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.