, you might assign just pages 1, 8, and 9 of this document. Ask students what they think of President Roosevelt’s logic in the proposal regarding the Supreme Court. If more people are involved in reaching a decision, does that make the decision process take less time or more time?

Have students read Handout D and discuss the Critical Thinking Questions in small groups. If pressed for time, you might direct students to focus on pages 2,3,4, and 7.

Expand Wrap Up Wrap Up

Hold a debate regarding Roosevelt’s Judiciary Reorganization plan. Divide class in half, assign one half yea and the other half nay regarding this proposition: President Roosevelt’s Reorganization plan would have probably solved the problems he cited in a manner consistent with the Constitution.

In preparation, each side should be able to cite

• Constitutional provisions that affirm their arguments.
• Constitutional principles that affirm their arguments.
• The historical context of the arguments.

Format: 5 minutes for each side’s opening statements; 10 minutes for discussion and questions/cross examination; 5 minute break for each side to hone their final statement; 4 minutes for each side to make their final statement.

Expand Extensions Extensions

Find examples in current events of controversies related to judicial reform, separation of powers, and checks and balances.

Handout C: Franklin D. Roosevelt’s Press Conference about the Composition of the Supreme Court

Next Lesson

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The New Deal

The new deal. 1933-1941. key quotes: fdr's inauguration speech ... employed 12,000 actors to put on plays and concerts to cheer people up ... – powerpoint ppt presentation.

• Built 70 of USA Schools.
• Built 35 of USA Hospitals.
• Built four river dams.
• Electrified the New York Washington railway.
• Built 50 military airports.
• Built two aircraft carriers.
• Built four cruisers destroyers for the US Navy.
• Built a new sewage system in Chicago.
• Built 70,000 km of roads.
• Built 11,000 schools.
• La Guardia airport in New York.
• Employed photographers to make a record of the Depression.
• Employed 12,000 Actors to put on plays and concerts to cheer people up!
• Employed artists and painters to make paintings for display in schools and public buildings.
• Gave work to 2 million people a year.
• How useful is this source for explaining how the New Deal put America back to work?
• How successful was the New deal at putting USA back to work? Use the source and your knowledge to explain your answer.

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Franklin Roosevelt and The New Deal Presentation

The new deal.

• Was initiated by Franklin Delano Roosevelt;
• He was the 32nd president of the United States;
• He governed from 1933 to 1938;
• His administration inherited the devastation of the great Depression;
• The great depression commenced in 1929 with the stock market collapse.

Economic Objectives of the New Deal

The strengthening of the economy though:

• The empowerment of the American people;
• Dealing with the devastation of the great depression through immediate relief;
• Supporting workers;
• Boosting agriculture;
• Boosting the production of electrical power;
• The generation of jobs for the people;
• Encouraging spending so as to stir up the economy;
• Prevent bank panic;
• Restore stock market confidence;
• Protect American industries from total collapse;
• Uphold the emerging economic authority of the United States.

The ills the New Deal Sought to Heal

The Strategy Identified To deal with The Economic Concerns of the Time

Putting cash in the pockets of Americans (The Equivalent of President Bush and President Obama’s Stimulus Package).

Government funding for massive projects in various areas such as electric energy, water and irrigation, and industry in general.

Direct support for workers, professionals and farmers.

Twelve Major New Deal programs

• Federal Emergency Relief Administration (FERA);
• Public Works Administration (PWA);
• Agricultural Adjustment Administration (AAA);
• Tennessee Valley Authority (TVA);
• Civilian Conservation Corp (CCC);
• Federal Deposit Insurance Corporation (FDIC);
• National Recovery Administration (NRA);
• Works Progress Administration (WPA);
• Rural Electrification Administration (REA);
• National Youth Administration (NYA);
• Wagner Act;
• Social Security Act.

Federal Emergency Relief Administration (FERA)

Was created as the Emergency Relief Administration in 1932 by President Herbert Hoover.

It was given the new name under president Roosevelt in 1933 .

The purpose was to give grants to states to help women start self help projects.

It was replaced by the Works Progress Administration (WPA) in 1935. which also ended in 1943.

Civilian Conservation Corp (CCC)

• This was established in the 31st of March 1933.
• This was FDR’s first month in office.
• The CCC provided work opportunities mainly for unskilled youth.
• The major work was construction of buildings and working in national parks.
• The program ended on the 30th of June 1943.

Works Progress Administration (WPA)

It replaced the federal Emergency Relief Administration in 1935 (Taylor 21).

The aim was to create jobs for the people (Taylor 20).

By the time it was ended in 1943,close to eight million jobs had been created by the WPA.

Public Works Administration (PWA)

• Created in response to the great Depression in 1933 by the National Industrial Recovery Act.
• It concentrated on heavy spending in public works such as bridges and roads so as to trigger industrial growth.
• It ended in 1939.
• Below: Fort Peck –Montana, one of the largest dams in the planet resulted from PWA.

Agricultural Adjustment Administration (AAA)

• Created in 1933 to pay farmers to produce less and raise crop value.
• Was amended in 1938 to include new changes that outlawed taxing crop processors.
• The agency still exists.

Tennessee Valley Authority (TVA)

• Created on the 18th of May 1933.
• Main objective was to control flooding along the Tennessee River and generate electric power.
• The project still exists.
• Below: Wilson Dam-First to be built under the TVA.

Federal Deposit Insurance Corporation (FDIC)

• Established in 1933.
• Aim was to provide security for deposits for member banks.
• It still exists for the same purpose.
• More duties include supervision of certain financial institutions.

The Wagner Act

• Enacted in 1935 under the sponsorship of Senator Wagner. It is also called the National Labor Relations Act.
• It was formed to protect workers on private firms from being mistreated.
• It was amended in 1947 and it still exists.
• Below: FDR sings the Wagner Act 19 1935.

The Social Security Act

• Enacted in 1935 with the aim of protecting the old, needy families, the disabled and the unemployed.
• It has been amended but it basically remains the same. Medicare and Medicaid are part of the act currently.
• It still exists.
• Below: First beneficiary of Social Security-Ida Fuller.

The National Recovery Administration (NRA)

• Formed in 1933.
• Declared unconstitutional in 1935 by the US Supreme Court.
• It died in 1935, but most of its provisions reappeared in the Wagner Act.
• Below: First NRA Director, Mr. Hugh Johnson.

National Youth Administration (NYA)

• Formed as part of the WPA in 1935.
• It’s aim was to offer work study programs for high school and college students.
• It died in 1943.
• Below: NYA Guidance session.

Rural Electrification Administration (REA)

Was created by an executive order in 1935 by FDR and approved by the Rural Electrification Act of 1936 (Brown 19).

The aim was to spearhead the electrification process of rural America (Brown 34).

It worked hand in hand with TVA and other New Deal Job creation ideas and achieved massive success. It was abolished in 1994 and its place was taken by the Rural Utilities Service.

Works Cited

Brown, Deward. Electricity for Rural America: The Fight for the REA (Contributions in Economics and Economic History). New York: Greenwood Press,1980.Print.

Taylor, David . Soul of a People: The WPA Writers’ Project Uncovers Depression America New York: Wiley & Sons, 2009.Print.

www.en.wikipedia.org

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IvyPanda. (2022, August 27). Franklin Roosevelt and The New Deal. https://ivypanda.com/essays/franklin-roosevelt-and-the-new-deal/

"Franklin Roosevelt and The New Deal." IvyPanda , 27 Aug. 2022, ivypanda.com/essays/franklin-roosevelt-and-the-new-deal/.

IvyPanda . (2022) 'Franklin Roosevelt and The New Deal'. 27 August.

IvyPanda . 2022. "Franklin Roosevelt and The New Deal." August 27, 2022. https://ivypanda.com/essays/franklin-roosevelt-and-the-new-deal/.

1. IvyPanda . "Franklin Roosevelt and The New Deal." August 27, 2022. https://ivypanda.com/essays/franklin-roosevelt-and-the-new-deal/.

Bibliography

IvyPanda . "Franklin Roosevelt and The New Deal." August 27, 2022. https://ivypanda.com/essays/franklin-roosevelt-and-the-new-deal/.

Jaguars stadium renovation deal will be announced Tuesday, City Council president says

The Jaguars and Mayor Donna Deegan have reached a deal for renovations of the stadium , City Council President Ron Salem announced Wednesday.

"The mayor reached out to me late yesterday afternoon to inform me that the executive branch and the Jaguars have reached an agreement on the stadium renovation," Salem said at the beginning of a joint meeting with the Duval County School Board Wednesday morning.

The mayor’s office and consultants have led the city’s negotiations since August and will present the proposed agreement to council at the next regular meeting on Tuesday.

“We have reached an agreement on the framework of a deal," Deegan said in a statement Wednesday. "The negotiating team is currently putting the final details on paper, and we will release that information as soon as it is available.”

Nate Monroe: Jaguars stadium deal will be a challenge for Mayor Deegan unlike any other

Gene Frenette: Jaguars, city appear on a good track to close out deal on renovated NFL stadium

Salem did not comment on what share the city could carry of the potential $1.4 billion renovation. 

"I do not know the specifics of this particular deal but look forward to engaging the council during the month of June as we move forward to review it," Salem said.

City Council will have to approve the deal over the next few months. The Jaguars, according to previous Times-Union reporting , hope to have a deal finalized by early summer in order to take it to the NFL owners meeting in October. 

