The pre-New Deal (1930 – 1932) continues: Republican (fascist/socialist) President Hoover—without a constitutional amendment—signs House Resolution 7360, reviving the War Finance Corporation, renaming it the Reconstruction Finance Corporation, endowing it with an initial capitalization of 500,000,000 Dollars, and authorizing it to lend another 1,500,000,000 Dollars to businesses (particularly banks) on the brink of failure—credit that is badly needed by the free-market for start-up capital. Many of the RFC’s first employees are former WFC clerks.
[restored 7/2/2022]
Subsequent Events:
Authority:
“Law of the Jungle”
ccc-2point0.com/preface
References:
Reconstruction Finance Corporation Act, 47 Public Statutes at Large 5 (1932).
Robert Higgs, Crisis and Leviathan: Critical Episodes in the Growth of American Government, (Oakland, California: The Independent Institute, 1987), 165.
Murray N. Rothbard, America’s Great Depression, fifth edition, (1963; Auburn, Alabama: Ludwig von Mises Institute, 2000), 295-01.
U.S. Banking Timeline
www.libertyforlife.com/banking/currency-us-timeline.html