Many have attempted to distill lessons on combating economic crises from the experiences of the US Reconstruction Finance Corporation (RFC) during the 1930s. However, the resulting policies have been subject to widespread doubts and criticisms. It created the Reconstruction Finance Corporation which released funds for public works projects across the country. Get exclusive access to content from our 1768 First Edition with your subscription. 2 of 1954 had assigned to appropriate agencies for liquidation certain functions of RFC, effective July 1, 1954. The Emergency Relief and Construction Act was an amendment to the Reconstruction Finance Corporation Act which was signed on January 22, 1932. The Reconstruction Finance Corporation (modeled after the earlier War Finance Corporation) was created in early 1932 under the Hoover Administration as what amounted to the “discount lending” facility of the Federal Reserve System: it would lend to financial institutions chartered by states and in rural areas. As the functions of the RFC grew, however, and as it began to assume responsibility for disbursing huge sums of money, it tended to become involved in politics. Corrections? The Reconstruction Finance Corporation (RFC) was established during the Hoover administration with the primary objective of providing liquidity to, and restoring confidence in the banking system. Updates? Brush up on your geography and finally learn what countries are in Eastern Europe with our maps. With the passage of the Emergency Relief Act in July 1932, its scope was broadened to include aid Infoplease is a reference and learning site, combining the contents of an encyclopedia, a dictionary, an atlas and several almanacs loaded with facts. All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. Two years into the Great Depression, the economic slide was becoming an avalanche. Let us know if you have suggestions to improve this article (requires login). Learn about one of the world's oldest and most popular religions. Fewer than 50 countries belong to the United Nations. See J. H. Jones, Fifty Billion Dollars (1951). Learn more about the mythic conflict between the Argives and the Trojans. We've got you covered with our map collection. Its purpose was to facilitate economic activity by lending money in the depression. Reconstruction Finance Corporation. The RFC was finally dismantled under the Dwight D. Eisenhower administration, which sought to limit government involvement in the economy. By signing up for this email, you are agreeing to news, offers, and information from Encyclopaedia Britannica. Our editors update and regularly refine this enormous body of information to bring you reliable information. https://www.britannica.com/topic/Reconstruction-Finance-Corporation, United States History - Reconstruction Finance Corporation. Its purpose was to facilitate economic activity b Check our encyclopedia for a gloss on thousands of topics from biographies to the table of elements. With the passage of the Emergency Relief Act in July 1932, its scope was broadened to include aid to agriculture and financing for state and local public works. 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.
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