President Herbert Hoover took several steps to address the economic challenges during the Great Depression, although many believe that these measures were largely ineffective in combating the crisis. Some of the key actions and legislation associated with his efforts include the following:
1. The creation of the Reconstruction Finance Corporation (RFC) in 1932, which provided loans to banks, railroads, and other financial institutions to stabilize the financial sector.
2. The passage of the Emergency Relief and Construction Act in 1932, which aimed to provide public works and emergency relief to combat unemployment.
3. The signing of the Hawley-Smoot Tariff Act in 1930, which increased tariffs on imported goods. However, this is often criticized for worsening the Depression by stifling international trade.
4. Encouragement of voluntary cooperation among businesses to maintain wage levels and prevent layoffs.
Despite these efforts, unemployment continued to rise during Hoover's presidency due to a combination of factors. First, the measures taken were often seen as too little and too late to address the severity of the economic crisis. Second, the banking and financial system remained unstable, contributing to the ongoing economic turmoil. Third, the global economic downturn and the Dust Bowl in the United States exacerbated the situation, leading to further job losses and suffering. It was only when Franklin D. Roosevelt took office in 1933 and implemented the New Deal, a more comprehensive set of policies and programs, that the economy began to recover and unemployment rates started to decline.