Reconstruction Finance Corporation
How much money in loans did the RFC authorize in its first 6 month?
$1.2 billion
Why is the RFC historically significant?
-It was one of the few actions taken by Herbert Hoover to help stave off the financial suffering of Americans during the Great Depression - The accusations of favoritism within the institution contributed to the dying hope of the American people that they would ever get out of the Depression
Until when did the RFC remain a key federal agency?
1940s
When was the Reconstruction Finance Corporation started?
Began in 1932 with Congress' passage of the initiative set forth by President Herbert Hoover
Who ran the RFC?
Charles G. Dawes
What is the Reconstruction Finance Corporation?
Designed to make emergency loans to banks, railroads, and life-insurance companies
Which bill expanded the powers of the RFC? What was its new power?
Emergency Relief Act (1932); allowed the RFC to make loans to states for infrastructure projects
What criticism of Hoover did the RFC spark?
People began saying that Hoover and Congress could help businesses but not unemployed and starving Americans
What action perpetuated the narrative that the RFC favored big business?
a $90 million loan to Dawes' Chicago bank immediately following his departure from the institution