On June 5, 1947, in a commencement address at Harvard University, Secretary of State George C. Marshall first called for American assistance in rebuilding European economic infrastructure following WWII to stabilize Europe. On April 3, 1948 President Truman signed the resulting legislation, the Economic Cooperation Act of 1948, to help bring about economic stability in Europe. Credited with preventing famine and political chaos, the plan later earned General Marshall a Nobel Peace Prize. The resulting law is commonly referred to as The Marshall Plan. The Marshall Plan was terminated June 30, 1950
Truman’s 1949 Act for International Development (Point IV) Program followed which then led to the formation of USAID.