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speedband1
speedband1

What three initiatives did President Hoover take to try to help the economy of the United States?

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Posted by speedband1 on Tuesday March 3, 2009 at 7:29 PM and tagged with american history, economy, history, president, president hoover.

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  1. sammym
    sammym Teacher

    eNotes Editor

    Although President Herbert Hoover is generally known for doing little to help the U.S. economy during his presidency, he did implement several programs. These are three examples:

    1) The creation of the Reconstruction Finance Corporation (RFC) in 1932 which secured loans for various businesses, famers, and infrastructure projects. This was a small program during Hoover’s last year in office and contrary to Hoover’s stated belief against government interference.

    2) The Smoot-Hawley Tarriff Act imposed high tariffs on many imported goods, and was meant to increase American production of goods.

    3) The creation of the National Credit Corporation (NCC) in 1931 was Hoover’s attempt at create a voluntary board composed of bankers and insurance executives in order to secure failing banks. The NCC received $500 million in government funds but proved to be unsuccessful, largely because the banks never fully supported the idea and because the NCC was voluntary.

    Sources:
    http://hoover.archives.gov/index.html
    http://www.enotes.com/great-depression-biographies/hoover...

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    Posted by sammym on Monday March 16, 2009 at 3:11 PM