RACCs were created by authority granted in Section 201 (e) of the Emergency Relief and Construction Act of 1932, approved July 21, 1932, the Reconstruction Finance Corporation created 12 regional agricultural credit corporations to make short-term loans direct to farmers and stockmen in the United States. Effective May 27, 1933, Executive Order No. 6084 transferred supervision of the RACC's from the Reconstruction Finance Corporation to the Farm Credit Administration. The stock of these corporations was subscribed and paid for by the Reconstruction Finance Corporation out of the unexpended balance of the amounts allocated and made available to the Secretary of Agriculture under Section 2 of the Reconstruction Finance Corporation acts.