USA HISTORY

Detailed explanation-1: -Congress overwhelmingly passed the Economic Cooperation Act of 1948, and on April 3, 1948, President Truman signed the act that became known as the Marshall Plan. Over the next four years, Congress appropriated $13.3 billion for European recovery.

Detailed explanation-2: -In the end, a total of $13.6 billion (equivalent to $88 billion in 1997 money) was appropriated to the plan. The Marshall Plan was a success. By 1950, the participating countries had returned to, or exceeded, their prewar production levels.

Detailed explanation-3: -Under Paul G. Hoffman, the Economic Cooperation Administration (ECA), a specially created bureau, distributed over the next four years some $13 billion worth of economic aid, helping to restore industrial and agricultural production, establish financial stability, and expand trade.

Detailed explanation-4: -Congressional Action. Under the Marshall Plan, between 1948 and 1951, the United States provided $13.3 billion ($150 billion in 2017 dollars) in assistance to 16 European countries (Figure 1).