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There was no federal agency that could make massive loans to critical sectors of the depressed economy. To address these problems, President Herbert Hoover asked and Congress passed the Reconstruction Finance Corporation Act of 1932 with broad bipartisan support. Hoover signed the Act into law on January 22. Like the Federal Reserve, the RFC would loan to banks, but it was designed to serve state-chartered banks and small banks in rural areas that were not part of the Federal Reserve System. Another distinction was that the RFC could make loans on the basis of collateral that the Federal Reserve and other lenders would not accept. The related Banking Act of 1932, signed on February 27, broadened the Federal Reserve's lending powers, and gave it the power to make national policy to mitigate the problems with the economy. Eugene Meyer, who had pushed for both pieces of legislation, after heading up an organization similar to the RFC during World War I, was a governor of the Federal ...
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Reconstruction Finance Corporation

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The Reconstruction Finance Corporation was a government corporation administered by the United States Federal Government between 1932 and 1957 that provided financial support to state and local governments and made loans to banks, railroads, mortgage associations, and other businesses. Its purpose was to boost the country’s confidence and help banks resume daily functions after the start of the Great Depression. The RFC became more prominent under the New Deal and continued to operate through World War II. It was disbanded in 1957, when the US Federal Government concluded that it no longer needed to stimulate lending. The RFC was an independent agency of the US Federal Government, and fully owned and operated by the government. The idea was suggested by Eugene Meyer of the Federal Reserve Board of Governors, recommended by President Hoover, and established by Congress in 1932. It was modeled after the US War Finance Corporation of World War I. In total, it gave US$2 billion in aid to ...
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22) Republic Day 2020 Parade BEST PARTS: Colourful tableaux, daredevilry, army might on display

India Republic Day -- India Republic Day 2020 Celebration, Flag Hosting HIGHLIGHTS: Perfect Minister Narendra Modi compensated his tributes to martyrs by laying a wreath at the National War Funeral in the presence of Protection Minister Rajnath Singh, 3 service chiefs and Primary of Defence Staff Bipin Rawat. India Republic Day time Parade 2020, Flag Web hosting service HIGHLIGHTS: India is honoring its 70th Republic Day time Today. The celebration at Rajpath started with Perfect Minister Narendra Modi paying out homage to the fallen members of the military at the newly-built National World war Memorial on the Republic Day time for the first time instead of the Amar Jawan Jyoti beneath the India Gateway arch. This was followed by Chief executive Ram Nath Kovind unfurling the tricolour. The celebration marks the day when India’s Constitution came into effect, along with the country became a republic. Heavylift helicopter Chinook in addition to attack helicopter Apache, both equally ...
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