Reconstruction Finance Corporation

Examples of Reconstruction Finance Corporation in the following topics:

• Congressional Initiatives

  • The final Hoover Administration attempt to rescue the economy occurred in 1932 with the passage of the Emergency Relief and Construction Act, which authorized funds for public works programs and the creation of the Reconstruction Finance Corporation (RFC).
  • The Reconstruction Finance Corporation (RFC) was an independent agency of the United States government, whose initial goal was to provide government-secured loans to financial institutions, railroads, and farmers.
  • The estate tax was doubled and corporations were taxed at a higher rate of 13.75%.

• Competing Solutions

  • His advisers pushed for the creation of the Reconstruction Finance Corporation (RFC), a federal agency that would provide safe loans to banks, other financial institutions, and public utility companies (e.g., railroads).

• Economic Conversion

  • The Reconstruction Finance Corporation (RFC), originally established to provide loans to businesses, was now in control of eight wartime subsidiaries responsible for the management of critical natural resources and the production of synthetic alternatives at the time of constantly scarce supplies.

• Hoover's Efforts at Recovery

  • Sponsored by Senator Reed Smoot of Utah, the Republican chairman of the Senate Finance Committee, and Representative Willis C.
  • Hoover also urged the major U.S. banks to form a consortium known as the National Credit Corporation (NCC) in 1931.
  • Income tax on the highest incomes rose from 25% to 63%, the estate tax was doubled, and corporations were taxed at an increased rate of 13.75%.
  • The final Hoover Administration attempt to rescue the economy occurred in 1932 with the passage of the Emergency Relief and Construction Act, which authorized funds for public works programs and the creation of the Reconstruction Finance Corporation (RFC), an independent agency whose purpose was to provide government-secured loans to financial institutions, railroads and farmers.

• Globalization and the U.S.

  • Globalization has been driven by the global expansion of multinational corporations based in the United States and Europe, and worldwide exchange of new developments in science, technology, and products.
  • Out of the conference came an agreement by major governments to lay down the framework for international monetary policy, commerce, and finance, as well as the founding of several international institutions intended to facilitate economic growth by lowering trade barriers.
  • Other institutions, including the International Bank for Reconstruction and Development (the World Bank) and the International Monetary Fund (IMF), have been facilitated by advances in technology, which have reduced the costs of trade and trade negotiation rounds, originally under the auspices of the GATT.

• The Bourbons and the Redeemers

  • Redeemers were the southern wing of Bourbon Democrats—the conservative, pro-business wing of the Democratic Party during Reconstruction.
  • During Reconstruction, the South was occupied by federal forces, and Southern state governments were dominated by Republicans.
  • Numerous educated blacks returned to the South to work for Reconstruction, and some blacks attained positions of political power under these conditions.
  • Once in power, they typically cut government spending, shortened legislative sessions, lowered politicians' salaries scaled back public aid to railroads and corporations, and reduced support for the new systems of public education and some welfare institutions.
  • Outline the various forms of political reaction to Reconstruction in the South

• Educational Reforms

  • Schools taught religious values and applied Calvinist philosophies of discipline, which included corporal punishment and public humiliation.
  • Education reform, championed by Horace Mann, helped to bring about state sponsored public education, including a statewide curriculum and a local property tax to finance public education.
  • Mann advocated a statewide curriculum and instituted school financing through local property taxes.
  • In the era of reconstruction after the Civil War, the Freedmen's Bureau opened 1000 schools across the South for black children.

• The Gilded Age

  • The Gilded Age refers to the period following Reconstruction, when the American economy grew at its fastest rate in history.
  • The period in United States history following the Civil War and Reconstruction, lasting from the late 1860s to 1896, is referred to as the "Gilded Age. " This term was coined by Mark Twain and Charles Dudley Warner in their book The Gilded Age: A Tale of Today, published in 1873.
  • The corporation became the dominant form of business organization, and a managerial revolution transformed business operations.
  • The "nadir of American race relations" is a term that refers to the period in United States history from the end of Reconstruction through the early 20th century, when racism in the country is deemed to have been worse than in any other period after the American Civil War.
  • During this period, African Americans lost many civil rights gained during Reconstruction.

• White Terror

  • During the later years of Reconstruction, it was one of the paramilitary groups described as "the military arm of the Democratic Party. "
  • They had a specific political goal: to overthrow the Reconstruction government.
  • Backers helped finance purchases of up-to-date arms, including Winchester rifles, Colt revolvers, and Prussian needle guns.
  • Six well-educated Confederate veterans from Pulaski, Tennessee, created the original Ku Klux Klan on December 24, 1865, during Reconstruction of the South after the Civil War.
  • A Harper's Weekly cartoon from October 1874 depicting White League and Klan opposition to Reconstruction.

• Robber Barons and the Captains of Industry

  • John Pierpont Morgan was an American financier, banker and art collector who dominated corporate finance and industrial consolidation during his time .
  • After financing the creation of the Federal Steel Company he merged in 1901 with the Carnegie Steel Company and several other steel and iron businesses, including Consolidated Steel and Wire Company, to form the United States Steel Corporation.
  • At the height of Morgan's career during the early 1900s, he and his partners had financial investments in many large corporations and were accused by critics of controlling the nation's high finance.
  • The corporate form of business enterprise allowed for potentially immense accumulations of capital to be under the control of a small number of managers; but in the 1870s and 1880s, the corporation was not yet established as the dominant legal form of operation.
  • Trustees were given corporate stock certificates of various companies; by combining numerous corporations into the trust, the trustees could effectively manage and control an entire industry.