April 03, 1948 : Truman signs Marshall Plan

Introduction

On April 3, 1948, U.S. President Harry S. Truman signs into law the Foreign Assistance Act, commonly known as the Marshall Plan. Named after U.S. Secretary of State George C. Marshall, the program channeled more than $13 billion in aid to Europe between 1948 and 1951. Meant to spark economic recovery in European countries devastated by World War II, the plan also saved the United States from a postwar recession by providing a broader market for American goods. However, because the USSR prevented countries like Poland and Czechoslovakia from participating, the plan also contributed to the raising of the “Iron Curtain” between Eastern and Western Europe.

Article Details:

April 03, 1948 : Truman signs Marshall Plan

  • Author

    History.com Staff

  • Website Name

    History.com

  • Year Published

    2010

  • Title

    April 03, 1948 : Truman signs Marshall Plan

  • URL

    http://www.history.com/this-day-in-history/truman-signs-marshall-plan

  • Access Date

    November 22, 2017

  • Publisher

    A+E Networks