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; the deflation ran deeper than could be cured by topical treatment. The funds appropriated were exhausted and the losses of the farmers kept rising.
The Act was the precursor to the Agricultural Adjustment Act.
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