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USDA has funds for wetlands mitigation banks

Nine-million dollars is available to set up agriculture-only Wetland Mitigation banks. Ag Secretary Tom Vilsack says it’s money authorized by Congress through the 2014 Farm Bill. Vilsack says mitigation banks can be a helpful tool for farmers, “Where producers can purchase credits generated from previously drained wetlands which are restored and approved for wetland mitigation – to offset the loss of benefits where producers install new drainage in a wetland.

Right now, the mitigation banks that exist, Vilsack says, give an advantage to big developers over farmers.  He says several states have ag-only wetlands mitigation banks – and – Iowa, Minnesota and South Dakota are good examples. Vilsack says the funding will help establish more such banks, “We appreciate and understand that there are a number of states that need to be targeted: Minnesota, Iowa, North Dakota and South Dakota. Wisconsin, Ohio, Indiana, Illinois, Georgia, Nebraska, Michigan, Virginia and Missouri are areas where there is a great need for the mitigation banks.”

The banks can be set up by states, tribes, local governments, or other interested third-party entities and will be overseen by the USDA’s Natural Resources Conservation Service (NRCS).

AUDIO: Ag Secretary Tom Vilsack