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.
Although the company was successful for some time, it still had its failures. Under Jones, the company was unable to maximize the use of its funds to the fullest. The company was also not able to solve the problem of unemployment, which weighed heavily on America during the period of the Great Depression.
It was also bogged down by many internal bureaucratic issues that hampered it from maximizing its potential as a financial institution.
During the term of Franklin Roosevelt, Jones became Secretary of Commerce. Since the Reconstruction Finance Corporation was merged with other companies, Jones had to be given a new position by the president that he, eventually, had to relinquish in favor of the outgoing Vice President.
The Jesse Jones Quick Bio
Full Name: Jesse Holman Jones
Birthdate: April 5, 1874
Birthplace: Robertson County, Tennessee
Company: Reconstruction Finance Corporation
Key Success Traits: confident, principled
Jones was married to Mary Gibbs. Together, they established the Houston Endowment Institution.