Trump left Biden a $30 billion fund used for trade wars. Biden has other plans for it.
The Trump administration used it to bail out farmers suffering from its trade wars. Now the Biden administration wants to deploy a $30 billion pot of money in the Agriculture Department to tackle climate change, support restaurants and kickstart other programs without waiting for Congress.
Long hidden in obscurity as a Depression-era financial institution, the Commodity Credit Corp. is shaping up as one of the first focal points for how the Biden administration is quickly revamping flexible programs left behind by former President Donald Trump.
Before the Trump era, the CCC was used in narrow ways to support farm income and prices, like helping cotton growers with ginning costs and purchasing cheese to boost dairy farmers. It’s also used to fund certain conservation programs, foreign market development, export credit and commodity purchases.
It became a signature tool in the last administration, which used it to dole out billions in aid to farmers suffering from Trump’s trade wars and tariffs. It was also dipped into to provide financial relief to farmers hit by the pandemic.
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