"The NRA provided that in America each industry should be organized into a federally supervised trade association. It was not called a corporative. It was called a Code Authority"

This quote by John T. Flynn is describing the National Recovery Administration (NRA) which was developed in 1933 as part of President Franklin D. Roosevelt's New Deal. The NRA was developed to help the United States recover from the Great Depression by supplying a framework for services to cooperate and compete in a fair and equitable way. The NRA supplied that each industry ought to be arranged into a federally monitored trade association, which was not called a corporative, however rather a Code Authority. The Code Authority was responsible for setting standards and policies for the market, such as minimum wages, maximum hours, and fair trade practices. The Code Authority likewise had the power to implement these standards and regulations, and to investigate and prosecute any violations. The NRA was ultimately declared unconstitutional in 1935, but its tradition survives on in the kind of the modern-day regulatory companies that supervise the different industries in the United States.