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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.
Quick Answer. The purpose of the Emergency Banking Act of 1933 was to stabilize the banking system in the United States following the Great Depression. It was passed by Congress on March 9, 1933, shortly after President Franklin Roosevelt took office. Continue Reading.