Word: rfc
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...provisions of the new RFC bill were staggering. If passed, Jones could: 1) Set up any corporation which the President thinks necessary to "expedite the defense program...
...Increase RFC's lending capacity...
Even he admitted that the bill would give RFC "the power to do whatever it lacked the power to undertake heretofore." And RFC had lacked very little...
Under present law the RFC corporations can buy strategic materials and even manufacture armaments. Under the new law, RFC will be able to set up in any business at all-in competition with existing enterprises. Kewpie-faced Representative Jesse Wolcott shouted to the House: "This bill would . . . make it possible to establish a Fascist state in the U.S. It would give the President and the Federal Loan Administrator the power to do anything they saw fit to do so long as it was incidental to the defense program...
Bombers also take a lot of magnesium alloys. U.S. magnesium production in 1940: 13,000,000 lb. Jones's RFC last week stepped farther into this field as well, put up $50,000,000 to build new Government-owned magnesium plants' However the supply of such vital military materials may fare this year and next, defense is already changing the industrial face...