History and Charter
CCC was incorporated October 17, 1933, under a Delaware charter pursuant to Executive Order 6340 issued the previous day by President Franklin Delano Roosevelt. It had a capitalization of $3 million subscribed by the Secretary of Agriculture and the Governor of the Farm Credit Administration.
It was initially managed and operated in close affiliation with the Reconstruction Finance Corporation, which funded its operations. On July 1, 1939, CCC was transferred to the United States Department of Agriculture (USDA). The Secretary of Agriculture was granted the authority to exercise all rights of ownership of the Corporation's by Executive Order 8219 of 1939.
It was reincorporated on July 1, 1948, as a federal corporation within USDA by the Commodity Credit Corporation Charter Act (62 Stat.1070; 15 U.S.C. 714).
The 1996 farm bill (P.L. 104-127) expanded the CCC mandate to include funding for several conservation programs (including the Conservation Reserve Program) and made conservation one of the purposes of the CCC.
Read more about this topic: Commodity Credit Corporation
Famous quotes containing the words history and/or charter:
“It is remarkable how closely the history of the apple tree is connected with that of man.”
—Henry David Thoreau (1817–1862)
“When Britain first, at Heaven’s command,
Arose from out the azure main,
This was the charter of her land,
And guardian angels sung the strain:
Rule, Britannia! Britannia rules the waves!
Britons never shall be slaves.”
—James Thomson (1700–1748)