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TeachMeFinance.com - explain Agricultural Adjustment Act (AAA) of 1933 Agricultural Adjustment Act (AAA) of 1933 The term 'Agricultural Adjustment Act (AAA) of 1933 ' as it applies to the area of agriculture can be defined as ' P.L. 73-10 (May 12, 1933) was the New Deal initiative to assist the farm sector during the Great Depression. This was the first comprehensive effort to raise and stabilize farm prices and income. The law created and authorized the Agricultural Adjustment Administration to (1) enter into voluntary agreements to pay farmers to reduce production of designated 'basic' commodities (cotton, wheat, corn, rice, tobacco, hogs, and milk), (2) to make advance payments to farmers who stored crops on the farm, (3) to create marketing agreements between farmers and middlemen, and (4) to levy processing taxes to pay for production adjustment and market development. The Commodity Credit Corporation (CCC) was incorporated under the laws of the state of Delaware on October 17, 1933, to carry out financial activities, including making nonrecourse loans on the basic crops. Support for other commodities was authorized upon recommendation by the Secretary with the President’s approval. Commodity loan programs carried out by the CCC for 1933-37 included cotton, corn, rosin, turpentine, tobacco, peanuts, dates, figs, and prunes. The provisions for production control and processing taxes in the Act were later declared unconstitutional in the Hoosac Mills decision of 1936. Congress responded by adopting the Soil Conservation and Domestic Allotment Act of 1936, the Agricultural Marketing Act of 1937, and the Agricultural Adjustment Act of 1938, all of which remain as permanent law'. Previous 5 Terms: Agribusiness Agricultural Act of 1949 Agricultural Act of 1954 Agricultural Act of 1956 Agricultural Act of 1970 Next 5 Terms: Agricultural Adjustment Act Amendment of 1935 Agricultural Adjustment Act of 1938 Agricultural Attache, Counselor, or Trade Officer Agricultural Conservation Program (ACP) Agricultural Credit Act of 1987 About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005-2011 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional medical, legal or financial advice. Information presented at TeachMeFinance.com is provided on an "AS-IS" basis. Please read the disclaimer for details.