The city will host a series of public meetings to discuss the deal, much like the Jaguars “huddles” last year.  

Deals in other cities: Stadium deals in Buffalo and Nashville show how Jacksonville agreement could be shaped

The current lease for the Jaguars to use city-owned EverBank Stadium goes through the 2029 season. A major piece of the stadium renovation involves negotiations for a new 30-year lease.

The talks also have involved whether the Jaguars would play home games away from Jacksonville during the 2026 and 2027 seasons or just the 2027 season because of the extensive construction.

Deegan has said a key area for her is what the “community benefit” portion of the agreement would be for the Jaguars to support neighborhood improvement programs, such as in the Eastside neighborhood that is located near the sports complex.

• Attend The SPAC Conference

Nasdaq Delists Ace Global Business Acquisition  

Maquia capital acquisition calls off $297m immersed deal 1 month after filing prospectus.

• Merger Termination

Quadro Calls it Quits

Global partner ii slates vote date on $493m stardust power deal, centurion acquisition files for $250m ipo.

Centurion Acquisition registered to offer 25 million units at $10 each. A unit consists of one Class A share and one-half of a warrant. The sponsor inteds to purchase 7 million warrants at $1 each.

The new SPAC plans to target the technology sector, with a focus on video gaming, interactive entertainment and enabling services and technologies, cybersecurity, artificial intelligence, machine learning, Software as a Service (“SaaS”) and deep tech technologies. 

CEO and Director Mark Gerhard was the CEO and a director of Ascendant Digital Acquisition III from January 2021 until its dissolution in February 2023. Gerhard served as CEO and a director of Ascendant Digital Acquisition from March 2020 until its business combination with MarketWise in July 2021. He currently serves as chairman of Pulsiv Ltd, a deep technology company disrupting power electronics, a director of Build a Rocket Boy, an innovative video game and technology developer and publisher, and CEO and CTO of JustWontDie Ltd, a video game developer and publisher.

Centurion intends to apply for a Nasdaq listing under the symbol ALFUU.

Cantor is sole book-running mamager of the offering and Odeon Capital is co-manager. Read more .

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Sunpower adds tesla powerwall 3 to its portfolio.

With storage attach-rates soaring, SunPower adds most-requested battery storage to its offerings  

SunPower Financial introduces loan and lease financing for Powerwall 3, making home backup even more accessible

RICHMOND, Calif. , May 22, 2024 /PRNewswire/ -- SunPower (NASDAQ:SPWR), America's highest-rated † residential solar energy company, today announced it will now be offering Tesla Powerwall 3 as part of its curated portfolio of high quality and affordable solar and storage products.

"Homeowners are increasingly turning to battery storage to protect themselves against ongoing utility rate hikes and grid outages. We witnessed record-breaking battery storage sales in 2024 and see a future where almost all solar systems are paired with storage," said Shawn Fitzgerald , SVP Corporate Development and Product Strategy at SunPower. "Pairing Tesla Powerwall 3 with our industry-leading SunPower Equinox solar system was a natural progression in offering homeowners the best products on the market."

It is projected that one in every four American homeowners who install rooftop solar this year will also add battery storage. 1 As more homeowners consider battery storage for reliable and affordable power, Tesla Powerwall has become one of the most sought-after battery storage solutions accounting for over half of home battery installations  last year. The Powerwall 3 includes 11.5kW of power and 13.5 kWh of energy engineered to provide whole-home backup and capture solar energy more efficiently with an integrated inverter that is fully compatible with the SunPower Equinox® system. 

"Expanding access to Tesla Powerwall 3 allows us to offer homeowners a comprehensive energy solution under one roof including sales, financing and installation," said Joe Holstein , owner of SunPower by Quality Home Services, a SunPower Master Dealer. "Together with SunPower, we're able to sell top-rated solar and battery storage solutions to meet the demands of our customers while simplifying the process to adopt clean energy."

Today, SunPower Financial expanded its suite of solar financing options to include loan 2 and lease financing for Tesla battery installations as approximately 82% of SunPower customers choose to finance their solar-plus-storage system. Qualified SunPower customers can seamlessly finance their Tesla Powerwall 3 with no down payment, affordable monthly payments, and a fast application process making solar and storage more accessible to a variety of homeowners.

SunPower conducted rigorous testing to confirm that Tesla Powerwall 3 meets SunPower's high performance and quality standards, integrating with other products in its portfolio. The Tesla Powerwall 3 also comes with a 10-year warranty backed by Tesla.

SunPower customers can order Tesla Powerwall 3 from Tesla certified SunPower dealers nationwide. Customers can call 1-800-SUNPOWER to find a SunPower-certified dealer near them or visit us.sunpower.com/home-solar/tesla-powerwall  to learn more.

About SunPower

SunPower is the highest-rated solar company in the U.S. † providing customized, high-quality, renewable home energy solutions to meet the unique needs of each family. Since 1985, SunPower has changed the way our world is powered by helping homeowners generate, store, and manage their own sustainable energy. Today, SunPower furthers its mission by helping more Americans gain energy independence through a curated selection of affordable products and flexible financing options. With its high product quality and reliability standards, it's easy to see why homeowners trust SunPower. For more information visit www.sunpower.com

Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding expected business plans, product adoption, availability and performance, and cost savings. These forward-looking statements are based on our current assumptions, expectations, and beliefs and involve substantial risks and uncertainties that may cause results to materially differ from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, regulatory changes and the availability of economic incentives promoting use of solar energy, changes in interest rates and consumer demand, competition in the residential solar industry, our ability to manage risks relating to product financing programs and fluctuations or declines in the performance or availability of our solar panels and other solar and storage products and solutions. A detailed discussion of these factors and other risks that affect our business is included in filings we make with the Securities and Exchange Commission (SEC) from time to time, including our most recent report on Form 10-K, particularly under the heading "Risk Factors." Copies of these filings are available online from the SEC or on the SEC Filings section of our Investor Relations website at investors.sunpowercorp.com. All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events.

View original content to download multimedia: https://www.prnewswire.com/news-releases/sunpower-adds-tesla-powerwall-3-to-its-portfolio-302152752.html

SOURCE SunPower Corp.

McKinsey Global Private Markets Review 2024: Private markets in a slower era

At a glance, macroeconomic challenges continued.

McKinsey Global Private Markets Review 2024: Private markets: A slower era

If 2022 was a tale of two halves, with robust fundraising and deal activity in the first six months followed by a slowdown in the second half, then 2023 might be considered a tale of one whole. Macroeconomic headwinds persisted throughout the year, with rising financing costs, and an uncertain growth outlook taking a toll on private markets. Full-year fundraising continued to decline from 2021’s lofty peak, weighed down by the “denominator effect” that persisted in part due to a less active deal market. Managers largely held onto assets to avoid selling in a lower-multiple environment, fueling an activity-dampening cycle in which distribution-starved limited partners (LPs) reined in new commitments.

About the authors

This article is a summary of a larger report, available as a PDF, that is a collaborative effort by Fredrik Dahlqvist , Alastair Green , Paul Maia, Alexandra Nee , David Quigley , Aditya Sanghvi , Connor Mangan, John Spivey, Rahel Schneider, and Brian Vickery , representing views from McKinsey’s Private Equity & Principal Investors Practice.

Performance in most private asset classes remained below historical averages for a second consecutive year. Decade-long tailwinds from low and falling interest rates and consistently expanding multiples seem to be things of the past. As private market managers look to boost performance in this new era of investing, a deeper focus on revenue growth and margin expansion will be needed now more than ever.

Perspectives on a slower era in private markets

Global fundraising contracted.

Fundraising fell 22 percent across private market asset classes globally to just over $1 trillion, as of year-end reported data—the lowest total since 2017. Fundraising in North America, a rare bright spot in 2022, declined in line with global totals, while in Europe, fundraising proved most resilient, falling just 3 percent. In Asia, fundraising fell precipitously and now sits 72 percent below the region’s 2018 peak.

Despite difficult fundraising conditions, headwinds did not affect all strategies or managers equally. Private equity (PE) buyout strategies posted their best fundraising year ever, and larger managers and vehicles also fared well, continuing the prior year’s trend toward greater fundraising concentration.

The numerator effect persisted

Despite a marked recovery in the denominator—the 1,000 largest US retirement funds grew 7 percent in the year ending September 2023, after falling 14 percent the prior year, for example 1 “U.S. retirement plans recover half of 2022 losses amid no-show recession,” Pensions and Investments , February 12, 2024. —many LPs remain overexposed to private markets relative to their target allocations. LPs started 2023 overweight: according to analysis from CEM Benchmarking, average allocations across PE, infrastructure, and real estate were at or above target allocations as of the beginning of the year. And the numerator grew throughout the year, as a lack of exits and rebounding valuations drove net asset values (NAVs) higher. While not all LPs strictly follow asset allocation targets, our analysis in partnership with global private markets firm StepStone Group suggests that an overallocation of just one percentage point can reduce planned commitments by as much as 10 to 12 percent per year for five years or more.

Despite these headwinds, recent surveys indicate that LPs remain broadly committed to private markets. In fact, the majority plan to maintain or increase allocations over the medium to long term.

