Rural Forest Markets Act of 2021

I 117TH CONGRESS 1ST SESSION H. R. 3790 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 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 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- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Rural Forest Markets 4 Act of 2021’’. 5 SEC. 2. RURAL FOREST MARKET INVESTMENT PROGRAM. 6 (a) DEFINITIONS.—In this section: 7 VerDate Sep 11 2014 17:18 Jun 29, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H3790.IH H3790 lotter on DSK11XQN23PROD with BILLS 2 •HR 3790 IH (1) RURAL.—The term ‘‘rural’’ has the mean- 1 ing given the term in section 343 of the Consoli- 2 dated Farm and Rural Development Act (7 U.S.C. 3 1991). 4 (2) SECRETARY.—The term ‘‘Secretary’’ means 5 the Secretary of Agriculture. 6 (b) ESTABLISHMENT OF PROGRAM.— 7 (1) IN GENERAL.—The Secretary shall establish 8 a program, to be known as the ‘‘Rural Forest Mar- 9 ket Investment Program’’, to guarantee an environ- 10 mental impact bond, loan, or other investment vehi- 11 cle, as determined by the Secretary, issued for the 12 sole purpose of financing eligible projects described 13 in subsection (c), to enable rural private forest land- 14 owners to participate in an innovative market for 15 forest carbon or other products. 16 (2) CONSIDERATION.—In establishing the pro- 17 gram under paragraph (1), the Secretary shall con- 18 sider ways to ensure that the program minimizes, to 19 the extent practicable, disruptions to traditional for- 20 est products markets. 21 (c) ELIGIBLE PROJECTS.—An eligible project re- 22 ferred to in subsection (b)(1) is a project developed by pri- 23 vate entity, or a publicly supported, charitable nonprofit 24 organization, engaged in the aggregation of sustainable 25 VerDate Sep 11 2014 17:18 Jun 29, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H3790.IH H3790 lotter on DSK11XQN23PROD with BILLS 3 •HR 3790 IH forestry practices implemented by rural private forest 1 landowners to facilitate the sale of credits in the voluntary 2 carbon market or other environmental market, using a 3 methodology approved by a credible, third-party entity, as 4 determined by the Secretary. 5 (d) REQUIREMENTS.—A project described in sub- 6 section (c) that includes the practice of tree planting may 7 only be carried out, as determined by the Secretary— 8 (1) on land that was historically forested; 9 (2) using tree species that are native to the re- 10 gion and at ecologically appropriate densities; and 11 (3) in a manner that does not create other neg- 12 ative impacts to biodiversity or the environment. 13 (e) GUARANTEE AMOUNT.—The Secretary may guar- 14 antee not more than $150,000,000 with respect to each 15 bond, loan, or other investment vehicle under subsection 16 (b)(1). 17 (f) REGULATIONS.—Not later than 30 days after the 18 date of enactment of this Act, the Secretary shall issue 19 regulations to implement the program established under 20 subsection (b)(1). 21 (g) TERMINATION OF AUTHORITY.—The authority 22 provided by this section terminates on September 30, 23 2023. 24 Æ VerDate Sep 11 2014 17:18 Jun 29, 2021 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H3790.IH H3790 lotter on DSK11XQN23PROD with BILLS