Political Activities
After building Hudson into one of the most profitable independent American automobile manufacturers, Chapin left Hudson for the Hoover administration upon his appointment in 1932.
During his tenure as Secretary of Commerce, Chapin was unsuccessful in persuading Henry Ford to provide financial help to avoid the collapse of the Union Guardian Trust Company of Detroit. Ford's refusal to aid the bank in averting a financial failure led to the Michigan Bank Holiday, an event that preceded the Roosevelt administration's national bank holiday of 1933.
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