Friday, April 10, 2009

So Mr. President, What Did You Do During Your Term In Office? (9)

Topic: The Hoover Administration-Year 1932 #3

June 14-16, 1932
The Republican Party holds its convention at Chicago and renominates President Herbert Hoover and Vice President Charles Curtis.

July 11, 1932
President Hoover vetoes the Wagner-Garner Bill, passed by Congress two days earlier. The bill would provide for Federal employment agencies in states that do not have their own state employment services.

July 15, 1932
With economic conditions continuing to worsen, President Hoover announces that he is taking a 20-percent salary cut.

July 18, 1932
The United States and Canada sign a treaty to construct the St. Lawrence Seaway to connect the Great Lakes with the Atlantic Ocean and to produce hydroelectric energy. The cost of the project, estimated At $543,000,000, is to be split evenly between the two nations.

July 21, 1932
President Hoover signs the Emergency Relief Act, which provides for $300,000,000 in loans to states unable otherwise to raise money for relief purposes. The act also authorizes the Reconstruction Finance Corporation to increase its debt ceiling to $3,000, 000, 000 and to make loans to state and local governments for the construction of public works.

July 22, 1932
The Federal Home Loan Bank Act becomes law, creating 12 regional banks with a capital of $125,000,000 to discount home loans for building and loan associations, savings banks, and insurance companies. President Hoover's hope is that the act will stimulate residential construction, increase employment, and expand home ownership.

October 15, 1932
The 12 Federal Home Loan Banks begin operations as provided for by the Federal Home Loan Bank Act passed on July 22.

November 8, 1932
Franklin Delano Roosevelt is elected President of the United States, defeating Herbert Hoover by a margin of over 7,000,000 votes and winning 472 of 531 electoral votes. Congress is heavily Democratic.

November 22, 1932
President-elect Roosevelt meets with president Hoover at the White House to discuss the war-debt question. It is virtually the only time the two men discuss policy issues.

Sources For Information: The American Presidents by David C. Whitney; Reader's Digest Association, Inc. (1996), The New York Public Library American History Desk Reference; A Stonesong Press Book (1997) The Memoirs of Herbert Hoover, Macmillan Company (1952); The Bicentennial Almanac Edited by Calvin D. Linton, Ph.D. Publishers, Thomas Nelson Inc. (1975) The Presidents of the United States Vol 2, A.S. Barnes & Co. (1973)


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