Changes

==World War II==

==World War II==

RFC disbursed $39.5 billion in loans during the war.  The money weas all repaid, with interest.

RFC disbursed $39.5 billion in loans during the war.  The money was all repaid, with interest.

President Roosevelt merged the RFC, [[Board of Economic Warfare]] (BEW), and the [[Lend-Lease]] Office together under the direction of Leo Crowley, former head of the [[Federal Deposit Insurance Corporation]] (FDIC).<ref>FDR knew in 1933 that Crowley had illegally used FDIC money to cover his embezzelments from his own bank in Wisconsin in 1931.  The scandal was kept secret and not known until years after Crowley's death.  Stuart L. Weiss, ''The President's Man: Leo Crowley and Franklin Roosevelt in Peace and War'' (1996)</ref> Oscar Cox, a prime author of the [[Lend-Lease Act]], general counsel of the [[Foreign Economic Administration]] joined as well as [[Lauchlin Currie]], who becamne the deputy administrator to Crowley.  

President Roosevelt merged the RFC, [[Board of Economic Warfare]] (BEW), and the [[Lend-Lease]] Office together under the direction of Leo Crowley, former head of the [[Federal Deposit Insurance Corporation]] (FDIC).<ref>FDR knew in 1933 that Crowley had illegally used FDIC money to cover his embezzelments from his own bank in Wisconsin in 1931.  The scandal was kept secret and not known until years after Crowley's death.  Stuart L. Weiss, ''The President's Man: Leo Crowley and Franklin Roosevelt in Peace and War'' (1996)</ref> Oscar Cox, a prime author of the [[Lend-Lease Act]], general counsel of the [[Foreign Economic Administration]] joined as well as [[Lauchlin Currie]], who becamne the deputy administrator to Crowley.  

[[Nathan Gregory Silvermaster]], who headed a group of Soviet agents working in the U.S. Government during World War II, was transferred, along with the rest of the division from the Treasury Department's War Asset's Administration into to the Reconstruction Finance Corporation, where it became the War Assets Corporation.

[[Nathan Gregory Silvermaster]], who headed a group of Soviet agents working in the U.S. Government during World War II, was transferred, along with the rest of the division from the Treasury Department's War Asset's Administration into to the Reconstruction Finance Corporation, where it became the War Assets Corporation.

==Postwar==

==Postwar==

RFC engaged in numerous loan activities after the war to help small business. For example in 1949 Lustron Steel was responsible for one-tenth of the outstanding industrial and commercial loans of the agency. In 1946 its owner Carl Strandlund inspired by the availability of RFC loans, the severe postwar housing shortage and wartime methods of mass production of ships, developed the idea of mass-producing steel-frame homes for sale by local dealers. His ranch-style house used porcelain-enameled steel for exterior and interior walls, window frames, and door jambs, and ceiling panels; components were made in Columbus, Ohio. Lustron stymied by the myriad of local building regulations that mandated conventional materials, and by the impatience of RFC which cut its losses and foreclosed.<ref>Douglas Knerr, ''Suburban Steel: The Magnificent Failure of the Lustron Corporation, 1945-1951.'' 2004.</ref>

RFC engaged in numerous loan activities after the war to help small business. For example, in 1949 Lustron Steel was responsible for one-tenth of the outstanding industrial and commercial loans of the agency. In 1946 its owner Carl Strandlund inspired by the availability of RFC loans, the severe postwar housing shortage and wartime methods of mass production of ships, developed the idea of mass-producing steel-frame homes for sale by local dealers. His ranch-style house used porcelain-enameled steel for exterior and interior walls, window frames, and door jambs, and ceiling panels; components were made in Columbus, Ohio. Lustron stymied by the myriad of local building regulations that mandated conventional materials, and by the impatience of RFC which cut its losses and foreclosed.<ref>Douglas Knerr, ''Suburban Steel: The Magnificent Failure of the Lustron Corporation, 1945-1951.'' 2004.</ref>

After the war the RFC took over the Smaller War Plants Corporation (SWPC), a wartime agency that provided direct loans to small business.  In 1950-53 the Small Defense Plants Administration (SDPA) certified small businesses to the RFC when it had determined the businesses to be competent to perform the work of government contracts, especially relating to the Korean war effort.  The RFC was replaced in 1953 by the U.S. Small Business Administration. It is still in operation and 20 million small businesses have received direct or indirect help from one or another of those SBA programs.<ref>See [http://www.sba.gov/aboutsba/history/index.html SBA history]</ref>

After the war the RFC took over the Smaller War Plants Corporation (SWPC), a wartime agency that provided direct loans to small business.  In 1950-53 the Small Defense Plants Administration (SDPA) certified small businesses to the RFC when it had determined the businesses to be competent to perform the work of government contracts, especially relating to the Korean war effort.  The RFC was replaced in 1953 by the U.S. Small Business Administration. It is still in operation and 20 million small businesses have received direct or indirect help from one or another of those SBA programs.<ref>See [http://www.sba.gov/aboutsba/history/index.html SBA history]</ref>