Commodity Credit Corporation

The Commodity Credit Corporation (CCC) is a wholly owned government corporation created in 1933 to "stabilize, support, and protect farm income and prices" (federally chartered by the CCC Charter Act of 1948 (P.L. 80-806)). The CCC is authorized to buy, sell, lend, make payments and engage in other activities for the purpose of increasing production, stabilizing prices, assuring adequate supplies, and facilitating the efficient marketing of agricultural commodities.

                                     

The CCC, which has no staff, is essentially a financing institution for USDA’s farm price and income support commodity programs, commodity export credit guarantees, and agricultural export subsidies. The programs funded through CCC are administered by employees of the Farm Service Agency and the Foreign Agricultural Service. The CCC has the authority to borrow up to $30 billion from the U.S. Treasury to carry out its obligations. Net losses from its operations subsequently are restored through the congressional appropriations process. It issues payments in the form of Commodity Certificates.

CCC is managed by a Board of Directors, subject to the general supervision and direction of the Secretary of Agriculture, who is an ex-officio director and chairperson of the Board. The Board consists of seven members, in addition to the Secretary, who are appointed by the President of the United States by and with the advice and consent of the Senate. All members of the Board and Corporation officers are USDA officials. The president of the CCC is the Under Secretary for Farm and Foreign Agricultural Services, and the executive director is the Administrator of the Farm Service Agency.

CCC has no operating personnel. Its price support, storage, and reserve programs, and its domestic acquisition and disposal activities are carried out primarily through the personnel and facilities of the Farm Service Agency (FSA). Its overseas surplus disposal and commodity export credit guarantee activities are carried out by personnel of the Foreign Agricultural Service, particularly the General Sales Manager.

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