TeachMeFinance.com - explain Soil Bank Act
Soil Bank Act The term 'Soil Bank Act ' as it applies to the area of agriculture can be defined as ' Title I of the Agricultural Act of 1956 (P.L. 84-540), designated the Soil Bank Act, created the Acreage Reserve Program to retire land producing basic commodities under an annual agreement from 1956 through 1959, and the Conservation Reserve Program, to retire agricultural land under contracts of 3, 5, or 10 years. The Soil Bank Act was repealed by Section 601 of the Food and Agriculture Act of 1965 (P.L. 89-321). Nevertheless, this early Conservation Reserve served as the model for the current Conservation Reserve Program (CRP), which was enacted in the Food Security Act of 1985'.
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