Rep. Austin Scott Reintroduces Legislation to Raise CCC’s Borrowing Authority
WASHINGTON, D.C. - 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, which hasn’t been updated in over thirty years,” said Rep. Scott. “I am proud to reintroduce this important legislation today, and I will continue to fight for America’s farmers who work to produce the food, fuel, and fiber our country relies on during these unprecedented times.”
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.
Original co-sponsors of today’s legislation include U.S. Representatives Sanford Bishop (D-GA-02), Chellie Pingree (D-ME-01), Rick Allen (R-GA-12), Trent Kelly (R-MS-01), Rick Crawford (R-AR-01), David Rouzer (R-NC-07), and Buddy Carter (R-GA-01).