Just as PAA celebrated its 50th anniversary in 1930, the Depression hit. Despite efforts to boost membership and provide new programs, the Depression took its toll. During these years (1931–34), the association suffered along with the country. Budgets were cut, memberships were canceled, and no conventions were held. By 1934, association leaders were spearheading a drive to build membership and combat rampant price-cutting under the National Recovery Act, which was signed into law that year. They developed the Code of Fair Competition for the Photographic and Photofinishing Industry, which would require every person or firm selling photographic products or services to comply with certain requirements as to wages, hours, prices, and trade practices. The tool now existed to revitalize the association and improve the profession so that it could do its part in returning the country to prosperity. These hopes were soon dashed when the National Recovery Act was declared unconstitutional, affecting all such codes under its jurisdiction. The association suffered a further setback when World War II erupted. In spite of this difficult period, PAA continued to offer new benefits to its members, including the Directory of Professional Photography, which made its first appearance in 1938, and the degree program, which awarded its first Master of Photography degree in 1939.