Agriculture Marketing Act
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Under the administration of Herbert Hoover, the Agriculture Marketing Act of 1929 established the Federal Farm Board 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. The Act was not beneficial; as the inflation ran deeper the value of the money started sinking and the losses of the farmers were getting bigger.
The Act was the precursor to the Agricultural Adjustment Act.