Investors fled to known names and larger funds

Fundraising concentration reached its highest level in over a decade, as investors continued to shift new commitments in favor of the largest fund managers. The 25 most successful fundraisers collected 41 percent of aggregate commitments to closed-end funds (with the top five managers accounting for nearly half that total). Closed-end fundraising totals may understate the extent of concentration in the industry overall, as the largest managers also tend to be more successful in raising non-institutional capital.

While the largest funds grew even larger—the largest vehicles on record were raised in buyout, real estate, infrastructure, and private debt in 2023—smaller and newer funds struggled. Fewer than 1,700 funds of less than $1 billion were closed during the year, half as many as closed in 2022 and the fewest of any year since 2012. New manager formation also fell to the lowest level since 2012, with just 651 new firms launched in 2023.

Whether recent fundraising concentration and a spate of M&A activity signals the beginning of oft-rumored consolidation in the private markets remains uncertain, as a similar pattern developed in each of the last two fundraising downturns before giving way to renewed entrepreneurialism among general partners (GPs) and commitment diversification among LPs. Compared with how things played out in the last two downturns, perhaps this movie really is different, or perhaps we’re watching a trilogy reusing a familiar plotline.

Dry powder inventory spiked (again)

Private markets assets under management totaled $13.1 trillion as of June 30, 2023, and have grown nearly 20 percent per annum since 2018. Dry powder reserves—the amount of capital committed but not yet deployed—increased to $3.7 trillion, marking the ninth consecutive year of growth. Dry powder inventory—the amount of capital available to GPs expressed as a multiple of annual deployment—increased for the second consecutive year in PE, as new commitments continued to outpace deal activity. Inventory sat at 1.6 years in 2023, up markedly from the 0.9 years recorded at the end of 2021 but still within the historical range. NAV grew as well, largely driven by the reluctance of managers to exit positions and crystallize returns in a depressed multiple environment.

Private equity strategies diverged

Buyout and venture capital, the two largest PE sub-asset classes, charted wildly different courses over the past 18 months. Buyout notched its highest fundraising year ever in 2023, and its performance improved, with funds posting a (still paltry) 5 percent net internal rate of return through September 30. And although buyout deal volumes declined by 19 percent, 2023 was still the third-most-active year on record. In contrast, venture capital (VC) fundraising declined by nearly 60 percent, equaling its lowest total since 2015, and deal volume fell by 36 percent to the lowest level since 2019. VC funds returned –3 percent through September, posting negative returns for seven consecutive quarters. VC was the fastest-growing—as well as the highest-performing—PE strategy by a significant margin from 2010 to 2022, but investors appear to be reevaluating their approach in the current environment.

Private equity entry multiples contracted

PE buyout entry multiples declined by roughly one turn from 11.9 to 11.0 times EBITDA, slightly outpacing the decline in public market multiples (down from 12.1 to 11.3 times EBITDA), through the first nine months of 2023. For nearly a decade leading up to 2022, managers consistently sold assets into a higher-multiple environment than that in which they had bought those assets, providing a substantial performance tailwind for the industry. Nowhere has this been truer than in technology. After experiencing more than eight turns of multiple expansion from 2009 to 2021 (the most of any sector), technology multiples have declined by nearly three turns in the past two years, 50 percent more than in any other sector. Overall, roughly two-thirds of the total return for buyout deals that were entered in 2010 or later and exited in 2021 or before can be attributed to market multiple expansion and leverage. Now, with falling multiples and higher financing costs, revenue growth and margin expansion are taking center stage for GPs.

Real estate receded

Demand uncertainty, slowing rent growth, and elevated financing costs drove cap rates higher and made price discovery challenging, all of which weighed on deal volume, fundraising, and investment performance. Global closed-end fundraising declined 34 percent year over year, and funds returned −4 percent in the first nine months of the year, losing money for the first time since the 2007–08 global financial crisis. Capital shifted away from core and core-plus strategies as investors sought liquidity via redemptions in open-end vehicles, from which net outflows reached their highest level in at least two decades. Opportunistic strategies benefited from this shift, with investors focusing on capital appreciation over income generation in a market where alternative sources of yield have grown more attractive. Rising interest rates widened bid–ask spreads and impaired deal volume across food groups, including in what were formerly hot sectors: multifamily and industrial.

Private debt pays dividends

Debt again proved to be the most resilient private asset class against a turbulent market backdrop. Fundraising declined just 13 percent, largely driven by lower commitments to direct lending strategies, for which a slower PE deal environment has made capital deployment challenging. The asset class also posted the highest returns among all private asset classes through September 30. Many private debt securities are tied to floating rates, which enhance returns in a rising-rate environment. Thus far, managers appear to have successfully navigated the rising incidence of default and distress exhibited across the broader leveraged-lending market. Although direct lending deal volume declined from 2022, private lenders financed an all-time high 59 percent of leveraged buyout transactions last year and are now expanding into additional strategies to drive the next era of growth.

Infrastructure took a detour

After several years of robust growth and strong performance, infrastructure and natural resources fundraising declined by 53 percent to the lowest total since 2013. Supply-side timing is partially to blame: five of the seven largest infrastructure managers closed a flagship vehicle in 2021 or 2022, and none of those five held a final close last year. As in real estate, investors shied away from core and core-plus investments in a higher-yield environment. Yet there are reasons to believe infrastructure’s growth will bounce back. Limited partners (LPs) surveyed by McKinsey remain bullish on their deployment to the asset class, and at least a dozen vehicles targeting more than $10 billion were actively fundraising as of the end of 2023. Multiple recent acquisitions of large infrastructure GPs by global multi-asset-class managers also indicate marketwide conviction in the asset class’s potential.

Private markets still have work to do on diversity

Private markets firms are slowly improving their representation of females (up two percentage points over the prior year) and ethnic and racial minorities (up one percentage point). On some diversity metrics, including entry-level representation of women, private markets now compare favorably with corporate America. Yet broad-based parity remains elusive and too slow in the making. Ethnic, racial, and gender imbalances are particularly stark across more influential investing roles and senior positions. In fact, McKinsey’s research  reveals that at the current pace, it would take several decades for private markets firms to reach gender parity at senior levels. Increasing representation across all levels will require managers to take fresh approaches to hiring, retention, and promotion.

Artificial intelligence generating excitement

The transformative potential of generative AI was perhaps 2023’s hottest topic (beyond Taylor Swift). Private markets players are excited about the potential for the technology to optimize their approach to thesis generation, deal sourcing, investment due diligence, and portfolio performance, among other areas. While the technology is still nascent and few GPs can boast scaled implementations, pilot programs are already in flight across the industry, particularly within portfolio companies. Adoption seems nearly certain to accelerate throughout 2024.

Private markets in a slower era

If private markets investors entered 2023 hoping for a return to the heady days of 2021, they likely left the year disappointed. Many of the headwinds that emerged in the latter half of 2022 persisted throughout the year, pressuring fundraising, dealmaking, and performance. Inflation moderated somewhat over the course of the year but remained stubbornly elevated by recent historical standards. Interest rates started high and rose higher, increasing the cost of financing. A reinvigorated public equity market recovered most of 2022’s losses but did little to resolve the valuation uncertainty private market investors have faced for the past 18 months.

Within private markets, the denominator effect remained in play, despite the public market recovery, as the numerator continued to expand. An activity-dampening cycle emerged: higher cost of capital and lower multiples limited the ability or willingness of general partners (GPs) to exit positions; fewer exits, coupled with continuing capital calls, pushed LP allocations higher, thereby limiting their ability or willingness to make new commitments. These conditions weighed on managers’ ability to fundraise. Based on data reported as of year-end 2023, private markets fundraising fell 22 percent from the prior year to just over $1 trillion, the largest such drop since 2009 (Exhibit 1).

The impact of the fundraising environment was not felt equally among GPs. Continuing a trend that emerged in 2022, and consistent with prior downturns in fundraising, LPs favored larger vehicles and the scaled GPs that typically manage them. Smaller and newer managers struggled, and the number of sub–$1 billion vehicles and new firm launches each declined to its lowest level in more than a decade.

Despite the decline in fundraising, private markets assets under management (AUM) continued to grow, increasing 12 percent to $13.1 trillion as of June 30, 2023. 2023 fundraising was still the sixth-highest annual haul on record, pushing dry powder higher, while the slowdown in deal making limited distributions.

Investment performance across private market asset classes fell short of historical averages. Private equity (PE) got back in the black but generated the lowest annual performance in the past 15 years, excluding 2022. Closed-end real estate produced negative returns for the first time since 2009, as capitalization (cap) rates expanded across sectors and rent growth dissipated in formerly hot sectors, including multifamily and industrial. The performance of infrastructure funds was less than half of its long-term average and even further below the double-digit returns generated in 2021 and 2022. Private debt was the standout performer (if there was one), outperforming all other private asset classes and illustrating the asset class’s countercyclical appeal.

Private equity down but not out

Higher financing costs, lower multiples, and an uncertain macroeconomic environment created a challenging backdrop for private equity managers in 2023. Fundraising declined for the second year in a row, falling 15 percent to $649 billion, as LPs grappled with the denominator effect and a slowdown in distributions. Managers were on the fundraising trail longer to raise this capital: funds that closed in 2023 were open for a record-high average of 20.1 months, notably longer than 18.7 months in 2022 and 14.1 months in 2018. VC and growth equity strategies led the decline, dropping to their lowest level of cumulative capital raised since 2015. Fundraising in Asia fell for the fourth year of the last five, with the greatest decline in China.

