Speculation Over Use of Commodity Credit Corporation

Clint Thompson General

Speculation is brewing over how the new Biden administration may use the Commodity Credit Corporation (CCC). The Trump-era Department of Agriculture used it to provide trade relief to farmers, including Market Facilitation Program payments.

President Joe Biden
(Official White House Photo by David Lienemann)

The CCC has a $30 billion fund, with several ideas on how to use the funding, setting up a “tug of war over its limited resources,” according to Politico.

Incoming Agriculture Secretary Tom Vilsack has indicated that he has the authority to implement a carbon bank for farmers through the CCC. President Joe Biden’s stimulus plan also identified the CCC as a means to provide economic relief for restaurants suffering during the pandemic.

Senate Agriculture Committee Chair Debbie Stabenow, a Michigan Democrat, told reporters last week, farmers can be leaders in the climate crisis. She says her focus will be on “voluntary, producer-led opportunities” to allow farmers to cut down emissions and create new income sources.

(From the National Association of Farm Broadcasters)