Description:
S. 1023 would reauthorize the Tropical Forest Conservation Act (TCFA)—a Department of the Treasury program to reduce and restructure debt owed to the United States in exchange for agreements by indebted countries to conserve tropical forests. It would authorize the appropriation of $20 million per year over the 2019-2022 period for that purpose. On the basis of information from the department about spending patterns for the program, and assuming appropriation of the specified amounts, CBO estimates that implementing S. 1023 would cost $70 million over the 2019-2023 period. (The remainder would be spent in subsequent years.) Enacting the bill would not affect direct spending or revenues; therefore, pay-as-you-go procedures do not apply. CBO estimates that enacting S. 1023 would not increase net direct spending or on-budget deficits in any of the four consecutive 10-year periods beginning in 2029. S. 1023 would reauthorize TCFA through 2022 and broaden its scope to include coral reef ecosystems. TCFA’s authorization expired in 2008, and the program last received appropriated funding in 2013. Under TCFA, the United States modifies debt held by eligible countries and redirects loan payments to support conservation efforts. Funds would be authorized to cover the cost of such loan modifications, as defined by the Federal Credit Reform Act.