Despite the difficult fundraising context, a subset of strategies and managers prevailed. Buyout managers collectively had their best fundraising year on record, raising more than $400 billion. Fundraising in Europe surged by more than 50 percent, resulting in the region’s biggest haul ever. The largest managers raised an outsized share of the total for a second consecutive year, making 2023 the most concentrated fundraising year of the last decade (Exhibit 2).

Despite the drop in aggregate fundraising, PE assets under management increased 8 percent to $8.2 trillion. Only a small part of this growth was performance driven: PE funds produced a net IRR of just 2.5 percent through September 30, 2023. Buyouts and growth equity generated positive returns, while VC lost money. PE performance, dating back to the beginning of 2022, remains negative, highlighting the difficulty of generating attractive investment returns in a higher interest rate and lower multiple environment. As PE managers devise value creation strategies to improve performance, their focus includes ensuring operating efficiency and profitability of their portfolio companies.

Deal activity volume and count fell sharply, by 21 percent and 24 percent, respectively, which continued the slower pace set in the second half of 2022. Sponsors largely opted to hold assets longer rather than lock in underwhelming returns. While higher financing costs and valuation mismatches weighed on overall deal activity, certain types of M&A gained share. Add-on deals, for example, accounted for a record 46 percent of total buyout deal volume last year.

Real estate recedes

For real estate, 2023 was a year of transition, characterized by a litany of new and familiar challenges. Pandemic-driven demand issues continued, while elevated financing costs, expanding cap rates, and valuation uncertainty weighed on commercial real estate deal volumes, fundraising, and investment performance.

Managers faced one of the toughest fundraising environments in many years. Global closed-end fundraising declined 34 percent to $125 billion. While fundraising challenges were widespread, they were not ubiquitous across strategies. Dollars continued to shift to large, multi-asset class platforms, with the top five managers accounting for 37 percent of aggregate closed-end real estate fundraising. In April, the largest real estate fund ever raised closed on a record $30 billion.

Capital shifted away from core and core-plus strategies as investors sought liquidity through redemptions in open-end vehicles and reduced gross contributions to the lowest level since 2009. Opportunistic strategies benefited from this shift, as investors turned their attention toward capital appreciation over income generation in a market where alternative sources of yield have grown more attractive.

In the United States, for instance, open-end funds, as represented by the National Council of Real Estate Investment Fiduciaries Fund Index—Open-End Equity (NFI-OE), recorded $13 billion in net outflows in 2023, reversing the trend of positive net inflows throughout the 2010s. The negative flows mainly reflected $9 billion in core outflows, with core-plus funds accounting for the remaining outflows, which reversed a 20-year run of net inflows.

As a result, the NAV in US open-end funds fell roughly 16 percent year over year. Meanwhile, global assets under management in closed-end funds reached a new peak of $1.7 trillion as of June 2023, growing 14 percent between June 2022 and June 2023.

Real estate underperformed historical averages in 2023, as previously high-performing multifamily and industrial sectors joined office in producing negative returns caused by slowing demand growth and cap rate expansion. Closed-end funds generated a pooled net IRR of −3.5 percent in the first nine months of 2023, losing money for the first time since the global financial crisis. The lone bright spot among major sectors was hospitality, which—thanks to a rush of postpandemic travel—returned 10.3 percent in 2023. 2 Based on NCREIFs NPI index. Hotels represent 1 percent of total properties in the index. As a whole, the average pooled lifetime net IRRs for closed-end real estate funds from 2011–20 vintages remained around historical levels (9.8 percent).

Global deal volume declined 47 percent in 2023 to reach a ten-year low of $650 billion, driven by widening bid–ask spreads amid valuation uncertainty and higher costs of financing (Exhibit 3). 3 CBRE, Real Capital Analytics Deal flow in the office sector remained depressed, partly as a result of continued uncertainty in the demand for space in a hybrid working world.

During a turbulent year for private markets, private debt was a relative bright spot, topping private markets asset classes in terms of fundraising growth, AUM growth, and performance.

Fundraising for private debt declined just 13 percent year over year, nearly ten percentage points less than the private markets overall. Despite the decline in fundraising, AUM surged 27 percent to $1.7 trillion. And private debt posted the highest investment returns of any private asset class through the first three quarters of 2023.

Private debt’s risk/return characteristics are well suited to the current environment. With interest rates at their highest in more than a decade, current yields in the asset class have grown more attractive on both an absolute and relative basis, particularly if higher rates sustain and put downward pressure on equity returns (Exhibit 4). The built-in security derived from debt’s privileged position in the capital structure, moreover, appeals to investors that are wary of market volatility and valuation uncertainty.

Direct lending continued to be the largest strategy in 2023, with fundraising for the mostly-senior-debt strategy accounting for almost half of the asset class’s total haul (despite declining from the previous year). Separately, mezzanine debt fundraising hit a new high, thanks to the closings of three of the largest funds ever raised in the strategy.

Over the longer term, growth in private debt has largely been driven by institutional investors rotating out of traditional fixed income in favor of private alternatives. Despite this growth in commitments, LPs remain underweight in this asset class relative to their targets. In fact, the allocation gap has only grown wider in recent years, a sharp contrast to other private asset classes, for which LPs’ current allocations exceed their targets on average. According to data from CEM Benchmarking, the private debt allocation gap now stands at 1.4 percent, which means that, in aggregate, investors must commit hundreds of billions in net new capital to the asset class just to reach current targets.

Private debt was not completely immune to the macroeconomic conditions last year, however. Fundraising declined for the second consecutive year and now sits 23 percent below 2021’s peak. Furthermore, though private lenders took share in 2023 from other capital sources, overall deal volumes also declined for the second year in a row. The drop was largely driven by a less active PE deal environment: private debt is predominantly used to finance PE-backed companies, though managers are increasingly diversifying their origination capabilities to include a broad new range of companies and asset types.

Infrastructure and natural resources take a detour

For infrastructure and natural resources fundraising, 2023 was an exceptionally challenging year. Aggregate capital raised declined 53 percent year over year to $82 billion, the lowest annual total since 2013. The size of the drop is particularly surprising in light of infrastructure’s recent momentum. The asset class had set fundraising records in four of the previous five years, and infrastructure is often considered an attractive investment in uncertain markets.

While there is little doubt that the broader fundraising headwinds discussed elsewhere in this report affected infrastructure and natural resources fundraising last year, dynamics specific to the asset class were at play as well. One issue was supply-side timing: nine of the ten largest infrastructure GPs did not close a flagship fund in 2023. Second was the migration of investor dollars away from core and core-plus investments, which have historically accounted for the bulk of infrastructure fundraising, in a higher rate environment.

The asset class had some notable bright spots last year. Fundraising for higher-returning opportunistic strategies more than doubled the prior year’s total (Exhibit 5). AUM grew 18 percent, reaching a new high of $1.5 trillion. Infrastructure funds returned a net IRR of 3.4 percent in 2023; this was below historical averages but still the second-best return among private asset classes. And as was the case in other asset classes, investors concentrated commitments in larger funds and managers in 2023, including in the largest infrastructure fund ever raised.

The outlook for the asset class, moreover, remains positive. Funds targeting a record amount of capital were in the market at year-end, providing a robust foundation for fundraising in 2024 and 2025. A recent spate of infrastructure GP acquisitions signal multi-asset managers’ long-term conviction in the asset class, despite short-term headwinds. Global megatrends like decarbonization and digitization, as well as revolutions in energy and mobility, have spurred new infrastructure investment opportunities around the world, particularly for value-oriented investors that are willing to take on more risk.

Private markets make measured progress in DEI

Diversity, equity, and inclusion (DEI) has become an important part of the fundraising, talent, and investing landscape for private market participants. Encouragingly, incremental progress has been made in recent years, including more diverse talent being brought to entry-level positions, investing roles, and investment committees. The scope of DEI metrics provided to institutional investors during fundraising has also increased in recent years: more than half of PE firms now provide data across investing teams, portfolio company boards, and portfolio company management (versus investment team data only). 4 “ The state of diversity in global private markets: 2023 ,” McKinsey, August 22, 2023.

In 2023, McKinsey surveyed 66 global private markets firms that collectively employ more than 60,000 people for the second annual State of diversity in global private markets report. 5 “ The state of diversity in global private markets: 2023 ,” McKinsey, August 22, 2023. The research offers insight into the representation of women and ethnic and racial minorities in private investing as of year-end 2022. In this chapter, we discuss where the numbers stand and how firms can bring a more diverse set of perspectives to the table.

The statistics indicate signs of modest advancement. Overall representation of women in private markets increased two percentage points to 35 percent, and ethnic and racial minorities increased one percentage point to 30 percent (Exhibit 6). Entry-level positions have nearly reached gender parity, with female representation at 48 percent. The share of women holding C-suite roles globally increased 3 percentage points, while the share of people from ethnic and racial minorities in investment committees increased 9 percentage points. There is growing evidence that external hiring is gradually helping close the diversity gap, especially at senior levels. For example, 33 percent of external hires at the managing director level were ethnic or racial minorities, higher than their existing representation level (19 percent).

