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H E A D L I N E S
* Briefing: Sustainable Forest Management
* Legislation: Forestry and Open Space * Legislation: Brownfield Financing * Letter: Community Development Financing * Letter: Pipelines in the Great Lakes BRIEFING: SUSTAINABLE FOREST MANAGEMENT ---------------------------------------- The Northeast-Midwest Institute and Coalitions on Wednesday, June 26, will sponsor two briefings on efforts to promote and implement sustainable forest management practices. The panelists -- representing nonindustrial private landowners, community-based groups, state foresters, and Indian tribes -- will describe their specific management practices; their successes and challenges in fostering forest sustainability; the ways in which federal programs, policies, and regulations support or hinder their efforts; and the types of federal initiatives that could help advance sustainable forest management. The House briefing will run from 1:00 pm until
2:15 pm in
2456 Rayburn House Office Building. The Senate-side session will begin at 3:00 pm in 220 Russell Senate Office Building. Contact: Barbara Wells at the Northeast-Midwest
Institute
(202/464-4019). LEGISLATION: FORESTRY AND OPEN SPACE ------------------------------------- Senators Susan Collins (R-ME) and Jack Reed (D-RI), co- chairs of the Northeast-Midwest Senate Coalition, are seeking co- sponsors for the Suburban and Community Forestry and Open Space Initiative Act of 2002. The bill would provide grant funds to local governments and non-profits to purchase interests in forest lands in order to conserve private forest land and maintain working forests in areas threatened by sprawl. The bill is supported by the Trust for Public Land, Northern Forest Alliance, Appalachian Mountain Club, Land Trust Alliance, Highlands Coalition, Nature Conservancy, New England Forestry Foundation, and the National Association of State Foresters. Most forests in the Northeast-Midwest region are private forest lands. Contact: Kris Sarri at the
Northeast-Midwest Senate
Coalition (224-0606). LEGISLATION: BROWNFIELD FINANCING ---------------------------------- Senators Carl Levin (D-MI) and Jim Jeffords (I-VT) are seeking cosponsors for the Brownfields Site Redevelopment Assistance Act (S. 1079). The bill was favorably ordered to be reported out of Environment and Public Works Committee, with an amendment in the nature of a substitute sponsored by Senators Jeffords and Bob Smith (R-NH). Reps. Jack Quinn (R-NY) and Marty Meehan (D-MA),
co-chairs
of the Northeast Midwest House Coalition, together with Reps. John McHugh (R-NY), Bill Pascrell (D-NJ), Dale Kildee (D-MI), and Rob Simmons (R-CT), have introduced a companion bill (H.R. 4894). The bill, already with 25 cosponsors, would authorize $60 million for the Economic Development Administration (EDA) in the Department of Commerce to establish a grants program for brownfields-related economic development activities. EDA currently funds brownfields out of its general authorization, but brownfields must compete with other EDA activities for this funding. Contact: Olwen Huxley at the
Northeast-Midwest
Congressional Coalition (226-9497). STUDY: COMMUNITY DEVELOPMENT FINANCING --------------------------------------- Senators Jack Reed (D-RI) and Susan Collins (R-ME) are seeking signatures on a letter asking the General Accounting Office to study public-sector barriers that community development lenders face in improving access to capital through securitization. GAO also is to make recommendations for how the federal government can assist community development lenders address these barriers. Creating a secondary market for economic
development loans
offers the opportunity to bring Wall Street to Main Street. Approximately $10 to $12 billion is invested in business development loans, yet revolving loan funds (RLFs) sold only $200 million on the secondary market, and none of these funds were securitized and credit-rated for institutional investors. Most investors that bought RLFs were socially motivated. Securitization of economic development loans could potentially be a new asset class for investors. Securitization also offers RLFs the opportunity to better leverage their grant dollars and make more loans without additional federal dollars. Deadline for signatures on the letter is June 28. Contact: Kris Sarri with the
Northeast-Midwest Senate
Coalition (224-0606). LETTER: PIPELINES IN THE GREAT LAKES ------------------------------------- The Great Lakes Task Forces are circulating a letter in support of the Great Lakes Infrastructure Study that was included in the Senate Energy Bill. In response to numerous proposals to construct pipelines in the Great Lakes, this study would authorize the Department of Energy, in cooperation with the National Academy of Sciences, to examine the cumulative environmental impacts of pipeline construction and to make recommendations on how to mitigate those impacts. The deadline for this letter is July 3. |