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22) Republic Day 2020 Parade BEST PARTS: Colourful tableaux, daredevilry, army might on display

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Under President Franklin D. Roosevelt

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President Franklin D. Roosevelt, who took office in 1933, increased the RFC's funding, streamlined the bureaucracy, and used it to help restore business prosperity, especially in banking and railroads. He appointed Texas banker Jesse H. Jones to lead the agency, and Jones turned the RFC into an empire with loans made in every state. Under the New Deal, the powers of the RFC were greatly expanded. The agency now purchased bank stock and extended loans for agriculture, housing, exports, businesses, governments, and disaster relief. Roosevelt soon directed the RFC to buy gold to change its market price. The original legislation did not call for identities of the banks receiving loans nor of any reports to Congress. This, however, was changed in July 1932 to make the RFC transparent. Bankers soon were hesitant to ask the RFC for a loan since the public would become aware and begin to consider the possibility of their bank failing causing them to withdraw their deposits. The RFC also ha...
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World War II

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The RFC's powers, which had grown even before World War II began, further expanded during the war. President Roosevelt merged the RFC and the Federal Deposit Insurance Corporation (FDIC), which was one of the landmarks of the New Deal. Oscar Cox, a primary author of the Lend-Lease Act and general counsel of the Foreign Economic Administration, joined as well. Lauchlin Currie, formerly of the Federal Reserve Board staff, was the deputy administrator to Leo Crowley. The RFC established eight new corporations and purchased an existing corporation. Its eight wartime subsidiaries were the Metals Reserve Company, Rubber Reserve Company, Defense Plant Corporation, Defense Supplies Corporation, War Damage Corporation, US Commercial Company, Rubber Development Corporation, and Petroleum Reserve Corporation. These corporations helped fund the development of synthetic rubber, the construction and operation of a tin smelter, and the establishment of abaca (Manila hemp) plantations in Central A...
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