PlainBillCongress, translated.Legislation. Context. Public interest.Congressional Research Service
Version 00 · Introduced in House · Aug 29, 2023
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.
Showing the opening paragraphs of the official summary.
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;
assess certain fees to offset the subsidy cost of the issued guarantees; and
issue implementing regulations.
People & committees
Rep. Pingree, Chellie [D-ME-1] · D–ME
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Referred to the Subcommittee on Forestry.
Referred to the Subcommittee on Commodity Markets, Digital Assets, and Rural Development.
Referred to the House Committee on Agriculture.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Jan 24, 2025. Consult Congress.gov for the current record.
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