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Long title | An Act to create a commission authorized under certain conditions to refund or convert obligations of foreign Governments held by the United States of America, and for other purposes. |
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Nicknames | World War Foreign Debts Commission Act of 1922 |
Enacted by | the 67th United States Congress |
Citations | |
Public law | Pub. L. 67–139 |
Statutes at Large | 42 Stat. 363, Chap. 47 |
Legislative history | |
Major amendments | |
World War Foreign Debts Commission Act is a United States statute authorized February 9, 1922 endorsing a commission, working under Secretary of the Treasury Andrew Mellon, to negotiate repayment agreements with Great Britain and France in the aftermath of World War I. [1]
The Commission placed the Allied debt principal to the United States at $11 billion; payments were to be made in graduated 62 annual installments; however, the accrued interest on these payments over a period of 62 years would have increased the debt to approximately $22 billion, although the U.S. did agree to lowered interest rates. Great Britain's debt was reduced 19.7% to $4.6 billion with the interest rate reduced from 5% to 3% for the first ten years of payment to be raised to 3½% thereafter. France's debt was reduced by 52.8% to $4 billion, without any interest for the first five years of payment. It was then to be increased gradually to 3½%.
The Agricultural Marketing Act of 1929, under the administration of Herbert Hoover, established the Federal Farm Board from the Federal Farm Loan Board established by the Federal Farm Loan Act of 1916 with a revolving fund of half a billion dollars. The original act was sponsored by Hoover in an attempt to stop the downward spiral of crop prices by seeking to buy, sell and store agricultural surpluses or by generously lending money to farm organizations. Money was lent out to the farmers in order to buy seed and food for the livestock, which was especially important since there had previously been a drought in the Democratic South. However, Hoover refused to lend to the farmers themselves, as he thought that it would be unconstitutional to do so and if they were lent money, they would become dependent on government money.
The Mutual Security Act of 1951 launched a major American foreign aid program, 1951–61, of grants to numerous countries. It largely replaced the Marshall Plan. The main goal was to help underdeveloped US-allied countries develop and to contain the spread of communism. It was signed on October 10, 1951, by President Harry S. Truman. Annual authorizations were about $7.5 billion, out of a GDP of $340bn in 1951, for military, economic, and technical foreign aid to American allies. The aid was aimed primarily at shoring up Western Europe, as the Cold War developed. In 1961 it was replaced by a new foreign aid program, the Foreign Assistance Act of 1961, which created the Agency for International Development (AID), and focused more on Latin America.
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The Federal Works Agency (FWA) was an independent agency of the federal government of the United States which administered a number of public construction, building maintenance, and public works relief functions and laws from 1939 to 1949. Along with the Federal Security Agency and Federal Loan Agency, it was one of three catch-all agencies of the federal government pursuant to reorganization plans authorized by the Reorganization Act of 1939, the first major, planned reorganization of the executive branch of the government of the United States since 1787.
The War Powers Act of 1941, also known as the First War Powers Act, was an American emergency law that increased federal power during World War II. The act was signed into law by U.S. President Franklin D. Roosevelt on December 18, 1941, less than two weeks after the Japanese attack on Pearl Harbor. The act was similar to the Departmental Reorganization Act of 1917 as it was signed shortly before the U.S. engaged in a large war and increased the powers of the U.S. Executive Branch.
The Treaty of Limits between the United Mexican States and the United States of America is an 1828 treaty between Mexico and the United States that confirmed the borders between the two states. The Treaty of Limits was the first treaty concluded between the two countries.
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Aviation Act of 1917 was a United States military appropriations bill authorizing a temporary increase for the United States Army Signal Corps. The Act of Congress authorized provisions for airship or dirigible operations governed by the U.S. Army Signal Corps Aeronautical Division. The legislation provided United States President Woodrow Wilson emergency authority for the maintenance, manufacture, operation, purchase, and repair of airships and associated aerial machines.
Passport Act of 1920 or Passport Control Act, 1920 was a federal statute authored by the United States 66th Congress. The legislation was an appropriations bill authorizing a fiscal policy for the United States Diplomatic and Consular Service.
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