The presidency of Herbert Hoover began on March 4, 1929, when Herbert Hoover was inaugurated as President of the United States, and ended on March 4, 1933. Since the end of World War I, a glut of agricultural products on the world market had reduced the demand for American exports, resulting in domestic overproduction and a drop in prices. In June 1929, Hoover signed the Agricultural Marketing Act of 1929, which established the Federal Farm Board to stabilize farm prices. Hoover seldom mentioned civil rights while he was president. He believed that African Americans and other races could improve themselves with education and individual initiative. Hoover appointed more African Americans to federal positions than Harding and Coolidge had combined, but many African-American leaders condemned various aspects of the Hoover administration, including Hoover's unwillingness to push for a federal anti-lynching law. Hoover also continued to pursue the lily-white strategy, removing African Americans from positions of leadership in the Republican Party in an attempt to end the Democratic Party's dominance in the South.