Four Year Plan
During a cabinet meeting in September 1936, Göring and Hitler announced that the German rearmament programme must be sped up. On 18 October, Hitler named Göring as Plenipotentiary of the Four Year Plan to undertake this task. Göring created a new organisation to administer the Plan and drew the ministries of labour and agriculture under its umbrella. He bypassed the economics ministry in his policy-making decisions, to the chagrin of Hjalmar Schacht, the minister in charge. Huge expenditures were made on rearmament, in spite of growing deficits. Schacht resigned on 8 December 1937, and Walther Funk took over the position, as well as control of the Reichsbank. In this way, both of these institutions were brought under Göring's control under the auspices of the Four Year Plan. In July 1937, the Reichswerke Hermann Göring was established under state ownership – though led by Göring – with the aim of boosting steel production beyond the level which private enterprise could economically provide.