Emergency Price Control Act of 1942

Emergency Price Control Act of 1942

Long title	An Act to further the national defense and security by checking speculative and excessive price rises, price dislocations, and inflationary tendencies, and for other purposes.
Acronyms (colloquial)	EPCA
Enacted by	the 77th United States Congress
Effective	January 30, 1942
Citations
Public law	77-421
Statutes at Large	56 Stat. 23
Codification
Titles amended	50 U.S.C.: War and National Defense
U.S.C. sections created	50a U.S.C. § 901
Legislative history
Introduced in the House as H.R. 5990 by Henry B. Steagall (D-AL) on November 7, 1941 Committee consideration by House Banking and Currency, Senate Banking and Currency Passed the House on November 28, 1941 (224-161) Passed the Senate on January 10, 1942 (84-1) Reported by the joint conference committee on January 10, 1942; agreed to by the House on January 26, 1942 (289-114) and by the Senate on January 27, 1942 (65-14) Signed into law by President Franklin D. Roosevelt on January 30, 1942
Major amendments
Stabilization Act of 1942

Emergency Price Control Act of 1942 is a United States statute imposing an economic intervention as restrictive measures to control inflationary spiraling and pricing elasticity of goods and services while providing economic efficiency to support the United States national defense and security. The Act of Congress established the Office of Price Administration as a federal independent agency being officially created by Franklin D. Roosevelt on April 11, 1941.^[1]

The H.R. 5990 legislation was passed by the 77th U.S. Congressional session and enacted into law by the 32nd President of the United States Franklin D. Roosevelt on January 30, 1942.^[2]

Provisions of the Act

The Emergency Price Control Act was penned as three titles specifying rulings for price controls regarding agricultural commodities, goods and services, and real property. The Act provided authority for enforcement, investigative reporting, and reviews of price stabilization schedules by the Office of Price Administration. The law specified a time limit whereas orders, price schedules, regulations, and requirements by the Act were to terminate by June 30, 1943.

Title I - General Provisions and Authority

Purposes, Time Limits, Applicability

Prices, Rents, And Market And Renting Practices

Agricultural Commodities

Prohibitions

Voluntary Agreements

Title II - Administration and Enforcement

Administration

Investigations, Records, Reports

Procedure

Review

Enforcement

Saving Provisions

Title III - Miscellaneous

Quarterly Report

Definitions

Separability

Appropriations Authorized

Application Of Existing Law

See also

• Cost of living
• Great Depression
• Office of Economic Stabilization
• Rationing in the United States
• Standard of living in the United States

References

1. Peters, Gerhard; Woolley, John T. "Franklin D. Roosevelt: "Executive Order 8734 Establishing the Office of Price Administration and Civilian Supply.," April 11, 1941". The American Presidency Project. University of California - Santa Barbara.
2. Peters, Gerhard; Woolley, John T. "Franklin D. Roosevelt: "Statement on Signing the Emergency Price Control Act.," January 30, 1942". The American Presidency Project. University of California - Santa Barbara.

External links

• Peters, Gerhard; Woolley, John T. "Franklin D. Roosevelt: "Message to Congress on an Economic Stabilization Program.," April 27, 1942". The American Presidency Project. University of California - Santa Barbara.
• Peters, Gerhard; Woolley, John T. "Franklin D. Roosevelt: "Message to Congress on Stabilizing the Economy.," September 7, 1942". The American Presidency Project. University of California - Santa Barbara.
• Williams, Faith M; Stewart, Stella (June 1941). "Changes in Cost of Living in Large Cities in the United States 1913-41" (PDF). Research Bulletin No. 699. U.S. Department of Labor / Federal Reserve Archival System for Economic Research (FRASER). pp. 1–122. Retrieved March 6, 2016.