The RFC, in close collaboration with the NDAC and its subsidiaries and successor institutions, immediately set about mobilizing for the war through a multitude of specialized subsidiaries that it formed for the purpose. Jesse Jones, meanwhile, had already left his career as a celebrated Houston banker to head the Reconstruction Finance Corporation (RFC), founded by the Republican President Hoover in 1931 to rescue the economy after the Crash of 1929, then expanded by the Democrat FDR to finance first the New Deal and then the US war mobilization. Louis Sidney Hillman, president of the Amalgamated Clothing Workers and a host of others. Chester Davis, president of the Federal Reserve Bank of St. Among those appointed to run the Committee and its divisions were William Knudsen, president of General Motors Edward Stettinius, chairman of US Steel X Ralph Budd, president of the Chicago, Burlington, & Quincy Railroad Donald Nelson, vice president of Sears, Roebuck & Co.
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