SECTION 1. SHORT TITLE.

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

SEC. 2. FINDINGS AND PURPOSES.

    (a) Findings.--Subsection (a) of section 802 of the Tropical Forest 
Conservation Act of 1998 (22 U.S.C. 2431) is amended--
            (1) in paragraphs (1), (6), and (7), by striking ``tropical 
        forests'' each place it appears and inserting ``tropical 
        forests and coral reefs and associated coastal marine 
        ecosystems'';
            (2) by redesignating paragraphs (3) through (7) as 
        paragraphs (4) through (8), respectively;
            (3) by inserting after paragraph (2) the following:
            ``(3) Coral reefs and associated coastal marine ecosystems 
        provide a wide range of benefits to mankind by--
                    ``(A) harboring more species per unit area than any 
                other marine habitat, providing the basis for 
                developing pharmaceutical products and fostering a 
                growing marine tourism sector;   
                    ``(B) providing a major source of food and jobs for 
                hundreds of millions of coastal residents;    and
                    ``(C) serving as natural storm barriers, thus 
                protecting vulnerable shorelines and communities from 
                storm waves and erosion.''; and
            (4) in paragraph (4) (as redesignated)--
                    (A) by inserting ``and coral reef and associated 
                coastal marine ecosystems'' after ``forest resources''; 
                and
                    (B) by inserting ``and coral reef and associated 
                coastal marine ecosystem exploitation'' after 
                ``tropical deforestation''.
    (b) Purposes.--Subsection (b) of such section is amended--
            (1) in paragraphs (1), (3), and (4), by striking ``tropical 
        forests'' each place it appears and inserting ``tropical 
        forests and coral reefs and associated coastal marine 
        ecosystems''; and
            (2) in paragraph (2)--
                    (A) by striking ``tropical forests'' the first and 
                third 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''; and
                    (C) by inserting at the end before the semicolon 
                the following: ``and unsustainable coral reef and 
                associated coastal marine ecosystem exploitation''.

SEC. 3. DEFINITIONS.

    Section 803 of the Tropical Forest Conservation Act of 1998 (22 
U.S.C. 2431a) is amended--
            (1) in paragraph (2)(A), by striking ``Committee on 
        International Relations'' and inserting ``Committee on Foreign 
        Affairs'';
            (2) by striking paragraphs (4), (7), (8), and (9);
            (3) in paragraph (5)--
                    (A) in the heading, by striking ``tropical forest'' 
                and inserting ``tropical forest or coral reef or 
                associated coastal marine ecosystem'';
                    (B) in the matter preceding subparagraph (A), by 
                striking ``tropical forest'' and inserting ``tropical 
                forest or coral reef or associated coastal marine 
                ecosystem''; and
                    (C) in subparagraph (B)--
                            (i) by striking ``tropical forest'' and 
                        inserting ``tropical forest or coral reef or 
                        associated coastal marine ecosystem''; and
                            (ii) by striking ``tropical forests'' and 
                        inserting ``tropical forests or coral reefs or 
                        associated coastal marine ecosystems'';
            (4) by redesignating paragraphs (5) and (6) as paragraphs 
        (9) and (10), respectively; and
            (5) by inserting after paragraph (3) the following:
            ``(4) Conservation agreement.--The term `Conservation 
        Agreement' or `Agreement' means a Conservation Agreement 
        provided for in section 809.
            ``(5) Conservation facility.--The term `Conservation 
        Facility' or `Facility' means the Conservation Facility 
        established in the Department of the Treasury by section 804.
            ``(6) Conservation fund.--The term `Conservation Fund' or 
        `Fund' means a Conservation Fund provided for in section 810.
            ``(7) 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 Anthozoa; and
                    ``(B) all species of the order Hydrocorallina (fire 
                corals and hydrocorals) of the class Hydrozoa.
            ``(8) Coral reef.--The term `coral reef' means any reef or 
        shoal composed primarily of corals.''.

SEC. 4. ESTABLISHMENT OF THE FACILITY.

    Section 804 of the Tropical Forest Conservation Act of 1988 (22 
U.S.C. 2431b) is amended by striking ``Tropical Forest Facility'' and 
inserting ``Conservation Facility''.

SEC. 5. ELIGIBILITY FOR BENEFITS.

    Section 805(a) of the Tropical Forest Conservation Act of 1998 (22 
U.S.C. 2431c(a)) is amended by striking ``tropical forest'' and 
inserting ``tropical forest or coral reef or associated coastal marine 
ecosystem''.

SEC. 6. REDUCTION OF DEBT OWED TO THE UNITED STATES AS A RESULT OF 
              CONCESSIONAL LOANS UNDER THE FOREIGN ASSISTANCE ACT OF 
              1961.

    (a) Additional Terms and Conditions.--Subsection (c)(2) of section 
806 of the Tropical Forest Conservation Act of 1998 (22 U.S.C. 2431d) 
is amended by striking ``Tropical Forest Fund'' and inserting 
``Conservation Fund''.
    (b) Authorization of Appropriations.--Subsection (d)(6) of such 
section is amended by striking ``fiscal year 2007'' and inserting 
``each of the fiscal years 2007 through 2011''.
    (c) Use of Funds To Conduct Program Audits, Evaluations, 
Monitoring, and Administration.--Subsection (e) of such section is 
amended 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, up to $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.''.

SEC. 7. REDUCTION OF DEBT OWED TO THE UNITED STATES AS A RESULT OF 
              CREDITS EXTENDED UNDER TITLE I OF THE AGRICULTURAL TRADE 
              DEVELOPMENT AND ASSISTANCE ACT OF 1954.