Yet, the scope of the challenge remains substantial. Women and minorities continue to be underrepresented in senior positions and investing roles. They also experience uneven rates of progress due to lower promotion and higher attrition rates, particularly at smaller firms. Firms are also navigating an increasingly polarized workplace today, with additional scrutiny and a growing number of lawsuits against corporate diversity and inclusion programs, particularly in the US, which threatens to impact the industry’s pace of progress.

Fredrik Dahlqvist is a senior partner in McKinsey’s Stockholm office; Alastair Green  is a senior partner in the Washington, DC, office, where Paul Maia and Alexandra Nee  are partners; David Quigley  is a senior partner in the New York office, where Connor Mangan is an associate partner and Aditya Sanghvi  is a senior partner; Rahel Schneider is an associate partner in the Bay Area office; John Spivey is a partner in the Charlotte office; and Brian Vickery  is a partner in the Boston office.

The authors wish to thank Jonathan Christy, Louis Dufau, Vaibhav Gujral, Graham Healy-Day, Laura Johnson, Ryan Luby, Tripp Norton, Alastair Rami, Henri Torbey, and Alex Wolkomir for their contributions

The authors would also like to thank CEM Benchmarking and the StepStone Group for their partnership in this year's report.

This article was edited by Arshiya Khullar, an editor in the Gurugram office.

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Introducing Copilot+ PCs

May 20, 2024 | Yusuf Mehdi - Executive Vice President, Consumer Chief Marketing Officer

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An on-demand recording of our May 20 event is available .

Today, at a special event on our new Microsoft campus, we introduced the world to a new category of Windows PCs designed for AI, Copilot+ PCs.    

Copilot+ PCs are the fastest, most intelligent Windows PCs ever built. With powerful new silicon capable of an incredible 40+ TOPS (trillion operations per second), all – day battery life and access to the most advanced AI models, Copilot+ PCs will enable you to do things you can’t on any other PC. Easily find and remember what you have seen in your PC with Recall, generate and refine AI images in near real-time directly on the device using Cocreator, and bridge language barriers with Live Captions, translating audio from 40+ languages into English .  

These experiences come to life on a set of thin, light and beautiful devices from Microsoft Surface and our OEM partners Acer, ASUS, Dell, HP, Lenovo and Samsung, with pre-orders beginning today and availability starting on June 18. Starting at $999, Copilot+ PCs offer incredible value.  

This first wave of Copilot+ PCs is just the beginning. Over the past year, we have seen an incredible pace of innovation of AI in the cloud with Copilot allowing us to do things that we never dreamed possible. Now, we begin a new chapter with AI innovation on the device. We have completely reimagined the entirety of the PC – from silicon to the operating system, the application layer to the cloud – with AI at the center, marking the most significant change to the Windows platform in decades.  

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The fastest, most secure Windows PCs ever built  

We introduced an all-new system architecture to bring the power of the CPU, GPU, and now a new high performance Neural Processing Unit (NPU) together. Connected to and enhanced by the large language models (LLMs) running in our Azure Cloud in concert with small language models (SLMs), Copilot+ PCs can now achieve a level of performance never seen before. They are up to 20x more powerful [1] and up to 100x as efficient [2] for running AI workloads and deliver industry-leading AI acceleration. They outperform Apple’s MacBook Air 15” by up to 58% in sustained multithreaded performance [3] , all while delivering all-day battery life.  With incredible efficiency, Copilot+ PCs can deliver up to 22 hours of local video playback or 15 hours of web browsing on a single charge. [4] That is up to 20% more battery in local video playback than the MacBook Air 15”. [5]

Windows now has the best implementation of apps on the fastest chip, starting with Qualcomm. We now offer more native Arm64 experiences than ever before, including our fastest implementation of Microsoft 365 apps like Teams, PowerPoint, Outlook, Word, Excel, OneDrive and OneNote. Chrome, Spotify, Zoom, WhatsApp, Adobe Photoshop, Adobe Lightroom, Blender, Affinity Suite, DaVinci Resolve and many more now run​ natively on Arm to give you great performance with additional apps, like Slack, releasing later this year. In fact, 87% of the total app minutes people spend in apps today have native Arm versions. [6] With a powerful new emulator, Prism, your apps run great, whether native or emulated.

Every Copilot+ PC comes secured out of the box. The Microsoft Pluton Security processor will be enabled by default on all Copilot+ PCs and we have introduced a number of new features, updates and defaults to Windows 11 that make it easy for users to stay secure. And, we’ve built in personalized privacy controls to help you protect what’s important to you. You can read more about how we are making Windows more secure here .

Entirely new, powerful AI experiences   

Copilot+ PCs leverage powerful processors and multiple state-of-the-art AI models, including several of Microsoft’s world-class SLMs, to unlock a new set of experiences you can run locally, directly on the device. This removes previous limitations on things like latency, cost and even privacy to help you be more productive, creative and communicate more effectively.  

Recall instantly  

We set out to solve one of the most frustrating problems we encounter daily – finding something we know we have seen before on our PC. Today, we must remember what file folder it was stored in, what website it was on, or scroll through hundreds of emails trying to find it.   

Now with Recall, you can access virtually what you have seen or done on your PC in a way that feels like having photographic memory. Copilot+ PCs organize information like we do – based on relationships and associations unique to each of our individual experiences. This helps you remember things you may have forgotten so you can find what you’re looking for quickly and intuitively by simply using the cues you remember. [7]

You can scroll across time to find the content you need in your timeline across any application, website, document, or more. Interact intuitively using snapshots with screenray to help you take the next step using suggested actions based on object recognition. And get back to where you were, whether to a specific email in Outlook or the right chat in Teams.

Recall leverages your personal semantic index, built and stored entirely on your device. Your snapshots are yours; they stay locally on your PC. You can delete individual snapshots, adjust and delete ranges of time in Settings, or pause at any point right from the icon in the System Tray on your Taskbar. You can also filter apps and websites from ever being saved. You are always in control with privacy you can trust.

Cocreate with AI-powered image creation and editing, built into Windows

Since the launch of Image Creator, almost 10 billion images have been generated, helping more people bring their ideas to life easily by using natural language to describe what they want to create. Yet, today’s cloud offerings may limit the number of images you can create, keep you waiting while the artwork processes or even present privacy concerns. By using the Neural Processing Units (NPUs) and powerful local small language models, we are bringing innovative new experiences to your favorite creative applications like Paint and Photos.

Combine your ink strokes with text prompts to generate new images in nearly real time with Cocreator. As you iterate, so does the artwork, helping you more easily refine, edit and evolve your ideas. Powerful diffusion-based algorithms optimize for the highest quality output over minimum steps to make it feel like you are creating alongside AI. Use the creativity slider to choose from a range of artwork from more literal to more expressive. Once you select your artwork, you can continue iterating on top of it, helping you express your ideas, regardless of your creative skills.

Take photo editing and image creation to the next level. With Restyle Image, you can reimagine your personal photos with a new style combining image generation and photo editing in Photos. Use a pre-set style like Cyberpunk or Claymation to change the background, foreground or full picture to create an entirely new image. Or jumpstart your next creative project and get visual inspiration with Image Creator in Photos. On Copilot+ PCs you can generate endless images for free, fast, with the ability to fine tune images to your liking and to save your favorites to collections.

Innovative AI experiences from the creative apps you love

We are also partnering with some of the biggest and most-loved applications on the planet to leverage the power of the NPU to deliver new innovative AI experiences.

Together with Adobe, we are thrilled to announce Adobe’s flagship apps are coming to Copilot+ PCs, including Photoshop, Lightroom and Express – available today. Illustrator, Premiere Pro and more are coming this summer. And we’re continuing to partner to optimize AI in these apps for the NPU. For Adobe Creative Cloud customers, they will benefit from the full performance advantages of Copilot+ PCs to express their creativity faster than ever before.

DaVinci Resolve Studio    

Effortlessly apply visual effects to objects and people using NPU-accelerated Magic Mask in DaVinci Resolve Studio.  

Remove the background from any video clip in a snap using Auto Cutout running on the NPU in CapCut.  

Stay in your flow with faster, more responsive adaptive input controls, like head movement or facial expressions via the new NPU-powered camera pipeline in Cephable.  

LiquidText  

Make quicker and smarter annotations to documents, using AI features that run entirely on-device via NPU, so data stays private in LiquidText. 

Have fun breaking down and remixing any music track, with a new, higher-quality version of NeuralMix™ that’s exclusive to NPU in Algoriddim’s djay Pro.  

Connect and communicate effortlessly with live captions  

In an increasingly connected and global world, Windows wants to bring people closer together. Whether catching up on your favorite podcast from a different country, or watching your favorite international sports team, or even collaborating with friends and colleagues across the world, we want to make more content accessible to more people.   

Live Captions now has live translations and will turn any audio that passes through your PC into a single, English-language caption experience, in real time on your screen across all your apps consistently. You can translate any live or pre-recorded audio in any app or video platform from over 40 languages into English subtitles instantly, automatically and even while you’re offline. Powered by the NPU and available across all Copilot+ PCs, now you can have confidence your words are understood as intended.   

New and enhanced Windows Studio Effects  

Look and sound your best automatically with easily accessible controls at your fingertips in Quick Settings. Portrait light automatically adjusts the image to improve your perceived illumination in a dark environment or brighten the foreground pixels when in a low-light environment. Three new creative filters (illustrated, animated or watercolor) add an artistic flare. Eye contact teleprompter helps you maintain eye contact while reading your screen. New improvements to voice focus and portrait blur help ensure you’re always in focus.   

