The Great Depression in the early thirties hastened the progress of the Philippines towards independence. In the United States it was mainly the sugar industry and labor unions that had a stake in loosening the U.S. ties to the Philippines since they could not compete with the Philippine cheap sugar (and other commodities) which could freely enter the U.S. market. Therefore, they agitated in favor of granting independence to the Philippines so that its cheap products and labor could be shut out of the United States. In 1933, the United States Congress passed the Hare–Hawes–Cutting Act as a Philippine Independence Act over President Herbert Hoover's veto. Though the bill had been drafted with the aid of a commission from the Philippines, it was opposed by Philippine Senate President Manuel L. Quezon, partially because of provisions leaving the United States in control of naval bases. Under his influence, the Philippine legislature rejected the bill. The following year, a revised act known as the Tydings–McDuffie Act was finally passed. The act provided for the establishment of the Commonwealth of the Philippines with transition to full independence after a ten-year period. The commonwealth would have its own constitution and be self-governing, though foreign policy would be the responsibility of the United States, and certain legislation required approval of the United States president. The Act stipulated that the date of independence would be on July 4 following the tenth anniversary of the establishment of the Commonwealth.