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GCSE History · key term
A federal organisation established in 1932 to lend money to struggling banks, businesses and railways.
Used by OCR
Paper 1
Revise: The Great Depression and the 1932 ElectionIn 1932, Hoover established the Reconstruction Finance Corporation (RFC). It lent money to banks, businesses and railways threatened with collapse. The reasoning was that stabilising these important institutions would help the wider economy.
Do not claim that Hoover did nothing: use the Hawley–Smoot Tariff and the Reconstruction Finance Corporation, then explain why his response was criticised.
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