Copilot, your everyday AI companion

Every Copilot+ PC comes with your personal powerful AI agent that is just a single tap away on keyboards with the new Copilot key. [8] Copilot will now have the full application experience customers have been asking for in a streamlined, simple yet powerful and personal design. Copilot puts the most advanced AI models at your fingertips. In the coming weeks, get access to the latest models including GPT-4o from our partners at OpenAI, so you can have voice conversations that feel more natural.

Advancing AI responsibly

At Microsoft, we have a company-wide commitment to develop ethical, safe and secure AI. Our responsible AI principles guided the development of these new experiences, and all AI features are aligned with our standards. Learn more here .

New Copilot+ PCs from Microsoft Surface and our partners

We have worked with each of the top OEMs — Acer, ASUS, Dell, HP, Lenovo, Samsung — and of course Surface, to bring exciting new Copilot+ PCs that will begin to launch on June 18. Starting at $999, these devices are up to $200 less than similar spec’d devices [9] .

Surface plays a key role in the Windows ecosystem, as we design software and hardware together to deliver innovative designs and meaningful experiences to our customers and fans. We are introducing the first-ever Copilot+ PCs from Surface: The all-new Surface Pro and Surface Laptop.

The new Surface Laptop is a powerhouse in an updated, modern laptop design with razor-thin bezels, a brilliant touchscreen display, AI-enhanced camera, premium audio, and now with a haptic touchpad.

Choose between a 13.8” and 15” display and four stunning colors. Enjoy up to 22 hours of local video playback on Surface Laptop 15” or up to 20 hours on Surface Laptop13.8” on top of incredible performance and all-new AI experiences.

The new Surface Pro is the most flexible 2-in-1 laptop, now reimagined with more speed and battery life to power all-new AI experiences. It introduces a new, optional OLED with HDR display, and ultrawide field of view camera perfect for Windows Studio Effects. The new Surface Pro Flex Keyboard is the first 2-in-1 keyboard designed to be used both attached or detached. It delivers enhanced stability, with Surface Slim Pen storage and charging integrated seamlessly, as well as a quiet, haptic touchpad. Learn more here.

New Copilot+ PCs from the biggest brands available starting June 18:

• Acer : Acer’s Swift 14 AI 2.5K touchscreen enables you to draw and edit your vision with greater accuracy and with color-accurate imagery. Launch and discover AI-enhanced features, like Acer PurifiedVoice 2.0 and Purified View, with a touch of the dedicated AcerSense button.
• ASUS : The ASUS Vivobook S 15 is a powerful device that brings AI experiences to life with its Snapdragon X Elite Platform and built-in Qualcomm® AI. It boasts 40+ NPU TOPS, a dual-fan cooling system, and up to 1 TB of storage. Next-gen AI enhancements include Windows Studio effects v2 and ASUS AiSense camera, with presence-detection capabilities for Adaptive Dimming and Lock. Built for portability, it has an ultra-slim and light all-metal design, a high-capacity battery, and premium styling with a single-zone RGB backlit keyboard.
• Dell : Dell is launching five new Copilot+ PCs, including the XPS 13, Inspiron 14 Plus, Inspiron 14, Latitude 7455, and Latitude 5455, offering a range of consumer and commercial options that deliver groundbreaking battery life and unique AI experiences. The XPS 13 is powered by Snapdragon X Elite processors and features a premium, futuristic design, while the Latitude 7455 boasts a stunning QHD+ display and quad speakers with AI noise reduction. The Inspiron14 and Inspiron 14 Plus feature a Snapdragon X Plus 1and are crafted with lightweight, low carbon aluminum and are energy efficient with EPEAT Gold rating.
• HP : HP’s OmniBook X AI PC and HP EliteBook Ultra G1q AI PC with Snapdragon X Elite are slim and sleek designs, delivering advanced performance and mobility for a more personalized computing experience. Features include long-lasting battery life and AI-powered productivity tools, such as real-time transcription and meeting summaries. A 5MP camera with automatic framing and eye focus is supported by Poly Studio’s crystal-clear audio for enhanced virtual interactions.
• Lenovo : Lenovo is launching two AI PCs: one built for consumers, Yoga Slim 7x, and one for commercial, ThinkPad T14s Gen 6. The Yoga Slim 7x brings efficiency for creatives, featuring a 14.5” touchscreen with 3K Dolby Vision and optimized power for 3D rendering and video editing. The T14s Gen 6 brings enterprise-level experiences and AI performance to your work tasks, with features including a webcam privacy shutter, Wi-Fi 7 connectivity and up to 64GB RAM.
• Samsung : Samsung’s new Galaxy Book4 Edge is ultra-thin and light, with a 3K resolution 2x AMOLED display and Wi-Fi 7 connectivity. It has a long-lasting battery that provides up to 22 hours of video playback, making it perfect for work or entertainment on the go.

Learn more about new Copilot+ PCs and pre-order today at Microsoft.com and from major PC manufacturers, as well as other leading global retailers.

Start testing for commercial deployment today

Copilot+ PCs offer businesses the most performant Windows 11 devices with unique AI capabilities to unlock productivity, improve collaboration and drive efficiency. As a Windows PC, businesses can deploy and manage a Copilot+ PC with the same tools and processes used today including IT controls for new features and AppAssure support. We recommend IT admins begin testing and readying for deployment to start empowering your workforce with access to powerful AI features on these high-performance devices. You can read more about our commercial experiences here .

AI innovation across the Windows ecosystem  

Like we’ve always done with Windows, we have built a platform for our ecosystem partners to build on.  

The first Copilot+ PCs will launch with both the Snapdragon® X Elite and Snapdragon® X Plus processors and feature leading performance per watt thanks to the custom Qualcomm Oryon™ CPU, which delivers unrivaled performance and battery efficiency. Snapdragon X Series delivers 45 NPU TOPS all-in-one system on a chip (SoC). The premium integrated Qualcomm® Adreno ™ GPU delivers stunning graphics for immersive entertainment. We look forward to expanding through deep partnerships with Intel and AMD, starting with Lunar Lake and Strix Point. We will bring new Copilot+ PC experiences at a later date. In the future we expect to see devices with this silicon paired with powerful graphics cards like NVIDIA GeForce RTX and AMD Radeon™, bringing Copilot+ PC experiences to reach even broader audiences like advanced gamers and creators.  

We are at an inflection point where the PC will accelerate AI innovation. We believe the richest AI experiences will only be possible when the cloud and device work together in concert. Together with our partners, we’re setting the frame for the next decade of Windows innovation.  

[1] Based on snapshot of aggregated, non-gaming app usage data as of April 2024 for iGPU-based laptops and 2-in-1 devices running Windows 10 and Windows 11 in US, UK, CA, FR, AU, DE, JP.

[2] Tested April 2024 using Phi SLM workload running 512-token prompt processing in a loop with default settings comparing pre-release Copilot+ PC builds with Snapdragon Elite X 12 Core and Snapdragon X Plus 10 core configurations (QNN build) to Windows 11 PC with NVIDIA 4080 GPU configuration (CUDA build).

[3] Tested May 2024 using Cinebench 2024 Multi-Core benchmark comparing Copilot+ PCs with Snapdragon X Elite 12 core and Snapdragon X Plus 10 core configurations to MacBook Air 15” with M3 8 core CPU / 10 Core GPU configuration. Performance will vary significantly between device configuration and usage.

[4] *Battery life varies significantly by device and with settings, usage and other factors. See aka.ms/cpclaims*

[5] *Battery life varies significantly based on device configuration, usage, network and feature configuration, signal strength, settings and other factors. Testing conducted May 2024 using the prelease Windows ADK full screen local video playback assessment under standard testing conditions, with the device connected to Wi-Fi and screen brightness set to 150 nits, comparing Copilot+ PCs with Snapdragon X Elite 12 core and Snapdragon X Plus 10 core configurations running Windows Version 26097.5003 (24H2) to MacBook Air 15” M3 8-Core CPU/ 10 Core GPU running macOS 14.4 with similar device configurations and testing scenario.

[6] Based on snapshot of aggregated, non-gaming app usage data as of April 2024 for iGPU-based laptops and 2-in-1 devices running Windows 10 and Windows 11 in US, UK, CA, FR, AU, DE, JP.

[7] Recall is optimized for select languages (English, Chinese (simplified), French, German, Japanese, and Spanish.) Content-based and storage limitations apply. Learn more here .

[8] Copilot key functionality may vary. See aka.ms/keysupport

[9] Based on MSRPs; actual savings may vary

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– The New Deal

Nov 19, 2014

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– The New Deal. Section Notes. Video. The New Deal. Launching the New Deal The Second New Deal Life During the New Deal Analyzing the New Deal. Maps. The Election of 1932. History Close-up. Going to the Movies. Images. Quick Facts. Murals of the New Deal

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– The New Deal Section Notes Video The New Deal Launching the New Deal The Second New Deal Life During the New Deal Analyzing the New Deal Maps The Election of 1932 History Close-up Going to the Movies Images Quick Facts Murals of the New Deal Images of the Great Depression Political Cartoon: The Forgotten Man Political Cartoon: Roosevelt and the Wealthy Major New Deal Programs Gross National Product, 1933–1938 Unemployment and Deficit Spending, 1933–1940 Visual Summary: The New Deal

Launching the New Deal • The Main Idea • In 1933 Franklin Delano Roosevelt became president of a suffering nation. He quickly sought to address the country’s needs, with mixed results. • Reading Focus • What were the key events of the presidential election of 1932? • What was the nature of Franklin and Eleanor Roosevelt’s political partnership? • What initial actions did Roosevelt take to stabilize the economy? • How did the new deal run into trouble in Roosevelt’s first term?

