,,ii #aac? ,,congress #b;d ,session ,s4 #bbga ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,april #cj1 #bjad ,mr4 ,murphy 7= himself & ,mr4 ,blum5?al7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,a ,,bill ,to e/abli% ! ,gre5 ,bank to assi/ 9 ! f9anc+ ( qualifi$ clean en]gy projects & qualifi$ en]gy effici5cy projects4 #a4 ,capitalization1 ,me?od ( ,capital ,/ock ,paym5ts1 ,issuance ( ,gre5 ,bonds ,*apt] #ca ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by add+ aft] section #cajb ! foll[+ new section3 #cajb;,a4 ,gre5 ,bonds 7a7 ,initial ,capitalization ,! ,secret>y ( ! ,treasury %all issue bonds 79 ?is section ref]r$ to z ,gre5 ,bonds7 9 ! am\nt ( #aj1jjj1jjj1jjj on ! cr$it ( ! ,unit$ ,/ates to acquire capital /ock ( ! ,gre5 ,bank 7e/abli%$ "u section #ihja ( ?is title71 ( :i* n m ?an #bjj1jjj1jjj %all be us$ = co/s t ! ,gre5 ,bank incurs = its fir/ ye> 9 ord] to provide loans1 loan gu>antees1 debt securitization1 insurance1 portfolio insurance1 & o!r =ms ( f9anc+ support or risk managem5t = qualifi$ clean en]gy projects & qualifi$ en]gy effici5cy projects 7z su* t]ms are def9$ "u su* section74 ,/ock c]tificates evid5c+ own]%ip 9 ! ,gre5 ,bank %all be issu$ by ! ,gre5 ,bank to ! ,secret>y ( ! ,treasury1 to ! ext5t ( paym5ts made = ! capital /ock ( ! ,gre5 ,bank4 7b7 ,future ,capitalization ,^u ! reque/ ( ! ,bank1 ! ,secret>y ( ! ,treasury %all issue additional ,gre5 ,bonds on ! cr$it ( ! ,unit$ ,/ates to acquire additional capital /ock ( ! ,gre5 ,bank 9 an aggregate am\nt n to exce$ #ej1jjj1jjj1jjj out/&+ at any "o "t4 7c7 ,d5om9ations & ,maturity ,gre5 ,bonds %all be 9 su* =ms & d5om9ations1 & %all mature )9 su* p]iods1 z det]m9$ by ! ,secret>y ( ! ,treasury4 7d7 ,int]e/ ,gre5 ,bonds %all be> int]e/ at a rate n less ?an ! curr5t av]age yield on out/&+ m>ket obligations ( ! ,unit$ ,/ates ( comp>able maturity dur+ ! mon? prec$+ ! issuance ( ! obligation z det]m9$ by ! ,secret>y ( ! ,treasury4 7e7 ,gu>ante$ ,gre5 ,bonds %all be fully & unconditionally gu>ante$ bo? z to int]e/ & pr9cipal by ! ,unit$ ,/ates1 & su* gu>anty %all be express$ on ! face ( ea* bond4 7f7 ,lawful ,inve/m5ts ,gre5 ,bonds %all be lawful inve/m5ts1 & may be accept$ z security = all fiduci>y1 tru/1 & public funds1 ! inve/m5t or deposit ( :i* %all be "u ! au?ority or control ( ! ,unit$ ,/ates or any (fic] or (fic]s !re(4 4 #b4 ,gre5 ,bank ,title #ca1 ,unit$ ,/ates ,code1 is am5d$ by add+ ! foll[+ new *apt] at ! end !re(3 #ih ,gre5 ,bank ,sec4 #ihja4 ,gre5 ,bank4 #ihja4 ,gre5 ,bank 7a7 ,%ort title ,?is section may be cit$ z ! ,gre5 ,bank ,act ( #bjad4 7b7 ,purposes ,! purposes ( ?is section are z foll[s3 7#a7 ,to evaluate & coord9ate f9anc+ = qualifi$ clean en]gy projects & qualifi$ en]gy effici5cy projects4 7#b7 ,to provide loans1 loan gu>antees1 debt securitization1 insurance1 portfolio insurance1 & o!r =ms ( f9anc+ support or risk managem5t to qualifi$ clean en]gy projects & qualifi$ en]gy effici5cy projects4 7#c7 ,to facilitate-- 7,a7 effici5t tax equity m>kets = qualifi$ clean en]gy projects2 & 7,b7 ! f9anc+ ( long-t]m clean en]gy pur*as+ by gov]nm5tal & non-gov]nm5tal n-=-pr(it entities4 7#d7 ,to fo/]-- 7,a7 ! developm5t & consi/5t application ( transp>5t und]writ+ /&>ds1 /&>d contractual t]ms1 & measurem5t & v]ification protocols = qualifi$ clean en]gy projects & qualifi$ en]gy effici5cy projects2 7,b7 ! creation ( p]=mance data t enables effective und]writ+1 risk managem5t1 & pro =ma model+ ( f9ancial p]=mance ( qualifi$ clean en]gy projects & qualifi$ en]gy effici5cy projects to support prim>y f9anc+ m>kets & /imulate developm5t ( second>y inve/m5t m>kets = clean en]gy projects & en]gy effici5cy projects2 & 7,c7 ! level ( f9anc+ support = qualifi$ clean en]gy projects & qualifi$ en]gy effici5cy projects necess>y to advance vital national objectives1 includ+-- 7i7 a*iev+ en]gy indep5d5ce f =eign en]gy s\rces2 7ii7 abat+ climate *ange by increas+ z]o or l[ c>bon electricity g5]ation & transportation capabilities2 7iii7 realiz+ en]gy effici5cy pot5tial 9 exi/+ infra/ructure2 7iv7 eas+ ! economic effects ( transition+ f a c>bon-bas$ economy to a clean en]gy economy2 7v7 a*iev+ job creation ?r\gh ! con/ruction & op]ation ( qualifi$ clean en]gy projects & qualifi$ en]gy effici5cy projects2 7vi7 fo/]+ long-t]m dome/ic manufactur+ capacity 9 ! clean en]gy & en]gy effici5cy indu/ries2 & 7vii7 complem5t+ & supplem5t+ o!r clean en]gy & en]gy effici5cy legislation at ! ,f$]al or ,/ate level4 7c7 ,def9itions ,9 ?is section3 7#a7 ,bank ,! t]m ,bank means ! ,gre5 ,bank e/abli%$ "u subsection 7d74 7#b7 ,bo>d ,! t]m ,bo>d means ! ,bo>d ( ,directors ( ! ,bank4 7#c7 ,clean ,en]gy project ,! t]m clean en]gy project means any electricity g5]ation1 transmission1 /orage1 heat+1 cool+1 transportation1 di/ribution1 indu/rial process1 or manufactur+ project ^: prim>y purpose is ! deploym5t1 developm5t1 or production ( an en]gy sy/em or te*nology t avoids1 r$uces1 or seque/]s air pollutants or an?ropog5ic gre5h\se gases1 includ+ ! foll[+3 7,a7 ,sol>4 7,b7 ,w9d4 7,c7 ,geo!rmal4 7,d7 ,biomass4 7,e7 ,hydrop[]4 7,f7 ,ocean & hydrok9etic4 7,g7 ,fuel cell4 7,h7 ,advanc$ batt]y4 7,i7 ,c>bon capture & seque/ration4 7,j7 ,next g5]ation bi(uels f nonfood fe$/ocks4 7,k7 ,alt]native vehicle fuel infra/ructure4 7,l7 ,nucle>4 7#d7 ,en]gy ,effici5cy project ,! t]m en]gy effici5cy project means any project1 te*nology1 function1 or measure t results 9 ! r$uction ( en]gy use requir$ to a*ieve ! same level ( s]vice or output prior to ! application ( su* project1 te*nology1 function1 or measure1 or sub/antially r$uces gre5h\se gas emissions relative to emissions t w\ld h occurr$ prior to ! application ( su* project1 te*nology1 function1 or measure4 7#e7 ,gre5 ,bond ,! t]m ,gre5 ,bond means a bond issu$ pursuant to section #cajb;,a ( ?is title4 7#f7 ,qualifi$ ,clean ,en]gy ,project ,! t]m qualifi$ clean en]gy project means a clean en]gy project t-- 7,a7 is c>ri$ out dome/ically )9 ! t]ritorial bord]s ( ! ,unit$ ,/ates2 7,b7 /ays curr5t on int]e/ & debt