The Essential Commodities Act was introduced in 1955 to ensure availability and equitable distribution of essential commodities. It gives the government powers to control production, supply and prices of essential items. While it served a purpose historically, it is now argued that many of the controls hamper private investment and market efficiency. Recent proposals suggest removing big companies from the Act's purview to allow for bulk storage and reduce compliance costs, though full repeal remains controversial given some states' desire to ensure local food security.