Commodity Credit Corporation

CCC funds are used to implement specific programs established by Congress as well as to carry out activities under the broad authorities of the CCC Charter Act.

The Commodity Credit Corporation (CCC or the Corporation) is a wholly-owned Government corporation created in 1933 under a Delaware charter and reincorporated June 30, 1948, as a Federal corporation within the Department of Agriculture by the Commodity Credit Corporation Charter Act (PDF, 53 KB).

At this time, the principal programs established by Congress that are funded by CCC include:

Domestic farm income, price support and conservation programs under various statutes including the Agricultural Act of 2014;
Foreign market development and other international activities of the Department of Agriculture under several statutes including the Agricultural Trade Act of 1978;
Activities of the United States Agency for International Development under Title II of the Food For Peace Act.

Organization

CCC is managed by a Board of Directors (Board) subject to the general supervision and direction of the Secretary of Agriculture. Under the CCC Charter Act, the Secretary 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. Officers of CCC maintain liaison with other governmental officials such as the United State Trade Representative and private entities and organizations with interests in CCC-funded operations. CCC programs must be approved by the Board of Directors or the Secretary of Agriculture. Currently, all members of the Board and all Corporation officers are USDA officials. To learn more about the Commodity Credit Corporation bylaws, please view the CCC bylaws (PDF, 1.6 MB) (PDF, 1.6 MB).

CCC does not have any employees, using the employees of federal agencies in the conduct of its operations. Domestic agricultural price and income support programs and the Conservation Reserve Program are carried out primarily through the personnel and facilities of the Farm Service Agency (FSA). International programs are carried out by the Foreign Agricultural Service (FAS) and the United States Agency for International Development (USAID). The majority of CCC conservation programs are implemented by the Natural Resources and Conservation Service (NRCS). Other USDA agencies, such as the Agricultural Marketing Service and Rural Development Mission area agencies, also carry out CCC programs or, as directed by Congress, utilize funds of the Corporation to implement specified programs. CCC is authorized to contract for the use of privately-owned facilities in carrying out its activities.

CCC Board of Directors

Tom Vilsack, Chairperson, Secretary of Agriculture
Vacant, Vice Chairperson, Deputy Secretary of Agriculture
Robert Bonnie, Member, Under Secretary, Farm Production and Conservation (FPAC)
Jenny Moffitt, Member, Under Secretary, Marketing and Regulatory Programs
Alexis Taylor, Member, Under Secretary, Trade and Foreign Agricultural Affairs
Gary Washington, Member, USDA Chief Information Officer
Janie Hipp, Member, General Counsel
Vacant, Member

CCC Officers per May 2022 Bylaws

Robert Bonnie, Under Secretary, FPAC, President
Zach Ducheneaux, Administrator, Farm Service Agency, Executive Vice President
Robert Ibarra, Chief Operating Officer, FPAC Business Center, Secretary to the Board
Monique Randolph, Staff Specialist, FPAC Business Center, Assistant Secretary to the Board
Lucas Castillo, Chief Financial Officer, FPAC Business Center, Chief Financial Officer

Financing

CCC has an authorized capital stock of $100 million held by the United States with the authority to have outstanding borrowing of up to $30 billion at any one time. Its capital structure is replenished each year by appropriations to restore net realized losses on support operations and to reimburse costs of other programs.

Borrowing

Funds are borrowed from the Treasury and may also be borrowed from private lending agencies and others. The Corporation reserves a sufficient amount of its borrowing authority to purchase at any time all notes and other obligations evidencing loans made by such agencies and others. All bonds, notes, debentures, and similar obligations issued by the Corporation are subject to approval by the Secretary of the Treasury as required by the Act of March 8, 1938 (15 U.S.C. 713a-4). Reservation of borrowing authority for these purposes has not been required for many years.

Interest on borrowings from the Treasury (and on capital stock) is paid at a rate based upon the average interest rate of all outstanding marketable obligations (of comparable maturity date) of the United States as of the preceding month. Interest may also be paid on other notes and obligations at a rate prescribed by the Corporation and approved by the Secretary of the Treasury.

Appropriations

Under Section 2 of Public Law 87-155, the Act of August 17, 1961 (15 U.S.C. 713a-11), annual appropriations are authorized for each fiscal year, commencing with 1961, to reimburse CCC for net realized losses. The Omnibus Budget Reconciliation Act of 1987 amended Public Law 87-155 to authorize that CCC be reimbursed for its net realized losses by means of a current, indefinite appropriation as provided in annual appropriations acts.

Programs

Commodity Programs

Agriculture Risk Coverage/Price Loss Coverage provides a safety net to agricultural producers when there is a substantial drop in prices or revenue for covered commodities.
Marketing Assistance Loans and Sugar Loans to provide flexibility between harvest and marketing of a covered commodity.

