The Agricultural Act of 1948 ( Pub.L. 80-897, 62 Stat. 1247) was enacted by the

United States Congress The United States Congress is the legislature of the federal government of the United States. It is bicameral, composed of a lower body, the House of Representatives, and an upper body, the Senate. It meets in the U.S. Capitol in Washing ...

and signed into law by

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Harry S. Truman Harry S. Truman (May 8, 1884December 26, 1972) was the 33rd president of the United States, serving from 1945 to 1953. A leader of the Democratic Party, he previously served as the 34th vice president from January to April 1945 under Franklin ...

on July 3, 1948. The legislation revised and authorized several aspects of U.S. agricultural policy and agricultural

subsidies A subsidy or government incentive is a form of financial aid or support extended to an economic sector (business, or individual) generally with the aim of promoting economic and social policy. Although commonly extended from the government, the ter ...

Summary

The Agricultural Act of 1948 enacted several agricultural policy reforms, including mandatory

price support In economics, a price support may be either a subsidy, a production quota, or a price control, each with the intended effect of keeping the market price of a good higher than the competitive equilibrium level. In the case of a price control, a p ...

s for basic commodities at 90% of parity. It also mandated that in 1950, parity would begin to incorporate price averages of the previous ten years and the 1910-14 base period. The legislation also amended several provisions of the previously passed Agricultural Adjustment Act of 1938 (Pub.L. 75-430, 52 Stat. 31), including price support and

marketing quota A poundage quota, also called a marketing quota, is a quantitative limit on the amount of a commodity that can be marketed under the provisions of a permanent law. Once a common feature of price support programs, this supply control mechanism ended ...

s for corn, wheat, cotton, rice and tobacco. Title I of the law, which pertained to price stabilization, took effect immediately while Title II, which amended the Agricultural Adjustment Act of 1938, and Title III, which contained various miscellaneous provisions, both took effect on January 1, 1950. Pub.L. 80-897, 62 Stat. 1247, enacted July 3, 1948

References

External links

Full Text of Pub.L. 80-897, 62 Stat. 1247Conference Report to Accompany Agricultural Act of 1948House Report to Accompany Agricultural Act of 1948
{{Authority control 1948 in law United States federal agriculture legislation United States federal commodity and futures legislation 80th United States Congress United States federal welfare and public assistance legislation 1948 in the United States