Economic Recovery Act

Summary

Economic Recovery Act - Title I: Production and Sale of Agricultural Commodities - Directs the National Board of Agricultural Producers (created by title II of this Act) to establish a parity price, according to specified guidelines, on a monthly basis for each agricultural commodity. Directs the Board to establish for each commodity a national production goal based on estimated domestic and export requirements, and levels of production consistent with established agricultural conservation or soil management programs. Directs the Board to allocate acreage allotments or marketing quotas based upon the production history of each farm during the three preceding calendar years. Limits such allocations to individual farmers and farmer-owned or -controlled cooperatives and corporations. Requires the Board to establish a program to acquire reserve stocks of agricultural commodities. Directs the Board to establish quotas for each agricultural commodity imported into the United States. Establishes in the United States Treasury the Agricultural Export Fund for the deposit of any tariff revenues received from a foreign country in which an agricultural commodity was produced, for use in the purchase of any United States products. Requires a 100 percent of parity price for any United States agricultural commodity sold for export. Requires the Board to conduct, upon petition, producer referendums on proposed regulations. Amends the Federal Trade Commission Act to make it an unfair or deceptive trade practice for any person engaged in the retail sale of food to sell any food product without a sign at the point of sale stating the amount received by farmers for the agricultural commodities which were used to produce the food product involved. Authorizes the Secretary of Agriculture to make payments to any producer who reduces, during 1978, by more than 50 percent either his normal crop acreage or the number of acres planted to any agricultural commodity (compared to 1977). Prescribes civil penalties for anyone who buys, sells, or trades any agricultural commodity at a price less than 100 percent, or more than 115 percent, of parity. Title II: National Board of Agricultural Producers - Establishes a National Board of Agricultural Producers composed of 50 members, one from each State, elected by the agricultural producers in each State, and appointed by the President. Title III: General Provisions - Defines terms used in this Act.

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1 official file

• Introduced in House

  summary · EN · 22 February 1978

  Open at official source

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