,,ii #aahth ,,congress #ast ,session ,s4 #ccii ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,december #e1 #bjbc,mr4 ,casey 7for himself1 ,mr4 ,braun1 and ,ms4 ,stabenow7 introduced the following bill2 which was read twice and referred to the ,committee on ,agriculture1 ,nutrition1 and ,forestry ,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 ,states1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,rural ,forest ,markets ,act of #bjbc4 #b4 ,rural ,forest ,market ,investment ,program 7a7 ,definitions ,in this section3 7#a7 ,covered entity ,the term covered entity means an eligible entity for which a bond1 loan1 or other investment vehicle is guaranteed under the program4 7#b7 ,eligible entity ,the term eligible entity means a private entity1 ,state forestry agency1 or publicly supported1 charitable nonprofit organization described in section #eja7;c77#c7 of the ,internal ,revenue ,code of #aihf and exempt from taxation under section #eja7;a7 of that ,code engaged in or seeking to engage in the aggregation of sustainable forestry practices implemented by rural private forest landowners to facilitate the sale of environmental credits in voluntary environmental credit markets4 7#c7 ,program ,the term program means the ,rural ,forest ,market ,investment ,program established under subsection 7b77#a74 7#d7 ,rural ,the term rural has the meaning given the term in section #cdc7;a7 of the ,consolidated ,farm and ,rural ,development ,act 7#g ,u4,s4,c4 #aiia7;a774 7#e7 ,secretary ,the term ,secretary means the ,secretary of ,agriculture4 7#f7 ,voluntary environmental credit market ,the term voluntary environmental credit market means a voluntary market through which environmental credits may be bought or sold4 7b7 ,establishment of program 7#a7 ,in general ,the ,secretary shall establish a program1 to be known as the ,rural ,forest ,market ,investment ,program1 to guarantee environmental impact bonds1 loans1 or other investment vehicles1 as determined by the ,secretary1 issued for the sole purpose of financing eligible projects described in subsection 7c71 to enable rural private forest landowners and covered entities to participate in voluntary environmental credit markets4 7#b7 ,administration 7,a7 ,loan guarantees ,the ,secretary shall make available and administer guarantees on environmental impact bonds1 loans1 or other investment vehicles1 as determined by the ,secretary1 through the facilities and authorities of the ,under ,secretary for ,rural ,development4 7,b7 ,forestry related matters 7i7 ,in general ,the ,secretary shall carry out through the facilities and authorities of the ,under ,secretary for ,natural ,resources and ,environment the requirements and administration under this section of matters relating to forests1 forestry1 tree planting activities1 forest product markets1 the timber supply1 appropriate activities to develop and carry out an eligible project1 and activities to facilitate the participation of a rural private forest landowner or a covered entity in voluntary environmental credit markets1 and as otherwise provided in this section1 as determined appropriate by the ,secretary4 7ii7 ,collaboration ,the ,under ,secretary for ,natural ,resources and ,environment shall collaborate with the ,under ,secretary for ,rural ,development1 including by providing information and technical assistance1 to ensure that the making and administration of guarantees under this section is fully informed by the matters described in clause 7i7 and as otherwise provided in this section1 as determined appropriate by the ,secretary4 7#c7 ,consideration ,in establishing the program1 the ,secretary shall consider ways to ensure that the program-- 7,a7 minimizes disruptions to traditional forest products markets1 including by-- 7i7 collecting data on commercially available timber that serves wood processing facilities1 including-- 7,i7 the quantity and species of timber supply available to wood products facilities in each of the #d regions described in the most recent ,renewable ,resource ,assessment prepared under section #c of the ,forest and ,rangeland ,renewable ,resources ,planning ,act of #aigd 7#af ,u4,s4,c4 #afja72 and 7,,ii7 any additional information1 as identified by the ,secretary2 and 7ii7 using data collected under clause 7i7 to make a determination on whether financing each eligible project described in subsection 7c7 may impact commercially available timber supply2 7,b7 allows for the continued production of sustainable timber supplies by utilizing methodologies that consider the carbon storage benefits of wood products2 7,c7 allows for landowners who are not currently involved in traditional forest products markets1 including those who have not historically accessed ,department of ,agriculture assistance programs1 to participate in the program through activities such as conservation easements1 reforestation1 and other appropriate activities1 as determined by the ,secretary2 7,d7 facilitates participation opportunities for forest landowners1 and ensures program access for those who have not historically accessed ,department of ,agriculture assistance programs2 and 7,e7 is carried out in a manner that increases forestland values for participating landowners in ways that enable landowners of small-acreage forests to maintain-- 7i7 ownership of the land in the family of the landowner2 and 7ii7 forest use of the land4 7c7 ,eligible projects 7#a7 ,in general ,subject to paragraph 7#b71 an eligible project referred to in subsection 7b77#a7 is a project developed by an eligible entity using methodologies that1 as determined by the ,secretary-- 7,a7 are approved by a credible1 third-party entity2 and 7,b7 meet global benchmarks for high-integrity4 7#b7 ,uses of financing 7,a7 ,in general ,a covered entity shall use the bond1 loan1 or other investment vehicle guaranteed for the covered entity under the program for appropriate activities to develop and carry out an eligible project described in paragraph 7#a71 as determined by the ,secretary4 7,b7 ,additional activities for certain organizations ,in the case of a bond1 loan1 or other investment vehicle guaranteed under the program that supports an eligible project described in paragraph 7#a71 the ,secretary may allow a portion of the amount of the bond1 loan1 or other investment vehicle to cover additional activities to facilitate the participation of the covered entity or a rural private forest landowner in voluntary environmental credit markets4 7,c7 ,prohibition ,a bond1 loan1 or other investment vehicle guaranteed under the program shall not be used to create a floor price or artificial demand for the environmental credits generated under eligible projects described in paragraph 7#a74 7d7 ,requirements ,a project described in subsection 7c7 that includes the practice of tree planting may only be carried out1 as determined by the ,secretary-- 7#a7 on land that was historically forested1 as determined based on-- 7,a7 data collected through the ,forest ,inventory and ,analysis ,program of the ,forest ,service2 and 7,b7 other appropriate scientific resources1 as determined by the ,secretary2 7#b7 using tree species that are native to the region and at ecologically appropriate densities2 and 7#c7 in a manner that does not create other negative impacts to biodiversity or the environment4 7e7 ,guarantee amount ,with respect to bonds1 loans1 and other investment vehicles guaranteed under the program1 the ,secretary shall guarantee not more than #aej1jjj1jjj in the aggregate4 7f7 ,implementation 7#a7 ,appraisals ,the ,secretary may require an appraisal of an eligible entity requesting a guarantee under the program1 including to assess the creditworthiness of the eligible entity1 by a specialized appraiser that uses standards that are similar to standards used for similar purposes in the private sector1 as determined by the ,secretary4 7#b7 ,financial information ,the ,secretary may require financial information from an eligible entity requesting a guarantee under the program in the same manner as is generally required by commercial lenders4 7g7 ,auditing ,not less frequently than annually1 the ,secretary shall conduct audits of each eligible project financed under the program to ensure that the methodology used with respect to the project continues to comply with the standards determined by the ,secretary under subparagraphs 7,a7 and 7,b7 of subsection 7c77#a74 7h7 ,regulations ,not later than #ahj days after the date of enactment of this ,act1 the ,secretary shall issue regulations to implement the program4 7i7 ,termination of authority ,the authority to guarantee a new bond1 loan1 or other investment vehicle under this section terminates on ,september #cj1 #bjbh4