Rural Forest Markets Act of 2021

Bill: 117-hr-3790
Sponsor: full_name: Rep. Pingree, Chellie [D-ME-1]
Introduced: 2021-06-08
Policy area: Agriculture and Food
Latest action: action_date: 2021-07-15
text: Referred to the Subcommittee on Conservation and Forestry.

Summaries:
action_date: 2021-06-08
action_desc: Introduced in House
text: <p><b>Rural Forest Markets Act of 202</b><strong>1</strong></p> <p>This bill directs the Department of Agriculture (USDA) to establish the Rural Forest Market Investment Program to guarantee investments to finance certain projects that will enable rural private forest landowners to participate in an innovative market for forest carbon or other products.</p> <p>In establishing the program, USDA must consider ways to ensure that the program minimizes disruptions to traditional forest products markets.</p> <p>Eligible projects are projects developed by a private entity or a 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 carbon market or other environmental market using a methodology approved by a credible, third-party entity.</p> <p>USDA may guarantee up to $150 million with respect to each investment.</p> <p>Authority to carry out the program terminates on September 30, 2023.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 3790 IN THE HOUSE OF REPRESENTATIVES June 8, 2021 Ms. Pingree (for herself and Ms. Stefanik ) introduced the following bill; which was referred to the Committee on Agriculture A BILL 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.

1. Short title This Act may be cited as the Rural Forest Markets Act of 2021 . 2. Rural forest market investment program (a) Definitions In this section: (1) Rural The term rural has the meaning given the term in section 343 of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1991 ). (2) Secretary The term Secretary means the Secretary of Agriculture. (b) Establishment of program (1) In general The Secretary shall establish a program, to be known as the Rural Forest Market Investment Program , to guarantee an environmental impact bond, loan, or other investment vehicle, as determined by the Secretary, issued for the sole purpose of financing eligible projects described in subsection (c), to enable rural private forest landowners to participate in an innovative market for forest carbon or other products. (2) Consideration In establishing the program under paragraph (1), the Secretary shall consider ways to ensure that the program minimizes, to the extent practicable, disruptions to traditional forest products markets. (c) Eligible projects An eligible project referred to in subsection (b)(1) is a project developed by private entity, or a 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 carbon market or other environmental market, using a methodology approved by a credible, third-party entity, as determined by the Secretary. (d) Requirements A project described in subsection (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; (2) using tree species that are native to the region and at ecologically appropriate densities; and (3) in a manner that does not create other negative impacts to biodiversity or the environment. (e) Guarantee amount The Secretary may guarantee not more than $150,000,000 with respect to each bond, loan, or other investment vehicle under subsection (b)(1). (f) Regulations Not later than 30 days after the date of enactment of this Act, the Secretary shall issue regulations to implement the program established under subsection (b)(1). (g) Termination of authority The authority provided by this section terminates on September 30, 2023.