Whats In A Statute?
NIRA authorized the President to approve “codes of fair competition” for various industries. More specifically, sec. 3 of the statute provided that “upon the application to the President by one or more trade or industrial associations or groups,” the President may approve codes of fair competition for that industry, taking care to make sure that the associations recommending the codes were open to members, small and large alike, of the industry and that the codes were not designed to promote monopolies or eliminate or oppress small enterprises. Before accepting the recommendation of any industry group, the President would grant “the right to be heard” to any groups affected by the codes. The President could also impose conditions on the industry groups for the protection of consumers, competitors, employees and others. Once the President approved such competition codes, the provisions of the codes “shall be the standards of fair competition” for the affected industry. Any violation of
