The Reconstruction Finance Corporation (RFC) was created by an act of January 22, 1932, to extend aid during the depression to agriculture, commerce, and industry by direct loans to banks, other credit agencies, and, with approval of the Interstate Commerce Commission, to railroads or receivers of railroads. Subsequent legislation authorized the RFC to purchase capital stock of banks and insurance companies; make loans to businesses and other classes of borrowers; and, with the advent of World War II, acquire strategic and critical materials, provide financing for plant conversion and construction, and undertake many other activities involved in the war effort.

The RFC was headed by a Board of Directors with a Chairman of the Board,

an Executive Committee, a Secretary, and a Treasurer. In May 1951 an Administrator replaced the Board of Directors. It operated through its Washington office, loan agencies in 33 cities, subsidiary corporations, the Federal Reserve banks, and special representa tives in Hawaii, Puerto Rico, and the Virgin Islands. The following subsidiaries were established: Defense Homes Corporation, Defense Plant Corporation, Defense Supplies Corporation, Disaster Loan Corporation, Federal National Mortgage Association, Metals Reserve Company, Pacific Development Corporation, Petroleum Reserve Corporation, Regional Agricultural Credit Corporations (which were transferred to the Farm Credit Administration in 1933), Rubber Development Corporation, Rub

ber Reserve Company, RFC Mortgage Company, U.S. Commercial Company, War Assets Corporation, and War Damage Corporation. In addition the RFC acquired the assets of the Electric Home and Farm Authority and the Lafayette Building Corporation. The subsidiaries were dissolved and liquidated by the RFC or were transferred to other Federal agencies when the RFC was terminated.

The RFC functioned as an independent agency except when it was under jurisdiction of the Federal Loan Agency (April 25, 1939-February 24, 1942, and February 24, 1945-June 30, 1947) and the Department of Commerce (February 24, 1942-February 24, 1945). The RFC was originally established for 10 years, but amendments to the original act extended this to June 30, 1948, and again to June 30, 1956. The RFC Liquidation Act terminated the Corporation's lending powers on September 28, 1953, although the RFC continued until June 30, 1954. Thereafter, the Secretary of the Treasury assumed all powers, duties, and authority previously held by the RFC Administrator. The RFC was finally abolished on June 30, 1957.

In 1954 certain RFC functions were assigned to appropriate agencies for liquidation. Foreign loans were assigned to the Export-Import Bank of Washington; loans to victims of floods or other catastrophes, to the Small Business Administration; and mortgages held by the RFC, to the Federal National Mortgage Association. In 1957 RFC's remaining functions were transferred as follows: loans and contracts with States, municipalities, and other public bodies for drainage and irrigation projects, to the Housing and Home Finance Agency; affairs of the Smaller War Plants Corporation and of the RFC Price Adjustment Board, to the General Services Administration; loans to business enterprises, to the Small Business Administration; and all remaining functions, including loans to

railroads, financial institutions, and insurance companies, and affairs of the War Damage Corporation, to the Department of the Treasury. RFC disposition of synthetic rubber production facilities, which had been assigned to the Rubber Producing Facilities Disposal Commission, and tin smelting facilities was transferred to the Federal Facilities Corporation (FFC) in 1954. The FFC was placed under the direction of the Administrator of General Services in 1957, and its functions were transferred to the Administrator by the act in 1961 that abolished the FFC.

There are 4,187 cubic feet of records dated between 1932 and 1961 in this record group.

RECORDS OF THE OFFICE OF THE SECRETARY OF THE RFC. 1932-57. 667 lin. ft.

These consist of minutes of the Board of Directors and the Executive Committee, 1932-51, the RFC Administrator, 1951-54, and the assistant to the Secretary of the Treasury, 1954-57, with related exhibits, reports, documents, and transcripts of congressional hearings, reports to the Congress, and other records relating to RFC legislation, 1932-54; official seals, charters and bylaws, and organizational charts of the RFC and subsidiary corporations, 193254; transcripts of proceedings of the Board of Directors with representatives of banks, insurance companies, trust companies, railroads, and local government agencies, 1932-35; administrative subject files, general correspondence, and separate files of correspondence with Government agencies, the White House, and the Bureau of the Budget, 1932-57; administrative instructional issuances, bulletins, and manuals, circulars, 1932-57; resolutions regarding delegations of authority, with indexes, 1932-55; administrative histories of RFC wartime programs, 1943-54; speeches and diaries of RFC officials,

1932-54; records relating to a financial survey of airlines, 1947-50; correspondence relating to the 1944 Servicemen's Readjustment Act, 1944-53; minutes and other records relating to meetings of the Claims Review Committee of the Office of Loans, 1950-54, the Committee on Operations, 1936, the Office of Production Review Committee, 1949-51, the Advisory Loan Committee of the Atlanta Loan Agency, 1932-53, the Central Advisory Committee of the Boston Loan Agency, 1944-53, and the Midwest Disaster Loan Committee, 1951; financial and statistical reports, 1948-54; and press releases and forms, 1932-57.

RECORDS OF THE RFC LEGAL
DIVISION. 1933-59. 18 lin. ft.

Included are legal opinions of the General Counsel, with indexes, 1934-57; correspondence and other records relating to investments in preferred stock of banks and trust companies, 1933-40; reports of litigation authorized by the Board of Directors, 1936-50; and files of the deputy assistant general counsel in charge of litigation and liquidation, 1947-59.

RECORDS OF THE OFFICE OF
THE CONTROLLER-TREASURER
OF THE RFC. 1932-57. 1,465 lin. ft.

Included are a general file, 1932-57; reports to the Congress, reports on lending activities, and RFC and subsidiaries financial statements, 1932-57; records relating to the 1934 Gold Reserve Act, 1933-36; private accounting firms' audit reports, 1932-46; agreements, legal documents, and correspondence relating to RFC establishment and organization, and loans, notes, and other RFC financial arrangements, 1932-54; and management project records, 1946-52. There are also files of the assistant treasurer, 1933-54; Examining Division case files. (in WNRC) relating to declined, canceled, and paid loans, 1932-46; indexes to loan case files of the RFC and RFC

Mortgage Company, 1932-57; records relating to RFC emergency relief funds made available to the States, 1932-34; Statistical and Economic Division records consisting of a general file, 193244, and reports on general loans, RFC investments in preferred stock, capital notes, debentures, loans to industries and businesses, and loans for national defense, 1932-47; and reports and surveys of the Industrial Analysis Branch, 1948-53.

RECORDS OF THE RFC RAILROAD DIVISION. 1932-57. 657 lin. ft.

These consist of a general file, 193253; files of Division officials, 1932-57; case files relating to paid, canceled, and withdrawn railroad loans, 1932-57 (in WNRC); legal staff files, 1932-57; court dockets and briefs relating to reorgani zation proceedings, 1932-56 (in WNRC); Federal Emergency Administration of Public Works railroad loan case files, 1933-35; records of loans, notes issued for loans, and collateral pledged, 194051; Accounting Division railroad loan records, 1932-55; data relating to financial conditions of railroads, 1932-53; and financial reports submitted by railroads to the Interstate Commerce Commission, 1938-54.