1921
Hoover with Coolidge
During Coolidge's presidency, the United States experienced a period of rapid economic growth known as the "Roaring Twenties." He left the administration's industrial policy in the hands of his activist Secretary of Commerce, Herbert Hoover, who energetically used government auspices to promote business efficiency and develop airlines and radio. Coolidge disdained regulation, and demonstrated this by appointing commissioners to the Federal Trade Commission and the Interstate Commerce Commission who did little to restrict the activities of businesses under their jurisdiction. The regulatory state under Coolidge was, as one biographer described it, "thin to the point of invisibility."