RFC Closes For Good

On this day in 1957 the Reconstruction Finance Corporation (RFC) was closed. The RFC was the brainchild of President Hoover and was enacted in 1931. Its purpose was to prop up the private sector of the economy to help revitalize economic growth. It truly flourished under President Roosevelt's terms, helping businesses during the Great Depression and World War Two. By the early 1950s the RFC was riddled with corruption causing the Eisenhower administration to cut its duties as a lender. It lasted another four years until its close on this day 1957.