Jesse Jones – Short Biography
Jesse Jones became known as a finance entrepreneur as well as a politician in Dallas, Texas. He was also the United States Secretary of Commerce for five years.
Jesse Jones – Climbing the Financial Ladder to Great Power
At a very young age, Jones’ father trained him to work at a tobacco company. He also worked at his uncle’s lumberyard company. When his uncle died, Jones was able to take over. Eventually, he opened his own lumberyard company.
Under President Woodrow Wilson, Jones was offered the position of Secretary of Commerce, but he turned it down once before finally accepting the position of Director-General for Military Relief under the Red Cross. However, it was President Herbert Hoover who gave him his position at Reconstruction Finance Corporation.
As president of the Reconstruction Finance Corporation, Jones turned it into the biggest bank in the United States at the time.
The Reconstruction Finance Corporation was responsible for a number of reforms that changed the landscape of American finance. Banks were actually able to obtain loans from the corporation. This business leader was also instrumental in opening new ventures.
The Reconstruction Finance Corporation served as an independent agency under the United States government. Aside from lending to banks, funding was also given for railroads, farm mortgage associations, and a host of other businesses across industries. When needed, the Reconstruction Finance Corporation was also responsible for the provision of emergency relief.