S. 335 would reauthorize the Tropical Forest and Coral Reef Conservation Act of 1998—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 and coral reefs. Under that act, 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.
The bill would authorize the appropriation of $20 million each year over the 2022-2026 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. 335 would cost $72 million over the 2021-2026 period. The remainder would be spent in subsequent years.
