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