He vetoed a bill designed to give a bonus to World War I veterans but presided over the creation of the Veterans Bureau. He also signed into law several bills designed to address the farm crisis and, along with Secretary of Commerce Herbert Hoover, promoted new technologies like the radio and aviation. His administration's economic policy was formulated by Secretary of the Treasury Mellon, who proposed cuts to the excess profits tax and the corporate tax. The central tenet of Mellon's tax plan was a reduction of the surtax, a progressive income tax that only affected high-income earners. Mellon favored the wealthy holding as much capital as possible, since he saw them as the main drivers of economic growth.