April 1, 2008--New rule lets builders 'bank' efforts to restore wetlands (New York Times)
The Bush administration announced requirements on Monday to encourage builders to compensate for destroying wetlands or streams by paying to restore or create wetlands elsewhere. The approach, which emphasizes linking losing and replacing wetlands across broad watersheds, has been contentious since it was proposed two years ago. The Environmental Protection Agency and the Army Corps of Engineers announced final approval of the rule, saying it would help replace wetlands and streams. “It will accelerate our wetlands conservation effort by establishing a more effective, consistent mitigation process,” said Benjamin H. Grumbles, assistant administrator for water at the environmental agency. The regulation encourages expanded “mitigation banking,” in which a developer can obtain a permit to destroy a wetland or stream if the developer agrees to invest in creating or enhancing wetland elsewhere. That approach has resulted in new businesses specializing in wetland creation.
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