Speculation is brewing over how the new Biden administration may use the Commodity Credit Corporation.
The CCC was used by the Trump-era USDA to provide trade relief to farmers, including Market Facilitation Program (MFP) 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.
Last week, Senate Agriculture Committee Chair Debbie Stabenow (D-Mich.), told reporters that 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.