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. 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. At the same time, he signed the Revenue Act of 1932, which sought to maintain a balanced budget by raising taxes. Smith ran on his record of efficiency earned over four terms as governor. Both candidates were pro-business, and each promised to improve conditions for farmers, reform immigration laws, and maintain America's isolationist foreign policy. They differed on the Volstead Act which outlawed the sale of liquor and beer. Additionally, under Hoover, the estate tax was doubled, corporate taxes were raised by almost 15 percent, and a 'check tax' took effect, placing a 2-cent tax on all bank checks.
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