The historic agreement that led to the terms under which Roosevelt's New Deal policies were initially viewed was the National Industrial Recovery Act (NIRA) of 1933. This act aimed to stimulate economic recovery during the Great Depression by encouraging industrial growth and labor rights. It sought to establish fair competition, boost employment, and promote consumer purchasing power. While initially hailed as a necessary measure for economic recovery, the NIRA faced constitutional challenges and was eventually deemed unconstitutional by the Supreme Court in 1935, leading to discussions about the role of government in the economy.