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Speculation Developing Over How Biden Will Use Commodity Credit Corporation

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Speculation is brewing over how the new Biden administration may use the Commodity Credit Corporation. 

The CCC, as it’s known, was used by the Trump-era Department of Agriculture to provide trade relief to farmers, including Market Facilitation Program payments. 

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. 

Meanwhile, 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.

(Story Courtesy of the NAFB News Service)

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