The Reconstruction Finance Corporation

    Cards (5)

    • January 1932 - first direct attempt from federal Government to help USA out of depression
    • $2 billion of taxpayer's money to assist banks and insurance companies in financial trouble/bankruptcy
    • February-March 1932 = 160 banks, 60 railroads and 18 mortgage companies were helped
    • Aim to prevent further banking collapse but failed to convince banks to lend.
    • FDR continued the RFC in attempt to bring about economic recovery, when he came to power in 1933.