AGENCIES OF 1932
The Reconstruction Finance Corporation: Created by Congress
on January 22, 1932, this institution was designed to provide financial
aid to railroads, financial institutions and business corporations. In
July of the same year, its role was expanded to provide aid to agriculture
and to finance state and local public works.
The Hoover administration made little use of the RFC, however. Roosevelt
greatly increased its powers, and it played a significant role in recovery
efforts in the New Deal.
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