Detailed Summary

<b>(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)</b>

Tropical Forest and Coral Conservation Reauthorization Act of 2007 - (Sec. 2) Renames the Tropical Forest Conservation Act of 1998 as The Tropical Forest and Coral Conservation Act of 2007 (Act) .

(Sec. 3) Includes tropical forests and coral reefs and associated coastal marine ecosystems within the scope of such Act. (Current law refers to tropical forests.)

(Sec. 4) Renames the Tropical Forest Facility as the Conservation Facility.

(Sec. 5) Makes developing countries with tropical forests or coral reefs eligible for benefits. (Current law refers to tropical forests.)

(Sec. 6) Authorizes U.S. government representation on the administering body that oversees the implementation of grants from a debt-for-nature swap or debt buy-back regardless of whether the United States is a party to any agreement between the eligible purchaser and the government of the beneficiary country.

(Sec. 7) Eliminates the requirement that the Enterprise for the Americas Board be consulted in negotiating a Conservation Agreement.

Requires U.S. government and beneficiary country government review of Conservation Fund grants in excess of $250,000.

(Sec. 8) Renames: (1) the Tropical Forest Agreement as the Conservation Agreement; and (2) the Tropical Forest Fund as the Conservation Fund.

(Sec. 9) Repeals Board authority to carry out activities under the Act.

(Sec. 10) Revises certain reporting dates.

(Sec. 11) Revises specified International Monetary Fund (IMF) criteria for country eligibility.

(Sec. 12) Authorizes FY2008-FY2010 appropriations. Increases obligations for program administration, monitoring, and auditing.

Status of the Legislation

Latest Major Action: 10/15/2007: Placed on Senate Legislative Calendar under General Orders. Calendar No. 419.

Points in Favor

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Points Against

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