16 USC 3957 – Environmental banks
(a) Guidelines
Not later than 1 year after December 16, 2016, the Task Force shall, after public notice and opportunity for comment, issue guidelines for the use, maintenance, and oversight of environmental banks in Louisiana.
(b) Requirements
Terms Used In 16 USC 3957
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Oversight: Committee review of the activities of a Federal agency or program.
- State: means the State of Louisiana. See 16 USC 3951
- Task Force: means the Louisiana Coastal Wetlands Conservation and Restoration Task Force which shall consist of the Secretary, who shall serve as chairman, the Administrator, the Governor, the Secretary of the Interior, the Secretary of Agriculture and the Secretary of Commerce. See 16 USC 3951
The guidelines issued pursuant to subsection (a) shall—
(1) set forth procedures for establishment and approval of environmental banks subject to the approval of the heads of the appropriate Federal agencies responsible for implementation of Federal environmental laws for which mitigation credits may be used;
(2) establish criteria for siting of environmental banks that enhance the resilience of coastal resources to inundation and coastal erosion in high priority areas, as identified within Federal or State restoration plans, including the restoration of resources within the scope of a project authorized for construction;
(3) establish criteria that ensure environmental banks secure adequate financial assurances and legally enforceable protection for the land or resources that generate the credits from environmental banks;
(4) stipulate that credits from environmental banks may not be used for mitigation of impacts required under section 404 of the Federal Water Pollution Control Act (33 U.S.C. 1342) 1 or the Endangered Species Act (16 U.S.C. 1531 et seq.) in an area where an existing mitigation bank approved pursuant to such laws within 5 years of enactment of the Water Resources Development Act of 2016 has credits available;
(5) establish performance criteria for environmental banks; and
(6) establish criteria and financial assurance for the operation and monitoring of environmental banks.
(c) Environmental bank
(1) Definition of environmental bank
In this section, the term “environmental bank” means a project, project increment, or projects for purposes of restoring, creating, or enhancing natural resources at a designated site to establish mitigation credits.
(2) Credits
Mitigation credits created from environmental banks approved pursuant to this section may be used to satisfy existing liability under Federal environmental laws.
(d) Savings clause
(1) Application of Federal law
Guidelines developed under this section and mitigation carried out through an environmental bank established pursuant to such guidelines shall comply with all applicable requirements of Federal law (including regulations), including—
(A) the Federal Water Pollution Control Act (33 U.S.C. 1251 et seq.);
(B) the Endangered Species Act (16 U.S.C. 1531 et seq.);
(C) the Oil Pollution Act of 1990 (33 U.S.C. 2701 et seq.);
(D) the National Environmental Policy Act of 1969 (42 U.S.C. 4321 et seq.); and
(2) Statutory construction
Nothing in this section may be construed to affect—
(A) any authority, regulatory determination, or legal obligation in effect the day before December 16, 2016; or
(B) the obligations or requirements of any Federal environmental law.
(e) Sunset
No new environmental bank may be created or approved pursuant to this section after the date that is 12 years after December 16, 2016.