The Hoover administration's initial response to the Great Depression emphasized self-reliance and voluntary efforts rather than direct government intervention. One example was the creation of the National Credit Corporation in 1931, a voluntary association of banks aimed at stabilizing the banking system. Another example was the Hoover administration's efforts to promote public works projects through the creation of the Reconstruction Finance Corporation in 1932, which provided loans to struggling industries and state governments. However, these measures were largely seen as insufficient and failed to provide the necessary relief to address the magnitude of the crisis.
