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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
5/11/1978--Introduced. Economic Recovery Act - Title I: Production and Sale of Agricultural Commodities - Directs the National Board of Agricultural Governors (created by Title II of this Act) to establish, on a monthly basis for each agricultural commodity, a parity price and a comprehensive cost of production price, taking into account for the latter: (1) machinery ownership costs; (2) farm overhead costs; (3) a value for the management services contributed by the producer; (4) labor costs; and (5) a value for the land utilized. 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 three out of the five preceding calendar years. Limits such allocations to individual farmers and farmer-owned or controlled cooperatives and corporations. Directs the Secretary of Agriculture to make loans available to producers of Board-selected commodities. 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. Prohibits the sale of any United States agricultural commodity for export at less than 100 percent of the established price. 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 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 a specified percent (increasing from 85 percent in 1979 to 100 percent after 1981), or more than 110 percent, of the established price. Title II: National Board of Agricultural Governors - Establishes a National Board of Agricultural Governors composed of 57 members appointed by the President. Title III: General Provisions - Defines terms used in this Act and sets the effective date.