On April 13, 1934, Congress moved to bar other nations from further U.S. loans until they had paid debts from WWI.

The Johnson Debt Default Act prevented other nations from negotiating any further loans from the U.S. until they had paid past debts in full. The action was in response to the default of many of the governments on their loans acquired during and after World War I. Isolationists in Congress pushed for the measure which passed with bipartisan support. Later, many economists concluded the law may have reduced liquidity in foreign markets and helped to deepen the growing global depression.