Reconstruction Finance Corporation

The Reconstruction Finance Corporation, known as the RFC, was an independent agency of the United States federal government that served as a lender of last resort to American banks and businesses, established in 1932 under the administration of President Herbert Hoover to restore confidence in the economy and banking system during the Great Depression. It recapitalized banks, made loans to state and local governments, railroads, mortgage associations and large businesses, and under the New Deal of Franklin D. Roosevelt its role expanded to include disaster relief and loans for agriculture, exports and housing. The corporation closed in 1957 once private financial institutions could resume its functions, having distributed about two billion dollars in aid to state and local governments with nearly all loans repaid. This description is adapted from Wikipedia contributors under CC BY-SA 4.0; changes were made. https://creativecommons.org/licenses/by-sa/4.0/