Conservation Programs

The Agricultural Conservation Easement Program has two components: agricultural land easements to protect agricultural land by limiting non-agricultural land uses; and wetland reserve easements to restore, protect and enhance wetlands through the purchase of wetlands reserve easements.
Conservation Reserve Program assists farm owners and operators in conserving and improving soil, water, air, and wildlife resources by converting highly erodible and other environmentally-sensitive acreage to a long-term resource-conserving cover.
The Conservation Stewardship Program encourages participants to undertake new conservation activities in addition to maintaining and managing existing conservation activities.
The Environmental Quality Incentives Program provides assistance to landowners who face serious natural resource challenges (such as soil erosion, air quality, water quality and quantity, and the sustainability of fish and wildlife habitat) that impact soil, water and related natural resources, including cropland, grazing lands, nonindustrial forestlands, wetlands, and wildlife habitat.
Under the Regional Conservation Partnership Program, producers receive technical and financial assistance, in cooperation with USDA partners, to address water quality and quantity, soil erosion, wildlife habitat, drought mitigation, flood control, and other regional priorities.

Dairy Programs

Dairy Margin Coverage (DMC) is a voluntary risk management program for dairy producers by offering catastrophic coverage and various levels of buy-up coverage to manage the risk of price fluctuations.
Dairy Indemnity Payment Programs provides payments to dairy producers when a public regulatory agency directs them to remove raw milk from the commercial market because it has been contaminated by pesticides and other residues.

Livestock and Disaster Programs

Emergency Assistance for Livestock, Honey Bees, and Farm-Raised Fish provides assistance to eligible producers for losses due to disease, adverse weather, or other conditions such as blizzards and wildfires not covered Livestock Forage Disaster Program or Livestock Indemnity Program.
Livestock Forage Disaster Program compensates eligible livestock producers that have suffered grazing losses due to drought or fire on land that is native or improved pastureland with permanent vegetative cover or planted specifically for grazing.
Livestock Indemnity Program provides benefits to producers for livestock deaths in excess of normal mortality caused by adverse weather or by attacks by animals reintroduced into the wild by the Federal Government.
Noninsured Crop Disaster Assistance Program provides financial assistance to producers of noninsurable crops to protect against natural disasters that result in lower yields, crop losses, or prevented planting.
Tree Assistance Program provides financial assistance to qualifying orchardists and nursery tree growers to replant or rehabilitate eligible trees, bushes, and vines damaged by natural disasters.

Export and Foreign Assistance Programs

Export Credit Guarantee Program (GSM-102) provides guarantees to U.S. exporters to encourage financing of commercial exports of U.S. agricultural commodities.
Facility Guarantee Program provides guarantees to U.S. exporters of manufactured goods and services to improve or establish agriculture-related facilities and infrastructure in emerging markets that will facilitate exports of U.S. agricultural commodities.
Food for Progress Program helps developing countries and emerging democracies modernize their agricultural sectors and expand trade through capacity building activities.
Foreign Market Development Cooperator Program provides cost-share assistance to nonprofit commodity and agricultural trade associations to maintain and develop foreign markets for United States agricultural commodities and products.
Market Access Program encourages the development, maintenance, and expansion of commercial export markets for U.S. agricultural commodities and products by reimbursing participating organizations for a portion of the costs of carrying out overseas marketing and promotional activities.
Technical Assistance for Specialty Crops Program assists U.S. organizations by providing funding for projects that seek to remove, resolve, or mitigate sanitary, phytosanitary, and technical barriers that prohibit or threaten the export of U.S. specialty crops.
Emerging Markets Program assists U.S. entities in developing, maintaining, or expanding exports of U.S. agricultural commodities and products by funding activities that enhance emerging markets’ food and rural business systems including reducing trade barriers.
Quality Samples Program encourages the development and expansion of export markets for U.S. agricultural commodities by assisting U.S. entities in providing commodity samples to potential foreign importers to promote a better understanding and appreciation for the high quality of U.S. agricultural commodities.

Other Domestic Programs

Agricultural Management Assistance Program provides cost-share assistance to producers in States in which Federal Crop Insurance Program participation is historically low.
Biomass Crop Assistance Program provides incentives to farmers, ranchers, and forest landowners to establish, cultivate, and harvest eligible biomass for heat, power, bio-based products, research, and advance biofuels.
Feedstock Flexibility Program allows for the purchase of sugar to be sold for the production of bioenergy to avoid forfeitures of sugar loan collateral under the Sugar Program.

Assistance for Farmers Impacted by Unjustified Retaliation

Market Facilitation Program provides direct payments to producers of commodities impacted by trade actions of foreign governments. This support helps farmers managed disrupted markets, deal with surplus commodities, and expand and develop new markets at home and abroad.
Food Purchase and Distribution Program provides funding to purchase unexpected surplus of affected commodities such as fruits, nuts, rice, legumes, beef, pork, and milk for distribution to food banks and other nutrition programs.
Trade Promotion Program assists the private sector in developing new export markets for domestic farm products.