Tropical Forest Conservation Act of 1998 - Amends the Foreign Assistance Act of 1961 to establish a Tropical Forest Facility in the Department of the Treasury to provide for the administration of debt reduction in accordance with this Act.
(Sec. 1) Makes eligible for Facility benefits developing countries with tropical forests that: (1) meet certain requirements applicable to Latin American and Caribbean countries for eligibility for Enterprise for the Americas Facility benefits; and (2) have put in place major investment reforms, as evidenced by the conclusion of a bilateral investment treaty with the United States, implementation of an investment sector loan with the Inter-American Development Bank, World Bank-supported investment reforms, or other appropriate measures.
Authorizes the President to: (1) reduce debt owed to the United States (outstanding as of January 1, 1998) by eligible countries as a result of concessional loans made under the Foreign Assistance Act of 1961 or predecessor foreign economic assistance legislation, or credits (subject to advance appropriations) extended under the Agricultural Trade Development and Assistance Act of 1954; and (2) sell to any eligible purchaser any concessional loans or credits or, on receipt of payment from an eligible purchaser, reduce or cancel such loans or credits (or portion thereof), only for the purpose of facilitating a debt-for-nature swap or debt buy back (by an eligible country of its own qualified debt) to support activities to preserve or restore tropical forests.
Authorizes appropriations.
Authorizes the Secretary of State to enter into a Tropical Forest Agreement with any eligible country concerning the operation and use of the Tropical Forest Fund which any eligible country must establish in order to receive payments of interest on new obligations issued under this Act.
Requires the use of Funds to provide grants to conserve, maintain, and restore tropical forests in beneficiary countries. Provides that grants shall be made to: (1) nongovernmental environmental, forestry, conservation, and indigenous peoples organizations in beneficiary countries; (2) other appropriate local or regional entities; or (3) governments of such countries, in exceptional circumstances. Makes grants of more than $100,000 subject to veto by the U.S. Government or the government of the beneficiary country.
Directs the Enterprise for the Americas Board established under the Agricultural Trade Development and Assistance Act of 1954 (in addition to its other required duties) to: (1) advise the Secretary of State on the negotiations of Tropical Forest Agreements; (2) ensure that a suitable administering body is identified for each Fund; and (3) review the programs, operations, and fiscal audits of each administering body.
Requires the President to report annually to the Congress on the Facility.
On passage Passed by recorded vote: 356 - 61 (Roll No. 63).
Roll Call #63 (House)Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and read twice and referred to the Committee on Foreign Relations.
Senate Committee on Foreign Relations discharged by Unanimous Consent.(consideration: CR S8157-8159)
Senate Committee on Foreign Relations discharged by Unanimous Consent. (consideration: CR S8157-8159)
Measure laid before Senate by unanimous consent.
Senate struck all after the Enacting Clause and substituted the language of S. 1758 amended.
Passed/agreed to in Senate: Passed Senate in lieu of S. 1758 with an amendment by Unanimous Consent.
Passed Senate in lieu of S. 1758 with an amendment by Unanimous Consent.
Message on Senate action sent to the House.
Mr. Gilman asked unanimous consent that the House agree to the Senate amendment.
Enacted as Public Law 105-214
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Resolving differences -- House actions: On motion that the House agree to the Senate amendment Agreed to without objection.(consideration: CR H5507-5511)
On motion that the House agree to the Senate amendment Agreed to without objection. (consideration: CR H5507-5511)
Motion to reconsider laid on the table Agreed to without objection.
Presented to President.
Presented to President.
Signed by President.
Signed by President.
Became Public Law No: 105-214.
Became Public Law No: 105-214.