USA HISTORY

Detailed explanation-1: -The San Francisco-Oakland Bay Bridge was a project of the Reconstruction Finance Corporation, an agency that started under Hoover but became part of FDR’s New Deal efforts to improve the country’s infrastructure. Construction began in 1933 and the bridge opened in 1936.

Detailed explanation-2: -The RFC was a new government-sponsored financial institution whose purpose was to lend directly to banks and other financial institutions including those without access to Federal Reserve credit facilities.

Detailed explanation-3: -The RFC’s most important leader was Texan Jesse H. Jones (1874-1956), appointed co-director by Hoover in 1932 and then given the chairmanship by FDR in 1933. Jones led the RFC through all the New Deal and war years before leaving in 1945 for a life devoted to philanthropy [11].

Detailed explanation-4: -The idea was suggested by Eugene Meyer of the Federal Reserve Board of Governors, recommended by President Herbert Hoover, and established by Congress in 1932. It was modeled after the US War Finance Corporation of World War I.

Detailed explanation-5: -Abolished: By Reorganization Plan No. 1 of 1957, effective June 30, 1957. The Reconstruction Finance Corporation Liquidation Act (67 Stat. 230), July 30, 1953, had provided for RFC’s continuation to June 30, 1954, and for termination of its lending powers, effective September 28, 1953.