Rural Forest Markets Act of 2023

Summary

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.

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Timeline

1. 5 December 2023

   Introduced

   Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

   Source: IntroReferral

2. 5 December 2023

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 5 December 2023 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 5 December 2023

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 5 December 2023

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 5 December 2023

  Open at official source

Sponsors

• Sen. Casey, Robert P., Jr. [D-PA] · D · Sponsor
• Sen. Braun, Mike [R-IN] · R · Sponsor
• Sen. Stabenow, Debbie [D-MI] · D · Sponsor
• Jeanne Shaheen · D · Cosponsor
• · ssaf00 · Standing

Related records

• related to → Rural Forest Markets Act of 2023