THE GREAT DEPRESSION 1929 1940
PRESIDENT HERBERT HOOVER AND THE GREAT DEPRESSION
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Hoover was a big believer in federal government intrusion into the economy
|
|
|
Hoover had a self interest in support of the RFC because he owned several major railroads
|
|
|
Hoover thought his support of the RFC would help him beat Franklin Roosevelt in the upcoming presidential election
|
|
|
Hoover believed once these companies were stabilized, the benefits would “trickle down” to smaller businesses & bring recovery
|
Detailed explanation-1: -What Was the Reconstruction Finance Corporation (RFC)? The Reconstruction Finance Corp. (RFC) was an agency authorized by the U.S. government to loan money to assist the nation’s ailing banks after the stock market crash of 1929 and during the Great Depression that followed.
Detailed explanation-2: -Reconstruction Finance Corporation (RFC), U.S. government agency established by Congress on January 22, 1932, to provide financial aid to railroads, financial institutions, and business corporations.
Detailed explanation-3: -Answer and Explanation: The Reconstruction Finance Corporation benefited business owners and bankers: those at the top of the American economy. It was the first attempt by the federal government to address the suffering of the Great Depression.
Detailed explanation-4: -To address these problems, President Herbert Hoover asked and Congress passed the Reconstruction Finance Corporation Act of 1932 with broad bipartisan support. Hoover signed the Act into law on January 22.