World War II
Jones retired from the RFC on July 17, 1939, to become Federal Loan Administrator. In this position, Jones helped mobilize and prepare the nation for the onslaught of WWII. As Federal Loan Administrator, Jones authorized the RFC to buy or build anything the President defined as strategic or critical. Roosevelt had called upon the RFC to bring the country out of the depths of the Great Depression. Now, he turned to the agency to stockpile essential materials, build plants, shipyards and pipelines and pay subsidies to hold down prices and obtain other necessities in case of war. More than $20 billion was disbursed for the war effort, including establishing synthetic rubber and magnesium industries. These initiatives could only be executed by Jesse H. Jones, with the approval of the President.