    Section 807(c)(2) of the Tropical Forest Conservation Act of 1998 
(22 U.S.C. 2431e(c)(2)) is amended by striking ``Tropical Forest Fund'' 
and inserting ``Conservation Fund''.

SEC. 8. 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 Conservation Act of 1998 
(22 U.S.C. 2431f(a)(5)) is amended by adding at the end the following:
                    ``(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 this 
                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. 9. CONSERVATION AGREEMENT.

    (a) Authority.--Subsection (a) of section 809 of the Tropical 
Forest Conservation Act of 1998 (22 U.S.C. 2431g) is amended--
            (1) by striking ``(a) Authority.--'' and all that follows 
        through ``The Secretary of State'' and inserting ``(a) 
        Authority.--The Secretary of State'';
            (2) by striking ``Tropical Forest Agreement'' and inserting 
        ``Conservation Agreement''; and
            (3) by striking paragraph (2).
    (b) Administering Body.--Subsection (c)(2)(A) of such section is 
amended--
            (1) in clause (i), by inserting at the end before the 
        semicolon the following: ``to serve in an official capacity''; 
        and
            (2) in clause (iii)(III), by inserting ``or marine'' after 
        ``forestry''.
    (c) Eligible Activities.--Subsection (d) of such section is 
amended--
            (1) in the matter preceding paragraph (1), by striking 
        ``the tropical forests'' and inserting ``tropical forests or 
        coral reefs or associated coastal marine ecosystems'';
            (2) in paragraph (2), by inserting ``and water'' after 
        ``land'';
            (3) in paragraph (5), by striking ``tropical forest''; and
            (4) 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 associated coastal marine ecosystem in 
        a manner consistent with protecting and conserving such 
        resources''.
    (d) Grant Recipients.--Subsection (e)(1) of such section is 
amended--
            (1) in subparagraph (A), by inserting ``marine,'' after 
        ``forestry,''; and
            (2) in subparagraph (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)''.
    (e) Review of Larger Grants.--Subsection (f) of such section is 
amended to read as follows:
    ``(f) Review of Larger Grants.--Any grant of more than $250,000 
from a Fund shall be approved by the Government of the United States 
and the government of the beneficiary country.''.
    (f) Conforming Amendment.--The heading of such section is amended 
by striking ``tropical forest'' and inserting ``conservation''.

SEC. 10. CONSERVATION FUND.

    (a) Establishment.--Subsection (a) of section 810 of the Tropical 
Forest Conservation Act of 1998 (22 U.S.C. 2431h) is amended--
            (1) by striking ``Tropical Forest Agreement'' and inserting 
        ``Conservation Agreement''; and
            (2) by striking ``Tropical Forest Fund'' and inserting 
        ``Conservation Fund''.
    (b) Technical and Conforming Amendments.--Such section is amended--
            (1) in subsection (b), by striking ``terms as conditions'' 
        and inserting ``terms and conditions''; and
            (2) in the heading, by striking ``tropical forest'' and 
        inserting ``conservation''.

SEC. 11. BOARD.

    Section 811 of the Tropical Forest Conservation Act of 1998 (22 
U.S.C. 2431i) is hereby repealed.

SEC. 12. ANNUAL REPORTS TO THE CONGRESS.

    Section 813 of the Tropical Forest Conservation Act of 1998 (22 
U.S.C. 2431k) is amended--
            (1) by striking ``(a) In General.--'';
            (2) by striking ``December 31'' and inserting ``April 15'';
            (3) by striking ``fiscal year'' each place it appears and 
        inserting ``calendar year''; and
            (4) by striking subsection (b).

SEC. 13. TECHNICAL AND CONFORMING AMENDMENTS.

    (a) Part Heading.--The heading of part V of the Foreign Assistance 
Act of 1961 is amended by striking ``tropical forests'' and inserting 
``tropical forests or coral reefs or associated coastal marine 
ecosystems''.
    (b) Short Title.--
            (1) Amendment.--Section 801 of the Tropical Forest 
        Conservation Act of 1998 (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 
        2009''.
            (2) References.--Any reference in a law, regulation, 
        document, 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 
        2009.
    (c) Redesignation.--Part V of the Foreign Assistance Act of 1961 
(22 U.S.C. 2431 et seq.) is amended by redesignating sections 812 and 
813 as sections 811 and 812, respectively.
    (d) Other Amendments.--Section 703(a)(5) of the Foreign Assistance 
Act of 1961 (22 U.S.C. 2430b(a)(5)) is amended--
            (1) in the matter preceding subparagraph (A), by striking 
        ``or, as appropriate in exceptional circumstances,'' and 
        inserting ``or''; and
            (2) in subparagraph (A), by striking ``or an arrangement 
        under the structural adjustment facility or enhanced structural 
        adjustment facility, or in exceptional circumstances, a Fund 
        monitored program or its equivalent,'' and inserting ``an 
        arrangement under the structural adjustment facility or 
        enhanced structural adjustment facility, a Fund monitored 
        program, or is implementing sound macroeconomic policies,''.
Output: Tropical Forest and Coral Conservation Act - Amends the Tropical Forest Conservation Act of 1998 to make forests, coral reefs, and associated coastal marine ecosystem activities eligible for U.S. debt reduction benefits for developing countries. (Currently, such provision applies to tropical forests.)

Renames: (1) the Tropical Forest Facility as the Conservation Facility; and (2) a Tropical Forest Agreement as a Conservation Agreement.

Extends authorization of appropriations for debt reduction.

Authorizes U.S. government representation on the administering body that oversees the implementation of grants arising from debt-for-nature swap or debt buy-back regardless of whether the United States is a party to any agreement between the purchaser and the beneficiary country government.