118th Congress Agriculture and Food
S. 3399: Rural Forest Markets Act of 2023
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
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).
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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 Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Mike Braun R-INOriginal
- Debbie Stabenow D-MIOriginal
- Jeanne Shaheen D-NH
Who scored on this bill
- 1Robert Casey SponsorDrew cross-party cosponsors, introduced2 events+6
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Other bills by Robert Casey
History
- Introduced in the Senate by Robert Casey.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.