Americans blamed President Hoover for the country’s economic woes. Franklin Delano Roosevelt won the Democratic Party’s nomination. He was related to Theodore Roosevelt. He survived polio. He was governor of New York. Roosevelt promised relief for the poor and more public works programs to provide jobs. He attacked Hoover and the Republicans for their response to the Great Depression. Roosevelt won a landslide victory—winning more than 57 percent of the popular vote. The Election of 1932

The Roosevelts Franklin Delano Roosevelt had a winning personality and believed that it was the government’s job to take direct action to help its people. Eleanor Roosevelt was a powerful political force in her own right, and she helped to change to role of the First Lady. Franklin and Eleanor’s marriage played a central role in Franklin Roosevelt’s political success.

Franklin Roosevelt Appealing blend of cheerfulness, optimism, and confidence An effective communicator (ex. fireside chats) A reform-minded Democrat Believed the government could solve economic and social problems Eleanor Roosevelt “Eyes and ears” of her husband Directed efforts to solve several major social issues (ex. lynching of African Americans) Wrote her own newspaper column Had the trust and affection of many Americans A Political Partnership

Franklin Roosevelt as President • Banking Crisis • Temporarily closed all the nation’s banks to stop panic and large-scale withdrawals • Passed the Emergency Banking Act • Glass-Steagall Act created the FDIC • Hundred Days • Critical period of government activity • Roosevelt pushed Congress to put most of his New Deal into practice. • The New Deal promised relief, recovery and reforms. • Beyond the Hundred Days • FDR and Congress passed important legislation after the Hundred Days • Created the Civil Works Administration • Passed the Indian Reorganization Act

Civilian Conservation Corps (CCC) Helped unemployed young men 18 to 25 years old Agriculture Adjustment Act (AAA) Helped farmers by paying them not to grow crops National Industrial Recovery Act (NIRA) Helped business by requiring that businesses in the same industry cooperate with each other to set prices and output Started Public Works Administration (PWA) Labor received federal protection for the right to organize. Federal Securities Act Helped investors, restored confidence in the markets Securities and Exchange Commission (SEC) Tennessee Valley Authority (TVA) Helped build dams and other projects along the Tennessee River and its tributaries The New Deal

Trouble for the New Deal Radical Reactions to the New Deal • Believed the New Deal did not go far enough in reforming the economy • Wanted a complete overhaul of capitalism • Huey P. Long, Father Charles Coughlin, Dr. Francis Townsend Conservative Reactions to the New Deal • Attacked the New Deal as a radical break with traditional American ideals • Thought the New Deal would drive the country to destruction. • American Liberty League

Huey P. Long (senator from Louisiana) Believed Roosevelt’s policies were too friendly to banks and businessmen (started the Share Our Wealth Society) Father Charles Coughlin (the “radio priest”) Believed Roosevelt was not doing enough to curb the power of bankers and financial leaders Dr. Francis Townsend Criticized the New Deal for not doing enough for older Americans (wanted pensions for people over 60) The American Liberty League Believed that the New Deal went too far and was anti-business Opposition from the courts Critics of the New Deal feared that it gave the president too much power over other branches of government. Schechter Poultry Corporation v. United States United States v. Butler Leading Critics of the New Deal

The Second New Deal • The Main Idea • A new wave of government initiatives starting in 1935 resulted in some strong successes and stunning defeats for President Roosevelt. • Reading Focus • What were the key programs in the Second Hundred Days? • How did New Deal programs help to revive organized labor? • What were the key events of the 1936 election? • Why was 1937 a troubled year for Roosevelt and the Second New Deal?

The Second Hundred Days • Roosevelt launched the Second New Deal in the spring of 1935. • Congress passed laws extending government oversight of the banking industry and raised taxes on the wealthy. • Congress funded new relief programs. Second Hundred Days • Emergency Relief Appropriations Act – stopped direct payments to Americans in need • Works Progress Administration (WPA) – largest peacetime jobs program in U.S. history Emergency Relief • Provided guaranteed, regular payments for many people 65 and older • Included a system of unemployment insurance Social Security

National Industrial Recovery Act (NIRA) guaranteed workers the right to form unions and bargain collectively. Difficult to enforce, fatally weakened by Supreme Count’s ruling in Schechter Poultry Corporation v. United States Roosevelt backed the Wagner Act, or the National Labor Relations Act (NLRA). Outlawed a number of anti-labor practices, established the National Labor Relations Board and gave it authority to conduct voting in workplaces to determine whether employees wanted union representation The Committee for Industrial Organization (CIO) was born in 1935. John L. Lewis led this group to break away from the American Federation of Labor (AFL). The United Auto Workers (a division of the CIO) launched a successful sit-down strike in 1936. The New Deal Revives Organized Labor

The Election of 1936 • Roosevelt • Passed the Rural Electrification Act, which provided electricity to millions of farmers • Showcased his achievements: unemployment cut in half, income and business earnings were up, New Deal programs provided hope and help • Spoke out against big business • His Critics • Republicans argued that the New Deal was overly bureaucratic and was creating a planned economy. • American Liberty League tried to stop Roosevelt’s attack on big business. • Republican Alf Landon did not pose a serious threat. • The Results • A tremendous victory for Roosevelt • Alf Landon carried only two states. • The Union Party candidate polled less than 2 percent of the popular vote. • The Democrats again gained seats in both houses.

A Troubled Year Roosevelt surprised Congress with a plan to reorganize the nation’s courts. In the fall of 1937, the nation’s economy suffered another setback. Although the Supreme Court began to rule in favor of New Deal legislation and the economy began to rebound in the summer of 1938, the positive feelings about Roosevelt and the New Deal had begun to fade.

Roosevelt’s Plan Gave the president power to appoint many new judges and expand the Supreme Court by up to six judges Roosevelt argued that changes were needed to make the courts more efficient. Most observers saw plan as effort to “pack” the court with friendly justices. The Result Plan did not pass; however, the Supreme Court made some rulings that favored New Deal legislation. Supreme Court upheld a minimum wage law in Washington state. Court ruled in favor of a key element of the Wagner Act. Court declared Social Security plan to be constitutional. The Court-Packing Plan

Economic Downturn of 1937 The Nation’s Economy • 1937 witnessed an economic downturn that began with a sharp drop in the stock market. By the end of the year, about 2 million Americans had lost their jobs. • Roosevelt had hoped to cut back on government spending, for he feared the growing federal budget deficit. • As unemployment rose during 1937 and 1938, the government spent large sums of money to help the unemployed. Economic Theory • British economist John Maynard Keynes argued that deficit spending could provide jobs and stimulate the economy. • The economy did begin to rebound in the summer of 1938.

Life during the New Deal • The Main Idea • The Great Depression and the New Deal had a deep impact on American culture during the 1930s. • Reading Focus • How did the public roles of women and African Americans change during the New Deal? • How did artists and writers of the era tell the story of the Great Depression? • What forms of popular entertainment were popular during the Great Depression?

Women Roosevelt promoted and recognized women. Frances Perkins – Secretary of Labor – was the first woman to head an executive office. Ruth Bryan Owen served as minister to Denmark. Roosevelt appointed women to such posts as director of the U.S. Mint and assistant secretary of the Treasury. Women served as leaders in several New Deal agencies. Still, women faced challenges and discrimination. Lower wages Less opportunities Hostility in the workplace New Roles for Women

Roosevelt’s administration also appointed many African Americans. William Hastie became the first black federal judge. A group of African Americans hired to fill government posts were known as the Black Cabinet, and they served as unofficial advisors to the president. The Black Cabinet met under the leadership of Mary McLeod Bethune, director of Negro Affairs in the National Youth Administration. Still, African Americans continued to face tremendous hardships during the 1930s. Severe discrimination Thousands of African American sharecroppers and tenant farmers were not helped by New Deal programs. Southern Democrats in Congress opposed efforts to aid African Americans. Many African American switch from the Republican Party to the Democratic Party during the 1930s. New Roles for African Americans

Painters and sculptors fashioned works depicting the struggles of the working class. Authors and playwrights focused on the plight of the rural and urban poor. Writer John Steinbeck’s The Grapes of Wrath Songwriter Woody Guthrie celebrated the lives of ordinary people. Writer James Agee’s Let Us Now Praise Famous Men Photographers Dorothea Lange recorded images of jobless people and the rural poor. Walker Evans depicted the lives of sharecroppers in the Lower South. Art of the Great Depression

Dorothea Lange Dorothea Lange was a celebrated chronicler of the Great Depression. She recorded images of jobless people in her hometown of San Francisco. Lange worked for the Farm Security Administration. She was hired to document the plight of the poor and, through her images, gain public support for New Deal programs. Lange’s photographs of the rural poor helped raise awareness about the poorest of the poor – sharecroppers and tenant farmers.In 1937 the federal government finally began to provide help to sharecroppers and tenant farmers.

