A bill to reauthorize the Tropical Forest Conservation Act of 1998 through fiscal year 2010, to rename the Tropical Forest Conservation Act of 1998 as the "Tropical Forest and Coral Conservation Act of 2007", and for other purposes.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Tropical Forest and Coral 
Conservation Reauthorization Act of 2007''.

SEC. 2. AMENDMENT TO SHORT TITLE OF ACT TO ENCOMPASS EXPANDED SCOPE.

    (a) In General.--Section 801 of the Tropical Forest Conservation 
Act of 1998 (Public Law 87-195; 22 U.S.C. 2151 note) is amended by 
striking ``Tropical Forest Conservation Act of 1998'' and inserting 
``Tropical Forest and Coral Conservation Act of 2007''.
    (b) References.--Any reference in any other provision of law, 
regulation, document, paper, or other record of the United States to 
the ``Tropical Forest Conservation Act of 1998'' shall be deemed to be 
a reference to the ``Tropical Forest and Coral Conservation Act of 
2007''.

SEC. 3. EXPANSION OF SCOPE OF ACT TO PROTECT FORESTS AND CORAL REEFS.

    (a) In General.--Section 802 of the Tropical Forest and Coral 
Conservation Act of 2007 (22 U.S.C. 2431), as renamed by section 2(a), 
is amended--
            (1) in subsections (a)(1), (a)(6), (a)(7), (b)(1), (b)(3), 
        and (b)(4), by striking ``tropical forests'' each place it 
        appears and inserting ``tropical forests and coral reefs and 
        associated coastal marine ecosystems'';
            (2) in subsection (a)(2)--
                    (A) in subparagraph (A), by striking ``resources, 
                which are the basis for developing pharmaceutical 
                products and revitalizing agricultural crops'' and 
                inserting ``resources''; and
                    (B) in subparagraph (C), by striking ``far-flung''; 
                and
            (3) in subsection (b)(2)--
                    (A) by striking ``tropical forests'' the first 
                place it appears and inserting ``tropical forests and 
                coral reefs and associated coastal marine ecosystems'';
                    (B) by striking ``tropical forests'' the second 
                place it appears and inserting ``areas'';
                    (C) by striking ``tropical forests'' the third 
                place it appears and inserting ``tropical forests and 
                coral reefs and their associated coastal marine 
                ecosystems''; and
                    (D) by striking ``that have led to deforestation'' 
                and inserting ``on such countries''.
    (b) Amendments Related to Definitions.--Section 803 of such Act (22 
U.S.C. 2431a) is amended--
            (1) in paragraph (5)--
                    (A) in the heading, by striking ``tropical forest'' 
                and inserting ``tropical forest or coral reef'';
                    (B) in the matter preceding subparagraph (A), by 
                striking ``tropical forest'' and inserting ``tropical 
                forest or coral reef''; and
                    (C) in subparagraph (B), by striking ``tropical 
                forest'' and inserting ``tropical forest or coral 
                reef''.
            (2) by adding at the end the following new paragraphs:
            ``(10) Coral.--The term `coral' means species of the phylum 
        Cnidaria, including--
                    ``(A) all species of the orders Antipatharia (black 
                corals), Scleractinia (stony corals), Alcyonacea (soft 
                corals), Gorgonacea (horny corals), Stolonifera 
                (organpipe corals and others), and Coenothecalia (blue 
                coral), of the class Anthoza; and
                    ``(B) all species of the order Hydrocorallina (fire 
                corals and hydrocorals) of the class Hydrozoa.
            ``(11) Coral reef.--The term `coral reef' means any reef or 
        shoal composed primarily of coral.
            ``(12) Associated coastal marine ecosystem.--The term 
        `associated coastal marine ecosystem' means any coastal marine 
        ecosystem surrounding, or directly related to, a coral reef and 
        important to maintaining the ecological integrity of that coral 
        reef, such as seagrasses, mangroves, sandy seabed communities, 
        and immediately adjacent coastal areas.''.

SEC. 4. CHANGE TO NAME OF FACILITY.

    (a) In General.--Section 804 of the Tropical Forest and Coral 
Conservation Act of 2007 (22 U.S.C. 2431b), as renamed by section 2(a), 
is amended by striking ``Tropical Forest Facility'' and inserting 
``Conservation Facility''.
    (b) Conforming Amendments to Definitions.--Section 803(8) of such 
Act (22 U.S.C. 2431a(8)) is amended--
            (1) in the heading, by striking ``Tropical forest 
        facility'' and inserting ``Conservation facility''; and
            (2) by striking ``Tropical Forest Facility'' both places it 
        appears and inserting ``Conservation Facility''.
    (c) References.--Any reference in any other provision of law, 
regulation, document, paper, or other record of the United States to 
the ``Tropical Forest Facility'' shall be deemed to be a reference to 
the ``Conservation Facility''.

SEC. 5. ELIGIBILITY FOR BENEFITS.

