Apparently, the idea did not win enough support in Congress to pass as a standalone bill, so it was attached to the Consolidated Appropriations Act of 2017, the same way the Wild Horse and Burro Task Force was established earlier this month.
Language in the 2017 spending bill was dropped into FLPMA as an amendment.
The Foundation was authorized to
- Borrow money and issue bonds, debentures, or other debt instruments
- Enter into contracts with public agencies, private organizations and persons
- Carry out any activity necessary and proper to advance its purposes
As for conflicts of interest, members of the Board or officers or employees of the Foundation shall not participate in the consideration or determination of any question before the Foundation that affects the financial interests of the member, officer or employee, or the interests of any corporation, partnership, entity or organization in which the member, officer or employee is an officer, director or trustee, or has any direct or indirect financial interest.