Federal Home Loan Bank Act & the RFC
To combat the Great Depression, Hoover passed a number of policies. One was the Federal Home Loan Bank Act which the Federal Home Loan Bank Board which supervised savings and loan institutions. Another, Reconstruction Finance Corporation (RFC), was an independent government agency that loaned $2 million to state and local government as well and some businesses. The RFC distributed almost $9½ billion 1932 and 1941.
The Bonus Army
In 1924 the Patman Bill, fronted by Walter Waters was passed in congress to compensate WWI veterans for their wartime services. On June 17th 1932, the bill was voted down and a crowd of 2,000 veterans (know as the Bonus Army, name so because they wanted their wartime bonus paid) would not leave the capital in protest. Fearing the group might become angry, Hoover ordered 1,000 soldiers led by generals MacArthur and Eisenhower to disband the protestors. The use of tear gas killed an 11-month old baby and an 8-year-old boy was partially blinded by the gas. This in particular hurt Hoover’s public image.
The Bolder Bam
About one year into Hoover’s term, the construction of the $700 million project was approved by congress. Hoover had been pushing for the construction of the dam since his service as secretary of commerce. The Bolder Dam is now known as the Hoover Dam.
some of the "Bonus Army's" shacks after the encounter with the military
