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By mid 1931 Hoover understood that his earlier economic policies were not working. He reversed his earlier course and embraced a policy of federal economic activism. He also understood that economic recovery in the United States would be predicated upon improvements in the international financial picture. To address these problems he urged that major adjustments be made in international finance. In June he suggested a suspension of international debts. On the domestic front he promoted, and Congress enacted, increased funding for home-loan banks. In early 1932 Hoover also championed the enactment of the Glass-Steagall Credit Expansion Act and the creation of the Reconstruction Finance Corporation (RFC). The RFC was the largest federal loan program up to that time. With a budget of $1.5 billion it made money available for states to develop relief programs and public works. It also provided federal loans to corporations and banks...
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This section contains 303 words (approx. 2 pages at 300 words per page) |
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