The given statement is true.
Herbert Hoover became the President of the United States in the year 1929; it was actually the time when the economy of the U.S was facing the Great Depression. He believed in a restricted role for state and troubled that extreme federal interference posed a peril to capitalism and individualism. He felt that support should be managed on a local, voluntary foundation. Thus, he firmly believed that the private sector would pull the economy out of the depression.
