 The RFC saved numerous businesses from failure, but it failed to stimulate commercial lending as much as Hoover had hoped, partly because it was run by conservative bankers unwilling to make riskier loans.The same month the RFC was established, Hoover signed the Federal Home Loan Bank Act, establishing 12 district banks overseen by a Federal Home Loan Bank Board in a manner similar to the Federal Reserve System.He also helped arrange passage of the Glass–Steagall Act of 1932, emergency banking legislation designed to expand banking credit by expanding the collateral on which Federal Reserve banks were authorized to lend.