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Business, Economy, and Government Policy, Page 7

The Politics of Boom Time, continued

Harding’s Vice President Calvin Coolidge took the oath of office in August of 1923. In a sharp contrast to Progressive Era politics, Coolidge believed that government should not interfere with business except to enact legislation to help it become as productive as possible. With guidance from the Secretary of Treasury Andrew Mellon, Coolidge supported measures to strengthen business wealth and personal income. Coolidge also continued isolationist policies, and supported his Secretary of State’s alliance with French Foreign Minister Aristide Briand in forging the Kellogg-Briand Pact. Under the pact, war was outlawed as national policy. Though signed by over sixty nations, the treaty had no instrument to enforce it. Under his administration the National Origins Act, which banned immigration from East Asia, was passed.

Harding and Coolidge
President Harding and Vice President Coolidge and their wives

Calvin Coolidge decided not to run for the presidency in 1928; his progressive Commerce Secretary Herbert Hoover won the presidency in 1929. Americans certainly expected the economic boom to continue under Hoover.