The Federal Farm Board was actually created in 1929, before the stock market crash on Black Tuesday (October 29, 1929), but its powers were later enlarged to meet the economic crisis farmers faced during the Great Depression. It was established by the Agricultural Marketing Act of 1929 from the Federal Farm Loan Board established by the Federal Farm Loan Act of 1916, with a revolving fund of half a billion dollars to stabilize prices and to promote the sale of agricultural products. The board would help farmers stabilize prices by holding surplus grain and cotton in storage. The Farm Board was part of Herbert Hoover's response to the Great Depression.
Executive Order 6084 of March 26, 1933, effective May 27, 1933, changed its name to the Farm Credit Administration, abolished the functions vested in Federal Farm Board by section 9 of Agricultural Marketing Act, abolished the functions of Secretary of Agriculture and Secretary of Treasury as members of Board, and abolished the offices of appointed members of Federal Farm Board, except that of Chairman, which title was changed to Governor of Farm Credit Administration.