President Calvin Coolidge has been quoted as saying that the "the business of America is business." A firm supporter of laissez-faire, Coolidge 's policies were aggresssivlely pro-business. For instance, through his appointees, he transformed the Federal Trade Commission from an agency meant to regulate corporations into one dominated by big business. Twice vetoing the McNary-Haugen bill to aid agriculture (1927 and 1928), and pocket-vetoing a bill for government operation of the Muscle Shoals hydroelectric plant, Coolidge further demonstrated his belief in laissez-faire.
In addition, the presence of such men as Herbert Hoover and Andrew Mellon added to the business tone of President Coolidge's administration. For, Coolidge supported Mellon's program of tax cuts--which, of course, helped business--and economy in government. And, through his public remarks, unfortunately, he encouraged the reckless stock market speculation that became his nemesis and that of the nation as it was unprepared for the economic collapse that followed.