S. 3399 · 118th Congress
Rural Forest Markets Act of 2023
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
CaseySponsor3 cosponsors · 2 D, 1 R
2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill directs the Department of Agriculture (USDA) to establish a Rural Forest Market Investment Program to guarantee environmental impact bonds, loans, or other investment vehicles to enable rural private forest landowners to participate in voluntary environmental credit markets (i.e., voluntary markets through which environmental credits may be bought…
What it does: CRS summary · Introduced in Senate · Dec 5, 2023
Rural Forest Markets Act of 2023
This bill directs the Department of Agriculture (USDA) to establish a Rural Forest Market Investment Program to guarantee environmental impact bonds, loans, or other investment vehicles to enable rural private forest landowners to participate in voluntary environmental credit markets (i.e., voluntary markets through which environmental credits may be bought or sold).
Projects eligible for the program are those developed by a private entity, state forestry agency, or publicly supported, charitable nonprofit organization engaged in the aggregation of sustainable forestry practices implemented by rural private forest landowners to facilitate the sale of credits in the voluntary environmental credit markets. These projects must use methodologies that (1) are approved by a credible, third-party entity; and (2) meet global benchmarks for high integrity.
The bill has specific requirements for projects that include the practice of tree planting (e.g., be on land that was historically forested).
In addition, the bill prohibits a bond, loan, or other investment vehicle guaranteed under the program from being used to create a floor price or artificial demand for the environmental credits generated.
Further, under the program, USDA must
- guarantee not more than $150 million in the aggregate for bonds, loans, and other investment vehicles;
- conduct annual audits of each eligible project financed under the program; and
- issue implementing regulations.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Rural Forest Markets Act of 2023
Latest action (Dec 5, 2023): Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
Policy area: Agriculture and Food · Origin: Senate · Introduced: Dec 5, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.