Hoover Recognized the Swope Plan as a Fascist Measure and Recorded This in His Memoirs Calling Roosevelt's National Industry Recovery Act "Pure Fascism," and Merely a Remaking of Mussolini's "Corporate State"

In fact, Hoover recognized the Swope Plan as a fascist measure and recorded this in his memoirs, along with the melancholy information that Wall Street gave him a choice of buying the Swope plan--fascist or not--and having their money and influence support the Roosevelt candidacy. This is how Herbert Hoover described the ultimatum from Wall Street under the heading of "Fascism comes to business--with dire consequences":

Among the early Roosevelt fascist measures was the National Industry Recovery Act (NRA) of June 16, 1933. The origins of this scheme are worth repeating. These ideas were first suggested by Gerard Swope (of the General Electric Company) at a meeting of the electrical industry in the winter of 1932. Following this, they were adopted by the United States Chamber of Commerce. During the campaign of 1932, Henry I. Harriman, president of that body, urged that I agree to support these proposals, informing me that Mr. Roosevelt had agreed to do so. I tried to show him that this stuff was pure fascism; that it was merely a remaking of Mussolini's "corporate state" and refused to agree to any of it. He informed me that in view of my attitude, the business world would support Roosevelt with money and influence. That for the most part, proved true. 

--Antony C. Sutton, Wall Street and FDR: The True Story of How Franklin D. Roosevelt Colluded with Corporate America (Forest Row, UK: Clairview Books, 2013), Kobo e-book.