1950 Truman Announces National Emergency
To respond to the strain on economic and military resources caused by the Korean War, President Truman announced a National Emergency. This gave him broad economic powers.
The war in Korea did not start well. North Korean troops had advanced deep into South Korea. General MacArthur turned the tables by making an audacious landing at Inchon. If forced the North Koreans to withdraw, and American troops followed North Korean soldiers North. This triggered the Chinese to intervene. One the Chinese intervened the Truman Administration realized that that war was going to be long and arduous. He thus decided to issue a proclamation of National Emergency.
The proclamation stated: “that the military, naval, air, and civilian defenses of this country be strengthened as speedily as possible to the end that we may be able to repel any and all threats against our national security.” It gave Truman the power to impose price and wage controls as well as other emergency powers. Full Text