AGRICULTURAL MARKETING ACT JUNE 1929 AGRICULTURAL MARKETING ACT AGRICULTURE NEW DEAL U.S GOV'T LEGISLATIVE U.S GOVERNMENT AND CONSTITUTION ECONOMY AND LABOR IN JUNE 1929 CONGRESS PASSED THE AGRICULTURAL MARKETING ACT AS PART OF PRESIDENT HERBERT HOOVER'S EFFORT TO DEAL WITH THE GREAT DEPRESSION THE ACT ESTABLISHED THE FEDERAL FARM BOARD TO PROMOTE THE SALE OF FARM PRODUCTS AND STABILIZE PRICES THE DEPRESSION COMBINED WITH OVERPRODUCTION OF CROPS HAD CAUSED A DROP IN THE PRICE OF FARM PRODUCTS THE FEDERAL FARM BOARD ORGANIZED AGRICULTURAL COOPERATIVES SUCH AS THE COTTON STABILIZATION CORPORATION AND THE WOOL MARKETING CORPORATION AND AUTHORIZED THEM TO PURCHASE SURPLUS FARM PRODUCTS THE ACT ALSO ESTABLISHED A 500 MILLION FUND TO SUPPLY LOW INTEREST LOANS TO THE COOPERATIVES FOR THESE PURCHASES THE COOPERATIVES THEN ORGANIZED THE SALE OF THE FARM PRODUCTS ON THE WORLD MARKET PRESIDENT HOOVER HOPED THAT BY ENSURING THE ORDERLY PURCHASE AND SALE OF FARM PRODUCTS PRICES WOULD STABILIZE HOWEVER THE EFFORT FAILED BECAUSE THE AGRICULTURAL MARKETING ACT DID NOT DIRECTLY ADDRESS THE MAIN CAUSE OF THE PROBLEM WHICH WAS OVERPRODUCTION IN 1933 THE ACT WAS REPLACED WITH THE AGRICULTURAL ADJUSTMENT ACT
