Answer:
The Reconstruction Finance Corporation (RFC) was established during the Hoover administration with the primary objective of providing liquidity to, and restoring confidence in the banking system. The banking system experienced extensive pressure during the economic contraction of 1929-1933. During the contraction period, many banks had to suspend business operations and most of these ultimately failed. A number of these suspensions occurred during banking panics, when large numbers of depositors rushed to convert their deposits to cash from fear their bank might fail. Since this period was prior to the establishment of federal deposit insurance, bank depositors lost part or all of their deposits when their bank failed.
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