The most obvious component missing from president hoover's attempts to deal with the depression was loans to banks.
Hoover enacted the Emergency Relief Construction Act into law in July 1932, enabling the RFC to lend the states $300 million for relief initiatives and billions for construction projects. In order to prevent individuals from losing their houses, Hoover also succeeded in convincing Congress to create Federal Home Loan Banks.
The country was thriving economically when Herbert Hoover was elected as president in 1929. However, the stock market fell eight months after Hoover took office, heralding the start of the Great Depression.
The 1929 stock market crash, the Smoot-Hawley Tariff's impact on global trade, government policies, bank failures, panics, and the depletion of the money supply are a few of the explanations cited for the Great Depression.
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