Hoover was the third straight Republican president, and he retained many of the previous administration's policies and personnel, including Secretary of the Treasury Andrew Mellon. In foreign affairs, Hoover favored non-interventionism in Latin America and pursued disarmament policies with the London Naval Treaty. Hoover  was inaugurated as the nation's 31st president on March 4, 1929 on the East Portico of the United States Capitol. Chief Justice (and former president) William Howard Taft administered the oath of office. Hoover also convinced railroads and public utilities to increase spending on construction and maintenance, while the Federal Reserve announced that it would cut interest rates. These actions were collectively designed to prevent a cycle of deflation and provide a fiscal stimulus.In early 1930, Hoover acquired from Congress an additional $100 million to continue the Federal Farm Board lending and purchasing policies. At the end of 1929, the FFB established the National Wool Marketing Corporation (NWMC), a national wool cooperative made up of 30 state associations.