FOREST Act of 2023

The FOREST Act of 2023 prohibits U.S. imports of products made from commodities (palm oil, soybeans, cocoa, cattle, and rubber) produced on land where illegal deforestation occurred after the law's enactment. Importers must file declarations demonstrating they've assessed supply chain risks of illegal deforestation, with stricter requirements for products from countries identified in action plans. The law establishes a process to identify countries without adequate deforestation protections and requires them to develop action plans with specific benchmarks for compliance. It creates a fund using import penalty revenue to provide foreign assistance to help countries eliminate illegal deforestation and includes procurement preferences for federal contracts with suppliers demonstrating deforestation-free supply chains.