On June 5, 1947 , Secretary of State George C. Marshall gave a speech describing an economic aid/cooperation program for postwar Europe. Under the Truman administration, this plan became the Economic Cooperation Act of 1948, which became the European Economic Recovery Program, also known as the Marshall Plan. It was signed into law on April 3, 1948.
The ourdocuments.gov website states, "Over the next four years, Congress appropriated $13.3 billion for European recovery. This aid provided much needed capital and materials that enabled Europeans to rebuild the continentís economy. For the United States, the Marshall Plan provided markets for American goods, created reliable trading partners, and supported the development of stable democratic governments in Western Europe. Congressís approval of the Marshall Plan signaled an extension of the bipartisanship of World War II into the postwar years."