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The '''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 agricultural commodities, 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 '''Office of Price Administration''' ('''OPA''') was a federal agency in World War II that controlled prices and wages for the entire economy. Its goal was to control inflation and guarantee minimum essential goods to civilians, and also to bring more equality to American society.

 

OPA was established within the [[Office for Emergency Management]] by the President [[Frankin D. Roosevelt]] 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 agricultural commodities, 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 economist [[John Kenneth Galbraith]] and junior lawyer [[Richard Nixon]]

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 economist [[John Kenneth Galbraith]] and junior lawyer [[Richard Nixon]]