I 
118TH CONGRESS 
1ST SESSION H. R. 5315 
To authorize the Secretary of Agriculture to guarantee investments that 
will open new markets for forest owners in rural areas of the United 
States, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
AUGUST 29, 2023 
Ms. PINGREE (for herself and Mr. TIMMONS) introduced the following bill; 
which was referred to the Committee on Agriculture 
A BILL 
To authorize the Secretary of Agriculture to guarantee in-
vestments that will open new markets for forest owners 
in rural areas of the United States, and for other pur-
poses. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Rural Forest Markets 
Act of 2023’’. 
SEC. 2. RURAL FOREST MARKET INVESTMENT PROGRAM. 
(a) DEFINITIONS.—In this section: 
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(1) PROGRAM.—The term ‘‘program’’ means 
the Rural Forest Market Investment Program estab-
lished under subsection (b)(1). 
(2) RURAL.—The term ‘‘rural’’ has the mean-
ing given the term in section 343(a) of the Consoli-
dated Farm and Rural Development Act (7 U.S.C. 
1991(a)). 
(3) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of Agriculture. 
(4) VOLUNTARY ENVIRONMENTAL CREDIT MAR-
KET.—The term ‘‘voluntary environmental credit 
market’’ means a voluntary market through which 
environmental credits may be bought or sold. 
(b) ESTABLISHMENT OF PROGRAM.— 
(1) IN GENERAL.—The Secretary shall establish 
a program, to be known as the ‘‘Rural Forest Mar-
ket Investment Program’’, to guarantee environ-
mental impact bonds, loans, or other investment ve-
hicles, as determined by the Secretary, issued for the 
sole purpose of financing eligible projects described 
in subsection (c), to enable rural private forest land-
owners to participate in voluntary environmental 
credit markets. 
(2) ADMINISTRATION.— 
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(A) LOAN
GUARANTEES.—The Secretary 
shall make available and administer guarantees 
on environmental impact bonds, loans, or other 
investment vehicles, as determined by the Sec-
retary, through the facilities and authorities of 
the Under Secretary for Rural Development. 
(B) FORESTRY RELATED MATTERS.— 
(i) IN GENERAL.—The Secretary shall 
carry out through the facilities and au-
thorities of the Under Secretary for Nat-
ural Resources and Environment the re-
quirements and administration under this 
section of matters relating to forests, for-
estry, tree planting activities, forest prod-
uct markets, the timber supply, appro-
priate activities to develop and carry out 
an eligible project, and activities to facili-
tate the participation of an eligible project 
or rural private forest landowner in vol-
untary environmental credit markets, and 
as otherwise provided in this section, as 
determined appropriate by the Secretary. 
(ii) 
COLLABORATION.—The 
Under 
Secretary for Natural Resources and Envi-
ronment shall provide whatever informa-
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tion may be necessary and appropriate to 
the Under Secretary for Rural Develop-
ment to ensure that the making and ad-
ministration of guarantees under this sec-
tion is fully informed by the matters de-
scribed in clause (i) and as otherwise pro-
vided in this section, as determined appro-
priate by the Secretary. 
(3) CONSIDERATION.—In establishing the pro-
gram, the Secretary shall consider ways to ensure 
that the program— 
(A) minimizes disruptions to traditional 
forest products markets, including by— 
(i) collecting data on commercially 
available timber that serves wood proc-
essing facilities, including— 
(I) the quantity and species of 
timber supply available to wood prod-
ucts facilities in each of the 4 regions 
described in the most recent Renew-
able Resource Assessment prepared 
under section 3 of the Forest and 
Rangeland 
Renewable 
Resources 
Planning Act of 1974 (16 U.S.C. 
1601); and 
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(II) any additional information, 
as identified by the Secretary; and 
(ii) using data collected under clause 
(i) to make a determination on whether fi-
nancing each eligible project described in 
subsection (c) may impact commercially 
available timber supply; 
(B) allows for the continued production of 
sustainable timber supplies by utilizing meth-
odologies that consider the carbon storage bene-
fits of wood products in addition to forests; 
(C) allows for landowners who are not cur-
rently involved in traditional forest products 
markets, including those who have not histori-
cally accessed Department of Agriculture assist-
ance programs, to participate in the program 
through activities such as conservation ease-
ments, reforestation, and other appropriate ac-
tivities, as determined by the Secretary; 
(D) facilitates participation opportunities 
for all forest landowners, and ensures program 
access for those who have not historically 
accessed Department of Agriculture assistance 
programs; and 
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(E) is carried out in a manner that in-
creases forestland values for participating land-
owners in ways that enable all landowners of 
small-acreage forests to maintain— 
(i) ownership of the land in the family 
of the landowner; and 
(ii) forest use of the land. 
