In 1935 like many other countries, Switzerland was in the midst of a heavy recession. With its deflationary policy for a strong franc, the Federal Council even aggravated the depression. This is why the Swiss federation of trade unions and the Social Democratic Party launched a people initiative for 'combatting the economic crisis.' This initiative demanded a strong governmental trade cycle policy similar to the American New Deal. Specifically, the initiators wanted salary- and price-safety measures, employment-creation measures, the promotion of export and tourism, and the monitoring of the capital market. The bourgeoisie launched a vehement fight against those 'socialist' demands. In the end, the ballot measure was discarded with a share of 43 percent of the votes.