Question
Which of the following did President Hoover do in an attempt to stabilize the economy or provide relief to citizens? (5 points)
• Created the Federal Deposit Insurance Corporation
• Created the Reconstruction Finance Corporation
• Funded the building of Hoovervilles
• Funded the opening of soup kitchens
• Created the Federal Deposit Insurance Corporation
• Created the Reconstruction Finance Corporation
• Funded the building of Hoovervilles
• Funded the opening of soup kitchens
Answers
GPT-4o mini
President Herbert Hoover took several actions during the Great Depression in an attempt to stabilize the economy and provide relief, but not all of the actions listed were directly linked to him. Here’s a breakdown:
1. **Created the Federal Deposit Insurance Corporation**: This was established by the Banking Act of 1933, which occurred after Hoover's presidency, so he did not create this agency.
2. **Created the Reconstruction Finance Corporation**: This is correct. Hoover established the Reconstruction Finance Corporation (RFC) in 1932 to provide financial support to banks, insurance companies, and other institutions. It aimed to stimulate the economy as part of his efforts to combat the Great Depression.
3. **Funded the building of Hoovervilles**: Hoovervilles were shantytowns built by homeless people during the Great Depression. These were not funded by Hoover; rather, they were a response to the widespread unemployment and poverty of the time.
4. **Funded the opening of soup kitchens**: While soup kitchens were established during Hoover's presidency, they were often set up by private charities and local organizations rather than directly funded by Hoover's administration.
In summary, the correct answer regarding what Hoover did in an attempt to stabilize the economy or provide relief to citizens is the creation of the **Reconstruction Finance Corporation**.
1. **Created the Federal Deposit Insurance Corporation**: This was established by the Banking Act of 1933, which occurred after Hoover's presidency, so he did not create this agency.
2. **Created the Reconstruction Finance Corporation**: This is correct. Hoover established the Reconstruction Finance Corporation (RFC) in 1932 to provide financial support to banks, insurance companies, and other institutions. It aimed to stimulate the economy as part of his efforts to combat the Great Depression.
3. **Funded the building of Hoovervilles**: Hoovervilles were shantytowns built by homeless people during the Great Depression. These were not funded by Hoover; rather, they were a response to the widespread unemployment and poverty of the time.
4. **Funded the opening of soup kitchens**: While soup kitchens were established during Hoover's presidency, they were often set up by private charities and local organizations rather than directly funded by Hoover's administration.
In summary, the correct answer regarding what Hoover did in an attempt to stabilize the economy or provide relief to citizens is the creation of the **Reconstruction Finance Corporation**.