Commodity Credit Corporation [CCC] Law and Legal Definition
The Commodity Credit Corporation (CCC) is a government owned corporation that was established to stabilize, support and protect farm income and prices. It was created in 1933. The CCC is authorized to engage in buying and selling activities to facilitate the efficient marketing of agricultural products. CCC can 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.
CCC is managed by a Board of Directors under the general supervision and direction of the Secretary of Agriculture. The Board consists of the Secretary and seven members appointed by the U.S. President with the advice and consent of the Senate. All members of the Board, and CCC officers are USDA officials. CCC does not have operating staff. The Farm Service Agency staff help CCC in carrying out its price support, storage, and reserve programs, and its domestic acquisition and disposal activities.