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Profile: Herbert Hoover
Herbert Hoover was a participant or observer in the following events:
The Federal Home Loan Bank Act is introduced in the House of Representatives on May 25, 1932. It passes Congress on July 16 and is signed into law by President Hebert Hoover six days later, on July 22. The act is intended to lower the cost of home ownership. It establishes the Federal Home Loan Bank Board (FHLBB) to charter and supervise federal savings and loan associations (S&Ls). It also creates Federal Home Loan Banks, which lend to building and loan associations, cooperative banks, homestead associations, insurance companies, savings banks, community development financial institutions, and insured depository institutions in order to finance home mortgages. [The American Presidency Project, 7/22/1932]
Congress passes the Public Utilities Holding Act, which bars public utility companies from making federal campaign contributions. Essentially, the act extends the ban on corporate contributions (see 1925) to utility companies, as they are not covered under existing law, and, under the administration of President Franklin Roosevelt, are growing rapidly in power and influence. Roosevelt had been elected to office in 1932 on a platform of “good government,” a longtime staple of Democratic Party platforms. The message played particularly well with voters after the economic policies and political corruption of the administration of President Herbert Hoover, a Republican, were widely blamed for the Great Depression. Republicans, stung by the failures of the Hoover administration, also declare their support for campaign finance reform, and the act passes with little resistance. [Campaign Finance Timeline, 1999]
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