15 June 1929 · Diaspora
Hoover gets a farm board and half a billion dollars in sixty days
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Herbert Hoover called Congress into special session on 15 April 1929 to deal with the agricultural depression that had run for a decade. He refused any revival of the McNary Haugen plan for dumping surpluses abroad, which Coolidge had twice vetoed, and demanded an institution with real authority and money instead. Congress obliged in sixty days. On 15 June he signed the Agricultural Marketing Act, creating a Federal Farm Board with capital of five hundred million dollars to build cooperatives among growers of cotton, wool and other commodities, backed by stabilization corporations that would buy surpluses the cooperatives could not absorb. Hoover told the board on 15 July that no industry had ever been given such resources by the American government. Prices then fell faster than the board could buy. It went out of existence in 1933 having lost some 371 million dollars trying to hold them up.