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Article: Reconstruction Finance Corp.
- Article from:
- Gale Encyclopedia of U.S. Economic History
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RECONSTRUCTION FINANCE CORP.
The Reconstruction Finance Corp. (RFC) was a U.S. government agency established by Congress on January 27, 1932, to provide financial aid to railroads, financial institutions, and business corporations during the Great Depression (1929
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1939). In July 1932, with the passage of the Emergency Relief Act (ERA), the scope of the RFC was enlarged to include aid to agriculture and farms, and financing for state and local public employment works. The RFC, acting as a domestic federal bank, contributed greatly in the recovery effort to climb out of the Depression. During World War II (1939
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1945), the RFC was expanded greatly to finance the construction ...