Legis Daily

Rural Forest Markets Act of 2023

USA118th CongressS-3399| Senate 
| Updated: 12/5/2023
Robert P. Casey

Robert P. Casey

Democratic Senator

Pennsylvania

Cosponsors (3)
Jeanne Shaheen (Democratic)Mike Braun (Republican)Debbie Stabenow (Democratic)

Agriculture, Nutrition, and Forestry 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; conduct annual audits of each eligible project financed under the program; 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

S 116-4451
Rural Forest Markets Act of 2020

Bill from Previous Congress

S 117-1107
Rural Forest Markets Act of 2021
Sep 26, 2023

Latest Companion Bill Action

HR 118-5315
Referred to the Subcommittee on Commodity Markets, Digital Assets, and Rural Development.
Dec 5, 2023
Introduced in Senate
Dec 5, 2023
Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
  • Bill from Previous Congress

    S 116-4451
    Rural Forest Markets Act of 2020


  • Bill from Previous Congress

    S 117-1107
    Rural Forest Markets Act of 2021


  • September 26, 2023

    Latest Companion Bill Action

    HR 118-5315
    Referred to the Subcommittee on Commodity Markets, Digital Assets, and Rural Development.


  • December 5, 2023
    Introduced in Senate


  • December 5, 2023
    Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

Agriculture and Food

Related Bills

  • HR 118-5315: 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 CongressS-3399| Senate 
| Updated: 12/5/2023
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.
View Full Text

Suggested Questions

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

Timeline

Bill from Previous Congress

S 116-4451
Rural Forest Markets Act of 2020

Bill from Previous Congress

S 117-1107
Rural Forest Markets Act of 2021
Sep 26, 2023

Latest Companion Bill Action

HR 118-5315
Referred to the Subcommittee on Commodity Markets, Digital Assets, and Rural Development.
Dec 5, 2023
Introduced in Senate
Dec 5, 2023
Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
  • Bill from Previous Congress

    S 116-4451
    Rural Forest Markets Act of 2020


  • Bill from Previous Congress

    S 117-1107
    Rural Forest Markets Act of 2021


  • September 26, 2023

    Latest Companion Bill Action

    HR 118-5315
    Referred to the Subcommittee on Commodity Markets, Digital Assets, and Rural Development.


  • December 5, 2023
    Introduced in Senate


  • December 5, 2023
    Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
Robert P. Casey

Robert P. Casey

Democratic Senator

Pennsylvania

Cosponsors (3)
Jeanne Shaheen (Democratic)Mike Braun (Republican)Debbie Stabenow (Democratic)

Agriculture, Nutrition, and Forestry Committee

Agriculture and Food

Related Bills

  • HR 118-5315: 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