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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