Bold textThe Office of Price Administration (OPA) was established within the Office for Emergency Management by the United States Government by Executive Order 8875 on August 28, 1941. Its predecessor agency was known as the Office of Price Administration and Civilian Supply (OPACS). It became an independent agency and was renamed under the Emergency Price Control Act, January 30, 1942. The functions of the OTC were originally to stabilize prices(price controls) and rents after the outbreak of World War II. The OPA had the power to place ceilings on all prices except agriculturalcommodities, and to ration scarce supplies of other items, including tires, automobiles, shoes, nylon, sugar, gasoline, fuel oil, coffee, meats and processed foods. At the peak, almost 90% of retail food prices were frozen. It could also authorize subsidies for production of some of those commodities. The OPA was abolished effective May 29, 1947 by the General Liquidation Order issued March 14, 1947 by the OTC Administrator. Some of its functions were taken up by successor agencies in the Departments of Agriculture, Justice and Commerce, and the Reconstruction Finance Corporation. Famous employees include economistJohn Kenneth Galbraith. The government of the United States, established by the United States Constitution, is a federal republic of 50 states, a few territories and some protectorates. ... 1941 was a common year starting on Wednesday (link will take you to calendar). ... 1942 was a common year starting on Thursday (link will take you to calendar). ... In economics, incomes policies are wage and price controls used to fight inflation. ... Mushroom cloud from the nuclear explosion over Nagasaki rising 18 km (over 11 miles) into the air. ... The word commodity is a term with distinct meanings in business and in Marxist political economy. ... Herbert Clark Hoover (August 10, 1874–October 20, 1964) is best known as being the 31st (1929-1933) President of the United States. ... An economist is someone who studies Economics. ... John Kenneth Galbraith, OC (born October 15, 1908) is the most widely-read economist of the twentieth century. ...
Advise and make recommendations to other departments and agencies, whenever the Administrator deems it appropriate, in respect to the purchase or acquisition of materials and commodities by the Government, the prices to be paid therefor, and in respect to such of their other activities as may affect the price of materials and commodities.
The Administrator shall obtain the President's approval for the establishment of the principal subdivisions of the Office and the appointment of the heads thereof.
Administration and Civilian Supply or as may be allocated to it by the President through the Bureau of the Budget, the Administrator may employ necessary personnel and make provision for necessary supplies, facilities, and services.
The OPA issued (Apr., 1942) a general maximum-price regulation that made prices charged in Mar., 1942, the ceiling prices for most commodities.
These regulations were gradually modified and extended by OPAadministrators : notably Leon Henderson (1941–42), Prentiss H. Brown (1943), and Chester B. Bowles (1943–46) : until almost 90% of the retail food prices were frozen.
Prices continued to rise, however, and new drives to secure compliance resulted; ultimately the OPA succeeded in keeping consumer prices relatively stable during the remaining war years.
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