Fair and Equitable Tobacco Reform Act[FETRA] Law and Legal Definition

The Fair and Equitable Tobacco Reform Act (FETRA) is a federal legislation that was enacted in 2004 to end all aspects of federal tobacco marketing quota and price support loan programs that promoted tobacco marketing. Policies like weight quotas, price supports, acreage allotments and geographic restrictions on tobacco production were eliminated as part of the FETRA. FETRA is commonly referred to as tobacco buyout. FETRA established the Tobacco Transition Payment Program [TTPP] by providing annual transitional payments for ten years to eligible tobacco quota holders and producers. FETRA also helped in easing the economic impact on quota holders [7 USCS § 519]