Warehouse Act of 1916

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Warehouse Act of 1916
Great Seal of the United States
Other short titles United States Warehouse Act
Nicknames Agricultural Department Appropriations Act of 1916
Enacted by the 64th United States Congress
Effective August 11, 1916
Public law 64-190
Statutes at Large 39 Stat. 446a aka 39 Stat. 486
Titles amended 7 U.S.C.: Agriculture
U.S.C. sections created 7 U.S.C. ch. 10 § 241 et seq.
Legislative history
  • Introduced in the House as H.R. 12717 by Asbury Francis Lever (D-SC) on March 4, 1916
  • Passed the House on May 2, 1916 (292-42)
  • Passed the Senate on July 12, 1916 (31-27)
  • Reported by the joint conference committee on July 18, 1916; agreed to by the House on August 3, 1916 (Agreed) and by the Senate on August 3, 1916 (34-25)
  • Signed into law by President Woodrow Wilson on August 11, 1916

The Warehouse Act of 1916 permitted Federal Reserve member banks to give loans to farmers on the security of their staple crops which were kept in Federal storage units as collateral.[1] This Act of Congress went far in securing the farm vote in the 1916 Presidential election.[citation needed]