This episode was incorporated as a flashback into the 7th episode of the 6th season, which aired 11 November 1959: First Disillusionment (1959).
The Smoot-Hawley Bill that Betty asks about refers to the Tariff Act of 1930 (codified at 19 U.S.C. ch. 4) that put in place protectionist trade policies for the United States. It gets its name from its principal sponsors, Senator Reed Smoot from Utah and Representative Willis C. Hawley from Oregon, both Republicans. Herbert Hoover signed it into law on 17 June 1930, thereby raising tariffs on over 20,000 imports.