Legis Daily

Rural Forest Markets Act of 2023

USA118th CongressHR-5315| House 
| Updated: 9/26/2023
Chellie Pingree

Chellie Pingree

Democratic Representative

Maine

Cosponsors (3)
William R. Timmons (Republican)Andrea Salinas (Democratic)Earl L. "Buddy" Carter (Republican)

Forestry and Horticulture Subcommittee, Commodity Markets, Digital Assets, and Rural Development Subcommittee, Agriculture Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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; assess certain fees to offset the subsidy cost of the issued guarantees; and issue implementing regulations.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

HR 117-3790
Rural Forest Markets Act of 2021
Aug 29, 2023
Introduced in House
Aug 29, 2023
Referred to the House Committee on Agriculture.
Sep 26, 2023
Referred to the Subcommittee on Commodity Markets, Digital Assets, and Rural Development.
Sep 26, 2023
Referred to the Subcommittee on Forestry.
Dec 5, 2023

Latest Companion Bill Action

S 118-3399
Introduced in Senate
  • Bill from Previous Congress

    HR 117-3790
    Rural Forest Markets Act of 2021


  • August 29, 2023
    Introduced in House


  • August 29, 2023
    Referred to the House Committee on Agriculture.


  • September 26, 2023
    Referred to the Subcommittee on Commodity Markets, Digital Assets, and Rural Development.


  • September 26, 2023
    Referred to the Subcommittee on Forestry.


  • December 5, 2023

    Latest Companion Bill Action

    S 118-3399
    Introduced in Senate

Agriculture and Food

Related Bills

  • S 118-3399: Rural Forest Markets Act of 2023
Air qualityClimate change and greenhouse gasesEnvironmental assessment, monitoring, researchFinancial services and investmentsForests, forestry, treesGovernment lending and loan guaranteesLand use and conservationRural conditions and developmentSecuritiesState and local government operationsTax-exempt organizationsUser charges and fees

Rural Forest Markets Act of 2023

USA118th CongressHR-5315| House 
| Updated: 9/26/2023
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; assess certain fees to offset the subsidy cost of the issued guarantees; and issue implementing regulations.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

HR 117-3790
Rural Forest Markets Act of 2021
Aug 29, 2023
Introduced in House
Aug 29, 2023
Referred to the House Committee on Agriculture.
Sep 26, 2023
Referred to the Subcommittee on Commodity Markets, Digital Assets, and Rural Development.
Sep 26, 2023
Referred to the Subcommittee on Forestry.
Dec 5, 2023

Latest Companion Bill Action

S 118-3399
Introduced in Senate
  • Bill from Previous Congress

    HR 117-3790
    Rural Forest Markets Act of 2021


  • August 29, 2023
    Introduced in House


  • August 29, 2023
    Referred to the House Committee on Agriculture.


  • September 26, 2023
    Referred to the Subcommittee on Commodity Markets, Digital Assets, and Rural Development.


  • September 26, 2023
    Referred to the Subcommittee on Forestry.


  • December 5, 2023

    Latest Companion Bill Action

    S 118-3399
    Introduced in Senate
Chellie Pingree

Chellie Pingree

Democratic Representative

Maine

Cosponsors (3)
William R. Timmons (Republican)Andrea Salinas (Democratic)Earl L. "Buddy" Carter (Republican)

Forestry and Horticulture Subcommittee, Commodity Markets, Digital Assets, and Rural Development Subcommittee, Agriculture Committee

Agriculture and Food

Related Bills

  • S 118-3399: Rural Forest Markets Act of 2023
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Air qualityClimate change and greenhouse gasesEnvironmental assessment, monitoring, researchFinancial services and investmentsForests, forestry, treesGovernment lending and loan guaranteesLand use and conservationRural conditions and developmentSecuritiesState and local government operationsTax-exempt organizationsUser charges and fees