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Agricultural Marketing Act; Other short titles: Agricultural Marketing Act of 1929: Long title: An Act to establish a federal farm board to promote the effective merchandising of agricultural commodities in interstate and foreign commerce, and to place agriculture on a basis of economic equality with other industries. Acronyms (colloquial) AMA ...
The Board in 1929. The Federal Farm Board was established by the Agricultural Marketing Act of 1929 from the Federal Farm Loan Board established by the Federal Farm Loan Act of 1916, with a revolving fund of half a billion dollars [1] to stabilize prices and to promote the sale of agricultural products. The board would help farmers stabilize ...
As Secretary of Agriculture after 1925, after the death of Wallace, Jardine made proposals that offered relief for farmers but preserved a free market, which led to Hoover's Agricultural Marketing Act of 1929, too far into the worsening farm crisis to succeed after the onset of the Great Depression. [5]
Since the end of World War I, a glut of agricultural products on the world market had reduced the demand for American exports, resulting in domestic overproduction and a drop in prices. [29] In June 1929, Hoover signed the Agricultural Marketing Act of 1929, which established the Federal Farm Board to stabilize farm prices.
The Act created a new agency, the Agricultural Adjustment Administration, also called "AAA" (1933–1942), an agency of the U.S. Department of Agriculture, to oversee the distribution of the subsidies. [2] [3] [4] The Agriculture Marketing Act, which established the Federal Farm Board in 1929, was seen as an important precursor to this act.
Between 1919 and 1933, wholesale agricultural prices declined by 67 percent, with most of this drop occurring after 1929. In 1930 alone, farm commodity prices declined by 37 percent. The Hoover administration passed the Agricultural Marketing Act in 1929, which introduced limited supply controls, but the price decline continued.
Herbert Clark Hoover (August 10, 1874 – October 20, 1964) was the 31st president of the United States, serving from 1929 to 1933.A wealthy mining engineer before his presidency, Hoover led the wartime Commission for Relief in Belgium and was the director of the U.S. Food Administration, followed by post-war relief of Europe.
The Federal Reserve continues with its plan to raise interest rates from 4% in mid-1928 to 6% by mid-1929 in an attempt to combat speculative behavior. June 15: the Agricultural Marketing Act of 1929 is signed into law, providing some $100 million in emergency loans to struggling farmers.