ocr: Home Loan Bank Act (July 1932) In. July 1932 Congress passed the Home Loan Bank Act in an effort to revive the economy during the Great Depression. The actestablished the Home Loan Bank Board to oversee the roration of 8 to12banks in different parts oft the country. These banks received part of $125 million provided by the Home Loan Bank Actand were to make loans to banks and businesses. resident Herbert Hoover chose to establish the Home Loan Bank Board and the area banks because, like many Americans at the time, he did notb believe thatthe governmentshould provide directaid to naiviauals. Ho ...
