Changes

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 weas 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 save his own bank in Wisconsin. The scandal was covered up 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.  

The RFC established seven new corporations, and purchased an existing corporation.  The eight RFC wartime subsidiaries are Metals Reserve Company, [[Rubber Reserve Company]], Defense Plant Corporation, Defense Supplies Corporation, War Damage Corporation, U.S. Commercial Company, Rubber Development Corporation, [[Petroleum Reserve Corporation]].  These corporations were involved in funding the development of synthetic rubber, construction and operation of a tin smelter, and establishment of abaca (Manila hemp) plantations in Central America.  Both natural rubber and abaca (used to produce rope products) were produced primarily in south Asia, which came under Japanese control.  Thus, these programs encouraged the development of alternative sources of supply of these essential materials.  Synthetic rubber, which was not produced in the United States prior to the war, quickly became the primary source of rubber in the post-war years.

The RFC established seven new corporations, and purchased an existing corporation.  The eight RFC wartime subsidiaries are Metals Reserve Company, [[Rubber Reserve Company]], Defense Plant Corporation, Defense Supplies Corporation, War Damage Corporation, U.S. Commercial Company, Rubber Development Corporation, [[Petroleum Reserve Corporation]].  These corporations were involved in funding the development of synthetic rubber, construction and operation of a tin smelter, and establishment of abaca (Manila hemp) plantations in Central America.  Both natural rubber and abaca (used to produce rope products) were produced primarily in south Asia, which came under Japanese control.  Thus, these programs encouraged the development of alternative sources of supply of these essential materials.  Synthetic rubber, which was not produced in the United States prior to the war, quickly became the primary source of rubber in the post-war years.