Rep. Austin Scott Introduces Legislation to Raise CCC’s Borrowing Authority
WASHINGTON, DC - Representative Austin Scott (GA-08), a senior member of the House Agriculture Committee, today released the below statement upon introducing legislation to raise the Commodity Credit Corporation’s (CCC) borrowing authority, which would help to maintain balanced and adequate supplies of agricultural goods and the implementation of farm bill programs. By raising the CCC’s borrowing limit, the United States Department of Agriculture (USDA) would have greater ability to address the economic effects that COVID-19, volatile markets, and other factors have had on rural America.
“When we talk about the long-term impacts of COVID-19 on our national economy, we cannot forget the negative impacts it will have on our food supply chain. That’s why it is imperative we increase USDA’s ability to implement and maintain critical farm bill programs by raising the Commodity Credit Corporation’s authority,” said Rep. Scott.
Specifically, Rep. Scott’s bill would raise the CCC’s borrowing authority from $30 billion to $68 billion to give USDA greater flexibility to maintain farm bill programs that support U.S. agricultural producers and stabilize domestic agricultural markets. The last time the CCC’s borrowing authority was adjusted was 1987. Click here to read bill text of the bill.
Co-sponsors of today’s legislation include U.S. Representatives Sanford Bishop (D-GA-02), Rick Allen (R-GA-12), Dusty Johnson (R-SD-AL), and Roger Marshall (R-KS-01).