TeachMeFinance.com - explain Food and Agriculture Act of 1977
Food and Agriculture Act of 1977 The term 'Food and Agriculture Act of 1977' as it applies to the area of agriculture can be defined as 'P.L. 95-113 (September 9, 1977) was an omnibus farm bill. It increased price and income supports and established a farmer-owned reserve for grain. It also established a new two-tiered pricing program for peanuts. Under the peanut program, producers were given an acreage allotment on which a poundage quota was set. Growers could produce in excess of their quota, within their acreage allotment, but would receive the higher of the two price-support levels only for the quota amount. Peanuts in excess of the quota are referred to as 'additionals.' Title XIII was designated the Food Stamp Act of 1977 and replaced the original 1964 Act with a new law making significant changes, including the elimination of the purchase requirement and simplification of eligibility requirements. Title XIV was designated the National Agricultural Research, Extension, and Teaching Policy Act and made USDA the leading federal agency for agricultural research, extension, and teaching programs. It also consolidated the funding for these programs'.
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