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Reconstruction Finance Corporation (RFC), former U.S. government agency, created in 1932 by the administration of Herbert Hoover. Its purpose was to facilitate economic activity by lending money in the depression.
The RFC continued under the New Deal and played a major role in recapitalizing banks. The Reconstruction Finance Corporation was effective at reducing the probability of bank failure and stimulating bank lending.The Reconstruction Finance Corporation played a major role in handling the Great Depression in the United States and setting up the relief programs that were taken over by the New Deal in 1933.he Reconstruction Finance Corporation initial money came from selling $500 million worth of stock bonds to the US Treasury. To obtain more capital, $1.5 billion bonds were sold again to the Treasury which was then sold to the general public.