    Section 805(a) of the Tropical Forest and Coral Conservation Act of 
2007 (22 U.S.C. 2431c(a)), as renamed by section 2(a), is amended by 
striking ``tropical forest'' and inserting ``tropical forest or coral 
reef''.

SEC. 6. UNITED STATES GOVERNMENT REPRESENTATION ON OVERSIGHT BODIES FOR 
              GRANTS FROM DEBT-FOR-NATURE SWAPS AND DEBT-BUYBACKS.

    Section 808(a)(5) of the Tropical Forest and Coral Conservation Act 
of 2007 (22 U.S.C. 2431f(a)(5)), as renamed by section 2(a), is amended 
by adding at the end the following new subparagraph:
                    ``(C) United states government representation on 
                the administering body.--One or more individuals 
                appointed by the United States Government may serve in 
                an official capacity on the administering body that 
                oversees the implementation of grants arising from a 
                debt-for-nature swap or debt buy-back regardless of 
                whether the United States is a party to any agreement 
                between the eligible purchaser and the government of 
                the beneficiary country.''.

SEC. 7. CONSERVATION AGREEMENTS.

    (a) Renaming of Agreements.--Section 809 of the Tropical Forest and 
Coral Conservation Act of 2007 (22 U.S.C. 2431g), as renamed by section 
2(a), is amended--
            (1) in the section heading, by striking ``tropical forest 
        agreement'' and inserting ``conservation agreement''; and
            (2) in subsection (a)--
                    (A) by striking ``Authority'' and all that follows 
                through ``(1) In general.--The Secretary'' and 
                inserting ``Authority.--The Secretary''; and
                    (B) by striking ``Tropical Forest Agreement'' and 
                inserting ``Conservation Agreement''.
    (b) Elimination of Requirement To Consult With the Enterprise for 
the Americas Board.--Such subsection is further amended by striking 
paragraph (2).
    (c) Role of Beneficiary Countries.--Such section is further 
amended--
            (1) in subsection (e)(1)(C), by striking ``in exceptional 
        circumstances, the government of the beneficiary country'' and 
        inserting ``in limited circumstances, the government of the 
        beneficiary country when needed to improve governance and 
        enhance management of tropical forests or coral reefs or 
        associated coastal marine ecosystems, without replacing 
        existing levels of financial efforts by the government of the 
        beneficiary country and with priority given to projects that 
        complement grants made under subparagraphs (A) and (B)''; and
            (2) by amending subsection (f) to read as follows:
    ``(f) Review of Larger Grants.--Any grant of more than $250,000 
from a Fund must be approved by the Government of the United States and 
the government of the beneficiary country.''.
    (d) Technical and Conforming Amendments.--Such section is further 
amended--
            (1) in subsection (c)(2)(A)(i), by inserting ``to serve in 
        an official capacity'' after ``Government'';
            (2) in subsection (d)--
                    (A) in the matter preceding paragraph (1), by 
                striking ``tropical forests'' and inserting ``tropical 
                forests and coral reefs and associated coastal marine 
                ecosystems related to such coral reefs'';
                    (B) in paragraph (5), by striking ``tropical 
                forest''; and
                    (C) in paragraph (6), by striking ``living in or 
                near a tropical forest in a manner consistent with 
                protecting such tropical forest'' and inserting 
                ``dependent on a tropical forest or coral reef or an 
                associated coastal marine ecosystem related to such 
                coral reef and related resources in a manner consistent 
                with conserving such resources''.
    (e) Conforming Amendments to Definitions.--Section 803(7) of such 
Act (22 U.S.C. 2431a(7)) is amended--
            (1) in the heading, by striking ``Tropical forest 
        agreement'' and inserting ``Conservation agreement''; and
            (2) by striking ``Tropical Forest Agreement'' both places 
        it appears and inserting ``Conservation Agreement''.

SEC. 8. CONSERVATION FUND.

    (a) In General.--Section 810 of the Tropical Forest and Coral 
Conservation Act of 2007 (22 U.S.C. 2431h), as renamed by section 2(a), 
is amended--
            (1) in the section heading, by striking ``tropical forest 
        fund'' and inserting ``conservation fund''; and
            (2) in subsection (a)--
                    (A) by striking ``Tropical Forest Agreement'' and 
                inserting ``Conservation Agreement''; and
                    (B) by striking ``Tropical Forest Fund'' and 
                inserting ``Conservation Fund''.
    (b) Conforming Amendments to Definitions.--Such Act is further 
amended--
            (1) in section 803(9) (22 U.S.C. 2431a(9))--
                    (A) in the heading, by striking ``Tropical forest 
                fund'' and inserting ``Conservation fund''; and
                    (B) by striking ``Tropical Forest Fund'' both 
                places it appears and inserting ``Conservation Fund'';
            (2) in section 806(c)(2) (22 U.S.C. 2431d(c)(2)), by 
        striking ``Tropical Forest Fund'' and inserting ``Conservation 
        Fund''; and
            (3) in section 807(c)(2) (22 U.S.C. 2431e(c)(2)), by 
        striking ``Tropical Forest Fund'' and inserting ``Conservation 
        Fund''.

