Herbert Hoover became the thirty-first President of the United States on March 4, 1929.
Stock Market Crash
On October 29, 1929, seven months after President Hoover's inauguration, the stock market in New York City crashed, ushering in the worst economic depression in the nation's history. President Hoover responded to the crisis by personally meeting with the heads of industry and asking them not to cut production, wages, or employment. The request meant little to industry leaders who were themselves facing bankruptcy. President Hoover believed that the secret to recovery was to balance the federal budget, and he dedicated most of his time to trying to do just that.
"Bonus Army's" March on Washington
In June of 1932, a group of World War I veterans marched on the Capitol to demand that their military bonuses, which were not by law payable until 1945, be paid immediately. When President Hoover denied the demands of the protesters, the march turned into a riot. The President called out the National Guard to put down the violence, and the nation's animosity against the President increased.
Legislation
Smoot-Hawly Act
In 1930 Congress passed the Smoot-Hawly Act which considerably raised the protective tariff. The other nations of the world, themselves undergoing economic hardships, responded to the Smoot-Hawly Act by raising their own protective tariffs. A viscous trade war ensued, exacerbating the plight of the economy.
London Naval Treaty
In 1930 the Hoover Administration signed the London Naval Treaty which further limited the navies of the United States, Great Britain, and Japan which had originally been limited under the Five Power Treaty of 1923.
Clark Memorandum
In 1930 Undersecretary of State J. Reuben Clark issued a statement which nullified the Roosevelt Corollary to the Monroe Doctrine.
Reconstruction Financial Corporation
Though President Hoover was against the notion of federal aid for the unemployed, he did establish the Reconstruction Financial Corporation in 1932 to administer low interest government loans to failing businesses. The Reconstruction Financial Corporation later gave some $30 million to bankrupt state governments.
Bureau of Reclamation
The Bureau of Reclamation was an effort to conserve the United States' natural resources while at the same time, create jobs for the unemployed. The Bureau was responsible for building and fixing waterways; one of the larger project undertaken was the Boulder Dam (now the Hoover Dam).
Twentieth Amendment
Congress passed the Twentieth Amendment, or the "lame duck" Amendment, in January of 1933, after President Hoover had lost the 1932 election to Franklin Delano Roosevelt. The Amendment moved the date of the Presidential inauguration from March 4 to January 20. It was an attempt to rid the nation of President Hoover early, but the law did not go into effect until the following October. President Hoover left the White House on March 4, 1933.
