Great Depression - Reconstruction Finance Corporation is created
Time: Friday Jan 22, 1932
Place: U.S.
Details: The Reconstruction Finance Corporation is created to lend $2 billion to troubled financial institutions that were not part of the Federal Reserve System that were solvent in the long-run. By 1941, the RFC would lend out some $9.5 billion to banks, railroads, and mortgage associations, as well as state and local governments.
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