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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'. Previous 5 Terms: Agricultural Stabilization and Conservation Service (ASCS) Agricultural Trade Development and Assistance Act of 1954 Agricultural Trade Office Agricultural zoning Agriculture Next 5 Terms: Agriculture and Food Act of 1981 Agriculture in Concert with the Environment (ACE) agriology agrobiology Agrochemical 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.