The United States has long been involved in tropical forest conservation, through both bilateral and multilateral initiatives. The U.S. Congress is considering climate legislation that would establish programs to reduce emissions from deforestation and forest degradation and that would conserve and restore forests in developing countries. If adopted, these programs would dramatically increase U.S. government assistance for tropical forest conservation and sustainable development. Climate legislation under debate would increase U.S. bilateral funding for forests in developing countries by an estimated $18–$25 billion per year. This paper provides an overview of current U.S. funding levels for forests in developing countries and discusses potential increases in these levels due to new climate policies. These numbers are put in the context of overall global finance for forests in developing countries and other emerging REDD+ initiatives.