"Come all you poor distressed people And lend a willing ear to me; Your suffering will soon be ended For now we have the R.F.C." The government is helping the poor and homeless and hungry


This probably sounds like a New Deal song, but in fact the Reconstruction Finance Corporation was proposed by Herbert Hoover on December 8, 1931; it was approved by Congress in January 1932 and the RFC opened for business in February.

The RFC, however, was not a relief program as such; rather, it was intended to prop up the banking and insurance system. Its financing ($500 million in government money and authorization to borrow up to $2 billion more), while adequate to keep the financial system working, was not enough to actually stimulate the economy, and it was really a failed half measure.

Still, the RFC was retained until 1957. - RBW


  1. Thomas-Makin', pp. 235-236, "R.F.C." (1 text)
  2. BI, ThBa13


Author: Buddy Preston
Earliest date: 1939 (Thomas)
Found in: US(Ap)