<Li> Reported by the joint conference committee on April 1, 1948; agreed to by the House on April 2, 1948 (321 - 78) and by the Senate on April 2, 1948 (agreed) </Li> <Li> Signed into law by President Harry S. Truman on April 3, 1948 </Li> <P> The Marshall Plan (officially the European Recovery Program, ERP) was an American initiative to aid Western Europe, in which the United States gave over $13 billion (approximately $132 billion in current dollar value as of October 2017) in economic support to help rebuild Western European economies after the end of World War II . The plan was in operation for four years beginning on April 8, 1948 . The goals of the United States were to rebuild war - devastated regions, remove trade barriers, modernize industry, make Europe prosperous once more, and prevent the spread of communism . The Marshall Plan required a lessening of interstate barriers, a dropping of many regulations, and encouraged an increase in productivity, labour union membership, as well as the adoption of modern business procedures . </P> <P> The Marshall Plan aid was divided amongst the participant states roughly on a per capita basis . A larger amount was given to the major industrial powers, as the prevailing opinion was that their resuscitation was essential for general European revival . Somewhat more aid per capita was also directed towards the Allied nations, with less for those that had been part of the Axis or remained neutral . The largest recipient of Marshall Plan money was the United Kingdom (receiving about 26% of the total), followed by France (18%) and West Germany (11%). Some 18 European countries received Plan benefits . Although offered participation, the Soviet Union refused Plan benefits, and also blocked benefits to Eastern Bloc countries, such as East Germany and Poland . The United States provided similar aid programs in Asia, but they were not part of the Marshall Plan . </P>

The european recovery program of 1947 is better known as