Herbert Hoover photo

Message to the United States Building and Loan League.

September 01, 1932

[Released September 1, 1932. Dated August 31, 1932]

Dear Mr. Whitlock:

The Fortieth Annual Convention of the United States Building and Loan League is practically simultaneous with the institution of the Federal Home Loan Bank Board. That Board and the system of banks which it contemplates are in a large measure a tribute to the fine underlying theory and efficiency of management of the building and loan associations of the United States.

The building and loan movement has contributed greatly to render it possible for American citizens to acquire ownership of their homes. In doing it, there has been created a structure now running into the billions of dollars, whose solvency record equals that of any of our other well managed financial institutions. The human aspects of your work are of vital consequence to our nation. Federal Home Loan Banks, the establishment of which I have advocated during the past seven years, should prove of enormous benefit to you. It is one of my deepest hopes that an increasing number of American children will be reared in healthful and happy homes and an increasing number of our citizens will pass their declining years in the comfort and security that home ownership brings.

May you have the success that fine public service in a spirit of mutual benefit deserves.

Yours faithfully,

HERBERT HOOVER

[Mr. Ward B. Whitlock, United States Building and Loan League, French Lick Springs Hotel, French Lick, Indiana ]

Note: The message was read to the convention of the league, meeting in French Lick, Ind.

Herbert Hoover, Message to the United States Building and Loan League. Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/207422

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