(c) ELIGIBLE PROJECTS.— 
(1) IN GENERAL.—Subject to paragraph (2), an 
eligible project referred to in subsection (b)(1) is a 
project developed by a private entity, State forestry 
agency, or publicly supported, charitable nonprofit 
organization described in section 501(c)(3) of the 
Internal Revenue Code of 1986 and exempt from 
taxation under section 501(a) of that Code, engaged 
in or seeking to engage in the aggregation of sus-
tainable forestry practices implemented by rural pri-
vate forest landowners to facilitate the sale of credits 
in the voluntary environmental credit markets, using 
methodologies that, as determined by the Sec-
retary— 
(A) are approved by a credible, third-party 
entity; and 
(B) meet global benchmarks for high integ-
rity. 
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(2) USES OF FINANCING.— 
(A) IN GENERAL.—An entity for which a 
bond, loan, or other investment vehicle is guar-
anteed under the program shall use that bond, 
loan, or other investment vehicle for appropriate 
activities to develop and carry out an eligible 
project described in paragraph (1), as deter-
mined by the Secretary. 
(B) ADDITIONAL ACTIVITIES FOR CERTAIN 
ORGANIZATIONS.—In the case of a bond, loan, 
or other investment vehicle guaranteed under 
the program that supports an eligible project 
described in paragraph (1), the Secretary may 
allow a portion of the amount of the bond, loan, 
or other investment vehicle to cover additional 
activities to facilitate the participation of the 
entity or a rural private forest landowner in vol-
untary environmental credit markets. 
(C) PROHIBITION.—A bond, loan, or other 
investment vehicle guaranteed under the pro-
gram shall not be used to create a floor price 
or artificial demand for the environmental cred-
its generated under eligible projects described 
in paragraph (1). 
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(d) REQUIREMENTS.—A project described in sub-
section (c) that includes the practice of tree planting may 
only be carried out, as determined by the Secretary— 
(1) on land that was historically forested, as de-
termined based on— 
(A) data collected through the Forest In-
ventory and Analysis Program of the Forest 
Service; and 
(B) other appropriate scientific resources, 
as determined by the Secretary; 
(2) using tree species that are native to the re-
gion and at ecologically appropriate densities; and 
(3) in a manner that does not create other neg-
ative impacts to biodiversity or the environment. 
(e) GUARANTEE AMOUNT.—With respect to bonds, 
loans, and other investment vehicles guaranteed under the 
program, the Secretary shall guarantee not more than 
$150,000,000 in the aggregate. 
(f) IMPLEMENTATION.— 
(1) APPRAISALS.—The Secretary may require 
an appraisal, if necessary, in connection with a guar-
antee requested under the program by a specialized 
appraiser that uses standards that are similar to 
standards used for similar purposes in the private 
sector, as determined by the Secretary. 
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(2) FINANCIAL INFORMATION.—The Secretary 
may require financial information from an entity 
seeking a guarantee under the program in the same 
manner as is generally required by commercial lend-
ers. 
(3) FEES.— 
(A) IN
GENERAL.—Subject to subpara-
graph (B), to offset the subsidy cost of the 
guarantees issued under the program, the Sec-
retary shall— 
(i) assess an initial one-time fee of not 
more than 1 percent of the guaranteed 
amount of the bond, loan, or other invest-
ment vehicle; and 
(ii) assess a subsequent annual fee of 
not more than 0.3 percent of the guaran-
teed amount of the bond, loan, or other in-
vestment vehicle. 
(B) LIMITATION.—Notwithstanding sub-
paragraph (A), the Secretary may not assess 
any fee under this paragraph that would result 
in total fees in excess of the amount equal to 
the subsidy cost of the guarantees issued under 
the program. 
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(g) REGULATIONS.—Not later than 60 days after the 
date of enactment of this Act, the Secretary shall issue 
regulations to implement the program. 
(h) TERMINATION OF AUTHORITY.—The authority to 
guarantee a new bond, loan, or other investment vehicle 
under this section terminates on September 30, 2028. 
Æ 
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