Schmitt, who was also General Director of the Stuttgart Social Insurance Corporation (Stuttgarter Verein-Versicherungs AG) by 1931, was included in Hjalmar Schacht's objectives in mid-1931.
Schmitt, koji je ujedno bio i generalni direktor u Socijalnoj osiguravajućoj korporaci u Stuttgartu (Stuttgarter Verein-Versicherungs AG) do 1931., bio je uključen u djelovanje Hjamlara Schachta.