16 U.S.C. § 3957 — Environmental banks

(a) Guidelines. No later than one year after December 16, 2016, the Task Force must issue guidelines for the use, maintenance, and oversight of environmental banks in Louisiana, after public notice and an opportunity for comment.
(b) Requirements. The guidelines must—
(1) establish procedures for creating and approving environmental banks, subject to approval by the heads of the appropriate federal agencies responsible for enforcing the federal environmental laws for which mitigation credits may be used;
(2) establish siting criteria for environmental banks that improve coastal resources’ ability to withstand inundation and coastal erosion in high-priority areas identified in federal or state restoration plans, including restoration of resources within a project authorized for construction;
(3) establish criteria ensuring that environmental banks obtain adequate financial assurances and legally enforceable protection for the land or resources that generate the credits;
(4) state that credits from environmental banks may not be used to mitigate impacts required under section 404 of the Federal Water Pollution Control Act (33 U.S.C. 1342) or the Endangered Species Act (16 U.S.C. 1531 et seq.) in an area where an existing mitigation bank approved under those laws within five years before 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 operating and monitoring environmental banks.
(c) Environmental bank.
(1) Definition of environmental bank. In this section, “environmental bank” means a project, project increment, or projects intended to restore, create, or improve natural resources at a designated site in order to establish mitigation credits.
(2) Credits. Mitigation credits created by environmental banks approved under 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 under those guidelines, must comply with all applicable requirements of federal law, including regulations. These requirements include—
(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
(E) section 2283 of title 33.
(2) Statutory construction. Nothing in this section may be construed to affect—
(A) any authority, regulatory determination, or legal obligation that was 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 under this section after the date that is 14 years after December 16, 2016.