wtf is the reconstruction finance act?

Question

can't find it anywhere on the web! i just looked it up on wikipedia and nothing good. can someone please help me quickly. first person to give me an answer decent or better gets the BEST ANSWER!!

Answer 1

Basically it was created during the depression in order to allow the Government to loan money to banks to keep them from going under..

http://eh.net/encyclopedia/article/butkiewicz.finance.corp.reconstruction

http://www.fdic.gov/about/learn/learning/when/1930s.html

http://www.heartheissues.com/presidents-31-herberthoover.html

If you search Hoover I think you'll have better luck..

Answer 2

New Deal Timeline, 1932-1938

1932 February - Reconstruction Finance Act – Hoover-backed effort to provide financial support to banks and railroads as check against further economic collapse

Gave loans to Banks during the Great Depression to make sure thye don't fail, it created the Reconstruction Finance Corporation.

Reconstruction Finance Corporation (RFC), former U.S. government agency, created in 1932 by the administration of Herbert Hoover. Its purpose was to facilitate economic activity by lending money in the depression. At first it lent money only to financial, industrial, and agricultural institutions, but the scope of its operations was greatly widened by the New Deal administrations of Franklin Delano Roosevelt. It financed the construction and operation of war plants, made loans to foreign governments, provided protection against war and disaster damages, and engaged in numerous other activities. In 1939 the RFC merged with other agencies to form the Federal Loan Agency, and Jesse Jones, who had long headed the RFC, was appointed federal loan administrator. After Jones became (1940) Secretary of Commerce, Congress transferred (1942) the RFC to his department. When Henry Wallace succeeded (1945) Jones, Congress removed the agency from Dept. of Commerce control and returned it to the Federal Loan Agency. When the Federal Loan Agency was abolished (1947), the RFC assumed its many functions. After a Senate investigation (1951) and amid charges of political favoritism, the RFC was abolished as an independent agency by act of Congress (1953) and was transferred to the Dept. of the Treasury to wind up its affairs, effective June, 1954. It was totally disbanded in 1957. RFC had made loans of approximately $50 billion since its creation in 1932.

Answer 3

the process in switching from a cooperation finance system to a competitive finance system.

Answer 4

yes wtf is the reconstruction finace act.

Answer 5

dunno reconstructing a money problem