A 1932 fight over an economic relief agency has parallels to today’s politics — and the electoral fortunes of both Democrats and Republicans
This type of agency, which uses public dollars to make big economic investments designed to help resuscitate the U.S. economy and produce needed supplies, might seem like a dramatic new emergency measure, and indeed it might be—but it wouldn’t be unprecedented. A common denominator of these proposals is they have a big, successful but controversial antecedent: the Reconstruction Finance Corporation, a government body that helped the U.S.
As such, a lot of the lessons of the RFC startup are for Democrats, whose signoff will be needed for any new government investment body. That said, both parties can learn something from the RFC experience, including practical advice on how to do big industrial policy—whether in a 2020 Biden administration or a 2024 Rubio one.Though it is today associated with Franklin Delano Roosevelt’s New Deal, the RFC was actually launched in 1932, President Herbert Hoover’s last year in office.
Democrats were right then and would be right today to demand a voice on the board. In return, Republicans pulled legislative victory from the jaws of defeat and showed that they weren’t totally incapable of governing.Just fixing the original bill was not enough.
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