Statement About Signing the Federal Farm Loan Act, Amendments.
THE PRESIDENT said:
"I am glad to sign the third of our reconstruction measures--that providing additional capital to the Federal land banks. It should (a) reinforce the credit of the Federal land bank system and reassure investors in land bank bonds; (b) thus enable the banks to obtain capital for farmers at reasonable rates; and (c) above all bring relief and hope to many borrowers from the banks who have done their honest best but, because of circumstances beyond their control, have been unable temporarily to make the grade."
Note: As enacted, the Federal Farm Loan Act, amendments (H.R. 6172), approved January 23, 1932, is Public, No. 3 (47 Stat. 12).
The President referred to the act as the third of the reconstruction measures; the first two were the Foreign Debt Moratorium Resolution (see 1931 volume, Item 450), and the Reconstruction Finance Corporation Act (see Item 27).
Herbert Hoover, Statement About Signing the Federal Farm Loan Act, Amendments. Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/207450