The Agricultural Marketing Act of 1929 , under the administration of Herbert Hoover , established the Federal Farm Board from the Federal Farm Loan Board established by the Federal Farm Loan Act of 1916 with a revolving fund of half a billion dollars. The original act was sponsored by Hoover in an attempt to stop the downward spiral of crop prices by seeking to buy, sell and store agricultural surpluses or by generously lending money to farm organizations. Money was lent out to the farmers in order to buy seed and food for the livestock, which was especially important since there had previously been a drought in the Democratic South. However, Hoover refused to lend to the farmers themselves, as he thought that it would be unconstitutional to do so and if they were lent money, they would become dependent on government money.
4-635: 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 to stabilize prices and to promote the sale of agricultural products. The board would help farmers stabilize prices by buying and holding surplus grain and cotton in storage. The Farm Board
8-431: The government their crops, they reimplemented the use of fertilizers and other techniques to increase production. Overall, the deflation could not be countered because of a massive fault in the bill: there was no production limit. Had there been a production limit, the deflation might have been helped somewhat. The funds appropriated were eventually exhausted and the losses of the farmers kept rising. The H.R. 1 legislation
12-433: The offices of appointed members of Federal Farm Board, except that of Chairman, which title was changed to Governor of Farm Credit Administration. This United States government–related article is a stub . You can help Misplaced Pages by expanding it . Agricultural Marketing Act of 1929 The Federal Farm Board's purchase of surplus could not keep up with the production; as farmers realized that they could just sell
16-694: Was part of Herbert Hoover 's response to the downward spiral of crop prices in the years leading up to the Great Depression . Executive Order 6084 of the 26th of March, 1933, effective the 27th of May, 1933, changed its name to the Farm Credit Administration , abolished the functions vested in Federal Farm Board by section 9 of Agricultural Marketing Act, abolished the functions of Secretary of Agriculture and Secretary of Treasury as members of Board, and abolished
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