SEC. 9. REPEAL OF AUTHORITY OF THE ENTERPRISE FOR THE AMERICAS BOARD TO 
              CARRY OUT ACTIVITIES UNDER THE FOREST AND CORAL 
              CONSERVATION ACT OF 2007.

    (a) In General.--Section 811 of the Tropical Forest and Coral 
Conservation Act of 2007 (22 U.S.C. 2431i), as renamed by section 2(a), 
is repealed.
    (b) Conforming Amendments.--Section 803 of such Act (22 U.S.C. 
2431a), as renamed by section 2(a), is amended--
            (1) by striking paragraph (4); and
            (2) by redesignating paragraphs (5), (6), (7), (8), and (9) 
        as paragraphs (4), (5), (6), (7), and (8), respectively.

SEC. 10. CHANGES TO DUE DATES OF ANNUAL REPORTS TO CONGRESS.

    Section 813 of the Tropical Forest and Coral Conservation Act of 
2007 (22 U.S.C. 2431k), as renamed by section 2(a), is amended--
            (1) in subsection (a)--
                    (A) by striking ``(a) In General.--Not later than 
                December 31'' and inserting ``Not later than April 
                15'';
                    (B) by striking ``Facility'' both places it appears 
                and inserting ``Conservation Facility''; and
                    (C) by striking ``fiscal year'' both places it 
                appears and inserting ``calendar year''; and
            (2) by striking subsection (b).

SEC. 11. CHANGES TO INTERNATIONAL MONETARY FUND CRITERION FOR COUNTRY 
              ELIGIBILITY.

    Section 703(a)(5) of the Foreign Assistance Act of 1961 (22 U.S.C. 
2430b(a)(5)) is amended--
            (1) by striking ``or, as appropriate in exceptional 
        circumstances,'' and inserting ``or'';
            (2) in subparagraph (A)--
                    (A) by striking ``or in exceptional circumstances, 
                a Fund monitored program or its equivalent,'' and 
                inserting ``or a Fund monitored program, or is 
                implementing sound macroeconomic policies,''; and
                    (B) by striking ``(after consultation with the 
                Enterprise for the Americas Board)''; and
            (3) in subparagraph (B), by striking ``(after consultation 
        with the Enterprise for Americas Board)''.

SEC. 12. NEW AUTHORIZATION OF APPROPRIATIONS FOR THE REDUCTION OF DEBT 
              AND AUTHORIZATION FOR AUDIT, EVALUATION, MONITORING, AND 
              ADMINISTRATION EXPENSES.

    Section 806 of the Tropical Forest and Coral Conservation Act of 
2007 (22 U.S.C. 2431d), as renamed by section 2(a), is amended--
            (1) in subsection (d), by adding at the end the following 
        new paragraphs:
            ``(7) $20,000,000 for fiscal year 2008.
            ``(8) $25,000,000 for fiscal year 2009.
            ``(9) $30,000,000 for fiscal year 2010.''; and
            (2) by amending subsection (e) to read as follows:
    ``(e) Use of Funds To Conduct Program Audits, Evaluations, 
Monitoring, and Administration.--Of the amounts made available to carry 
out this part for a fiscal year, $300,000 is authorized to be made 
available to carry out audits, evaluations, monitoring, and 
administration of programs under this part, including personnel costs 
associated with such audits, evaluations, monitoring and 
administration.''.
            Amend the title so as to read: ``A bill to reauthorize the 
        Tropical Forest Conservation Act of 1998 through fiscal year 
        2010, to rename the Tropical Forest Conservation Act of 1998 as 
        the `Tropical Forest and Coral Conservation Act of 2007', and 
        for other purposes.''.
                                                       

Summary: Tropical Forest and Coral Conservation Reauthorization Act of 2007 - Renames the Tropical Forest Conservation Act of 1998 as The Tropical Forest and Coral Conservation Act of 2007 (Act). Includes tropical forests and coral reefs and associated coastal marine ecosystems within the scope of such Act. Renames the Tropical Forest Facility as the Conservation Facility. Makes developing countries with tropical forests or coral reefs eligible for benefits. Authorizes US government representation on the administering body that oversees the implementation of grants from a debt-for-nature swap or debt buy-back regardless of whether the United States is a party to any agreement between the eligible purchaser and the government of the beneficiary country. Eliminates the requirement that the Enterprise for the Americas Board be consulted in negotiating a Conservation Agreement. Requires US government and beneficiary country government review of Conservation Fund grants in excess of $250,000. Renames: (1) the Tropical Forest Agreement as the Conservation Agreement. And (2) the Tropical Forest Fund as the Conservation Fund. Repeals Board authority to carry out activities under the Act. Revises certain reporting dates. Revises specified International Monetary Fund (IMF) criteria for country eligibility. Authorizes FY2008-FY2010 appropriations. Increases obligations for program administration, monitoring, and auditing.