TeachMeFinance.com - explain Agriculture and Consumer Protection Act of 1973
Agriculture and Consumer Protection Act of 1973 The term 'Agriculture and Consumer Protection Act of 1973 ' as it applies to the area of agriculture can be defined as ' P.L. 93-86 (August 10, 1973) was the 4-year farm bill that adopted target prices and deficiency payments as a tool that would support farm income but reduce forfeitures to the Commodity Credit Corporation of surplus stocks. It reduced payment limitations to $20,000 (from $55,000 set in 1970) for all program crops. The Act might be considered the first omnibus farm bill because it went beyond simply authorizing farm commodity programs. It authorized disaster payments and disaster reserve inventories; created the Rural Environmental Conservation Program; amended the Food Stamp Act of 1964, authorizing the use of commodities for feeding low income mothers and young children (the origin of the supplemental food program); and amended the Rural Development Act of 1972'.
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