He also approved the Smoot–Hawley Tariff of 1930, which raised tariff rates and reduced international trade. As the depression worsened in 1931 and 1932, Hoover reluctantly gave into calls for direct federal intervention, establishing the Reconstruction Finance Corporation and signing a major public works bill. Hoover is usually ranked lower than average among U.S. presidents. As the Great Depression continued, Hoover finally heeded calls for more direct federal intervention, though he vetoed a bill that would have allowed direct federal lending to individuals. When the 72nd Congress convened in December 1931, Hoover proposed the establishment of the Reconstruction Finance Corporation (RFC). Though some progressives criticized the bill as a bailout for banking interests that was insufficient to address the economic crisis, Congress passed a bill to create the RFC in January 1932.