The Federal Farm Board was actually created in 1929, before the stock market crash on Black Tuesday (October 29, 1929), but its powers were later enlarged to meet the economic crisis farmers faced during the Great Depression. It was established by the Agricultural Marketing Act to stabilize prices and to promote the sale of agricultural products. The board would help farmers stabilize prices by holding surplus grain and cotton in storage. The Farm Board was Herbert Hoover's response to the Great Depression.
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Famous quotes containing the words federal, farm and/or board:
“There are always those who are willing to surrender local self-government and turn over their affairs to some national authority in exchange for a payment of money out of the Federal Treasury. Whenever they find some abuse needs correction in their neighborhood, instead of applying the remedy themselves they seek to have a tribunal sent on from Washington to discharge their duties for them, regardless of the fact that in accepting such supervision they are bartering away their freedom.”
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