Reconstruction Finance Corporation

The Reconstruction Finance Corporation (RFC) was an independent agency of the U.S. government, chartered during the administration of Herbert Hoover in 1932. The agency advanced $2 billion in loans to state and local governments and to banks, railroads, farm mortgage associations, and other businesses, funding, for example, the construction of the original Hayden Planetarium.

Related Topics:
Independent agency of the U.S. government - Herbert Hoover - 1932 - Bank - Railroad - Hayden Planetarium

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The RFC also had a division that would give the states loans for emergency relief needs.

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The RFC was bogged down in bureaucracy and failed to disburse many of its funds. It failed to stem the tide of mass unemployment of the Great Depression. The failure of the RFC helped to lead to the election of Franklin Delano Roosevelt.

Related Topics:
Great Depression - Franklin Delano Roosevelt

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