Popular Entertainment of the Great Depression • Movies • Millions of Americans went to the movies each week. • Most films were upbeat and allowed viewers to “escape” the depression. • Grand musicals and comedies were popular. • Animation and color photography delighted audiences. • Radio • Provided politics, religion, music, sports, and other forms of entertainment • Introduced new music styles such as jazz and swing • Action shows such as The Lone Ranger and comedies such as Fibber McGee and Molly were popular. • Sports • Interest in sports remained strong in the 1930s. • Baseball was popular. • Babe Ruth • Joe DiMaggio • Boxing was hugely popular. • Joe Lewis

Analyzing the New Deal • The Main Idea • The New Deal had mixed success in rescuing the economy, but it fundamentally changed Americans’ relationship with their government. • Reading Focus • What was the impact of the New Deal on the nation in the 1930s? • In what ways was the impact of the New Deal limited? • How did the New Deal come to an end?

The New Deal promised relief, recovery, and reform. Relief programs put billions of dollars into the pockets of poor Americans. The New Deal was less successful in delivering economic recovery. New Deal reforms were successful and long-lasting. The New Deal changed the link between the American people and their government. Roosevelt believed that government could help businesses and individuals achieve a greater level of economic security. The New Deal required a much bigger government. Americans now began to look regularly to government for help. The Impact of the New Deal

The Impact of the New Deal • Relief • Millions of Americans enjoyed some form of help. • Direct relief or jobs that provided a steady paycheck • Programs such as Social Security and unemployment insurance became a fixture of government. • Recovery • Not as successful at economic recovery • Unemployment remained high. • Some critics argued that Roosevelt needed the support of big business. • Other critics said that the New Deal didn’t spend enough money. • Reform • More successful and long-lasting • FDIC restored public confidence in the nation’s banks. • SEC restored public confidence in stock markets. • New Deal left thousands of roadways, bridges, dams, public buildings, and works of art.

Limits of the New Deal Relief programs gave aid to millions of people, but they were not meant to be a permanent solution to joblessness. Also, they did not provide jobs to everyone who needed one. The level of government assistance varied by state. For example, a family needing assistance in Massachusetts might receive $60 per month, while a family in Arkansas might get $8. New Deal programs permitted discrimination against African Americans, Hispanic Americans, women, and others.

The End of the New Deal • Setbacks such as the court-packing fight and the 1937 economic downturn gave power to anti-New Deal senators. • Opposition in Congress made passing New Deal legislation more difficult. Only one piece passed in 1938: the Fair Labor Standards Act (which set up a minimum wage). Weakening Support • Roosevelt tried to influence voters in the South during the congressional elections of 1938; however his candidates lost. • The Republicans made gains in the both houses. • Roosevelt lacked the congressional support he needed to pass New Deal laws. 1938 Elections • The New Deal ended in 1938. • Americans turned their attention to the start of WWII. After the New Deal

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VBI Vaccines Announces Poster Presentation at 2024 ASCO Annual Meeting Highlighting New Interim Phase 2b Data from VBI-1901 in Recurrent Glioblastoma Patients

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CAMBRIDGE, Mass. — VBI Vaccines Inc. (Nasdaq: VBIV) (VBI), a biopharmaceutical company driven by immunology in the pursuit of powerful prevention and treatment of disease, today announced that new interim tumor response data from the ongoing randomized, controlled Phase 2b study of VBI-1901, the Company’s cancer vaccine immunotherapeutic candidate in recurrent glioblastoma (GBM), were accepted for poster presentation at the 2024 American Society of Clinical Oncology (ASCO) Annual Meeting.

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Vbi vaccines announces poster presentation at 2024 asco annual meeting highlighting new interim phase 2b data from vbi-1901 in recurrent glioblastoma patients back to video.

The presentation at ASCO will provide an update to the encouraging data previously shared at the World Vaccine Congress Washington in April , including additional data from those initially evaluable patients, as well as data from new patients who have since been randomized into the Phase 2b study.

Presentation Details

• Title: Randomized Phase 2b trial of a CMV vaccine immunotherapeutic candidate (VBI-1901) in recurrent glioblastomas
• Date: Saturday, June 1, 2024
• Poster Session: Central Nervous System Tumors
• Poster Session Time: 9:00 AM – 12:00 PM CDT

Phase 2b Study Design Multi-center, randomized, controlled, open-label study in up to 60 patients with first recurrent GBM

• Intradermal VBI-1901 + GM-CSF: 10 µg dose every 4 weeks until clinical disease progression
• Monotherapy standard-of-care: either intravenous carmustine or oral lomustine, every 6 weeks until disease progression or intolerable toxicity
• Safety and tolerability
• Overall survival (OS) – median and overall
• Tumor response rate (TRR)
• Progression-free survival (PFS)
• Immunologic responses
• Reduction in corticosteroid use relative to baseline
• Change in quality of life compared to baseline

The U.S. Food and Drug Administration (FDA) has considered demonstration of a statistically significant improvement in overall survival relative to a randomized control arm to be clinically significant and has recognized this as criteria to support the approval of new oncology drugs. 1

For more information about the Phase 2b study, visit clinicaltrials.gov and reference trial identifier: NCT03382977.

About GBM and VBI-1901

Scientific literature suggests CMV infection is prevalent in multiple solid tumors, including glioblastoma (GBM). GBM is among the most common and aggressive malignant primary brain tumors in humans. In the U.S. alone, more than 12,000 new cases are diagnosed each year. The current standard of care for treating GBM is surgical resection, followed by radiation and chemotherapy. Even with aggressive treatment, GBM progresses rapidly and has a high mortality.

VBI-1901 is a novel cancer vaccine immunotherapeutic candidate developed using VBI’s enveloped virus-like particle (eVLP) technology to target two highly immunogenic cytomegalovirus (CMV) antigens, gB and pp65. The FDA has granted VBI-1901 Fast Track Designation and Orphan Drug Designation for the treatment of recurrent glioblastoma. These designations are intended to provide certain benefits to drug developers, including more frequent meetings with the FDA, and Accelerated Approval and Priority Review, if relevant criteria are met, among other benefits.

About VBI Vaccines Inc.

VBI Vaccines Inc. (“VBI”) is a biopharmaceutical company driven by immunology in the pursuit of powerful prevention and treatment of disease. Through its innovative approach to virus-like particles (“VLPs”), including a proprietary enveloped VLP (“eVLP”) platform technology and a proprietary mRNA-launched eVLP (“MLE”) platform technology, VBI develops vaccine candidates that mimic the natural presentation of viruses, designed to elicit the innate power of the human immune system. VBI is committed to targeting and overcoming significant infectious diseases, including hepatitis B, coronaviruses, and cytomegalovirus (CMV), as well as aggressive cancers including glioblastoma (GBM). VBI is headquartered in Cambridge, Massachusetts, with research operations in Ottawa, Canada, and a research and manufacturing site in Rehovot, Israel.

Website Home: http://www.vbivaccines.com/ News and Resources: http://www.vbivaccines.com/news-and-resources/ Investors: http://www.vbivaccines.com/investors/

References:

1. Oncology Center of Excellence, Center for Drug Evaluation and Research (CDER) and Center for Biologics Evaluation and Research (CBER) at the Food and Drug Administration. Clinical Trial Endpoints for the Approval of Cancer Drugs and Biologics; Guidance for Industry. FDA.gov. December, 2018

Cautionary Statement on Forward-looking Information

Certain statements in this press release that are forward-looking and not statements of historical fact are forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are forward-looking information within the meaning of Canadian securities laws (collectively, “forward-looking statements”). The Company cautions that such forward-looking statements involve risks and uncertainties that may materially affect the Company’s results of operations. Such forward-looking statements are based on the beliefs of management as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to, the Company’s ability to regain and maintain compliance with the listing standards of the Nasdaq Capital Market, the Company’s ability to satisfy all of the conditions to the consummation of the transactions with Brii Biosciences, the Company’s ability to comply with its obligations under its loan agreement with K2 HealthVentures, the impact of general economic, industry or political conditions in the United States or internationally; the impact of the COVID-19 endemic on our clinical studies, manufacturing, business plan, and the global economy; the ability to successfully manufacture and commercialize PreHevbrio/PreHevbri; the ability to establish that potential products are efficacious or safe in preclinical or clinical trials; the ability to establish or maintain collaborations on the development of pipeline candidates and the commercialization of PreHevbrio/PreHevbri; the ability to obtain appropriate or necessary regulatory approvals to market potential products; the ability to obtain future funding for developmental products and working capital and to obtain such funding on commercially reasonable terms; the Company’s ability to manufacture product candidates on a commercial scale or in collaborations with third parties; changes in the size and nature of competitors; the ability to retain key executives and scientists; and the ability to secure and enforce legal rights related to the Company’s products. A discussion of these and other factors, including risks and uncertainties with respect to the Company, is set forth in the Company’s filings with the SEC and the Canadian securities authorities, including its Annual Report on Form 10-K filed with the SEC on April 16, 2024, and filed with the Canadian security authorities at sedarplus.ca on April 16, 2024, as may be supplemented or amended by the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Given these risks, uncertainties and factors, you are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. All such forward-looking statements made herein are based on our current expectations and we undertake no duty or obligation to update or revise any forward-looking statements for any reason, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240522640304/en/

VBI Nicole Anderson Director, Corporate Communications & IR (617) 830-3031 x124 [email protected]

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