(Monday, November 17, 1947, at 1:30 p.m. EST; during the Second Red Scare and the Cold War) — President Harry S. Truman, in an address to a special session of Congress, asked Congress today for authority to impose price controls, consumer rationing and wage controls in limited areas of the national economy (click here to listen to Truman’s address).

He said these were needed to prevent economic catastrophe in the United States and to enable the U.S. to aid foreign nations wishing to remain free and to regain a self-supporting status.

Truman also called for emergency aid to Austria, Italy and France, which was approved the following month.