Commodity Credit Corporation
Summary of Commodity Credit Corporation
A Federally chartered corporation controlled by the U.S. government and administered as a part of the Department of Agriculture. In addition to various domestic agricultural stabilization efforts, the CCC administers three foreign sales promotion programs.
(Main Author: William J. Miller)
Commodity Credit Corporation
Commodity Credit Corporation (CCC), agency of the U.S. Department of Agriculture, organized in 1933 as an affiliate of the now defunct Reconstruction Finance Corporation. The board of directors of the agency is appointed by the president with the consent of the Senate and is under the supervision of the secretary of agriculture. The agency was transferred to the Department of Agriculture in 1939 and was granted a permanent federal charter in 1948. The corporation was created to stabilize, support, and protect farm income and prices and to help maintain balanced and adequate supplies of agricultural commodities.
The CCC provides support programs for such commodities as wheat, feed grains, cotton, rice, and peanuts. The support operations are handled primarily through loan, purchase, and payment programs. The CCC acquires commodities, which it sells in the U.S. and abroad; transfers to other government agencies; donates through federal, state, and private agencies for welfare purposes; and barters to fill U.S. government needs abroad. The CCC has an authorized capital stock of $100 million held by the U.S. and may borrow up to $30 billion for its programs. (1)
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Commodity Credit Corporation (CCC) in relation with International Trade
In the context of trade organizations, Christopher Mark (1993) provided the following definition of Commodity Credit Corporation (CCC): A federally chartered corporation administered as pan of the US Department of Agriculture. CCC is responsible for programs to stabilize, support, and protect farm income and prices; to assist in the maintenance of adequate supplies of foodstuffs, feeds, and fibers; and to facilitate orderly distribution of agricultural commodities. CCC also administers three foreign sales promotion programs.
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