paym5t obligations2 7,c7 pays wages 9 accordance ) sub*apt] ,,iv ( *apt] #ca ( title #dj1 ,unit$ ,/ates ,code 7commonly ref]r$ to z ! ,davis-,bacon ,act72 7,d7 if = nucle> p[]1 is fund$ by ! ,bank only aft] all o!r exi/+ ,f$]al f9ancial support has be5 exp5d$2 & 7,e7 satisfies any o!r conditions e/abli%$ by ! ,bank & publi%$ 9 ! ,f$]al ,regi/]4 7#g7 ,qualifi$ ,en]gy ,effici5cy ,project ,! t]m qualifi$ en]gy effici5cy project means an en]gy effici5cy project1 includ+ sm>t grid te*nologies & functions *>act]iz$ 9 section #acja ( ! ,en]gy ,indep5d5ce & ,security ,act ( #bjjg & end-use te*nologies = effici5cy ga9s 9 new con/ruction & across exi/+ infra/ructure t-- 7,a7 is c>ri$ out dome/ically )9 ! t]ritorial bord]s ( ! ,unit$ ,/ates2 7,b7 /ays curr5t on int]e/ & debt paym5t obligations2 7,c7 pays wages 9 accordance ) sub*apt] ,,iv ( *apt] #ca ( title #dj1 ,unit$ ,/ates ,code 7commonly ref]r$ to z ! ,davis-,bacon ,act72 & 7,d7 satisfies any o!r conditions e/abli%$ by ! ,bank & publi%$ 9 ! ,f$]al ,regi/]4 7#h7 ,/ate clean en]gy f9anc+ in/itution ,! t]m ,/ate clean en]gy f9anc+ in/itution means an indep5d5t entity1 quasi-indep5d5t entity1 or an entity )9 a ,/ate ag5cy or f9anc+ au?ority e/abli%$ by a ,/ate to-- 7,a7 provide l[-co/ or long-t]m f9anc+ support or cr$it enhancem5ts1 includ+ loan gu>antees & loan loss res]ves1 = qualifi$ clean en]gy projects or qualifi$ en]gy effici5cy projects2 & 7,b7 create liquid m>kets = ^! projects includ+ w>eh\s+ & securitization1 or take o!r /eps to r$uce f9ancial b>ri]s to ! deploym5t ( exi/+ & innovative clean en]gy & en]gy effici5cy projects4 ,/ate clean en]gy f9anc+ in/itutions may ent] into p>tn]%ips ) private entities4 7d7 ,gre5 ,bank 7#a7 ,e/abli%m5t ( ,corporation ,!re is e/abli%$ a corporation to be kn[n z ! ,gre5 ,bank t %all be :olly own$ by ! ,unit$ ,/ates4 7#b7 ,indep5d5t corporation ,! ,bank %all be an indep5d5t corporation4 ,nei!r ! ,bank nor any ( its functions1 p[]s1 or duties %all be transf]r$ to or consolidat$ ) any o!r dep>tm5t1 ag5cy1 or corporation ( ! ,gov]nm5t unless ! ,congress provides o!rwise4 7#c7 ,*>t] ,! ,bank %all be *>t]$ = #bj ye>s f ! date ( enactm5t ( ?is section4 7#d7 ,gov]nance 7,a7 ,bo>d ( ,directors ( ! ,bank 7i7 ,9 g5]al ,! ,bank %all be "u ! direction ( a ,bo>d ( ,directors4 7ii7 ,memb]%ip ,! ,bo>d %all consi/ ( #aa memb]s1 z foll[s3 7,i7 ,! ,secret>y ( ,en]gy or ! ,secret>y's designee4 7,,ii7 ,! ,secret>y ( ! ,treasury or ! ,secret>y's designee4 7,,iii7 ,! ,secret>y ( ! ,int]ior or ! ,secret>y's designee4 7,,iv7 ,! ,secret>y ( ,agriculture or ! ,secret>y's designee4 7,v7 ,! ,secret>y ( ,transportation or ! ,secret>y's designee4 7,,vi7 #f memb]s appo9t$ by ! ,presid5t ( ! ,unit$ ,/ates includ+ a ,*ief ,executive ,(fic]1 #a memb] ) exp]tise reg>d+ r5ewable en]gy1 #a memb] ) exp]tise reg>d+ en]gy effici5cy1 #a memb] ) exp]tise reg>d+ electric utilities1 #a memb] ) exp]tise reg>d+ consum] affairs1 & #a memb] ) exp]tise reg>d+ su/a9able transportation4 7iii7 ,quorum #f memb]s ( ! ,bo>d %all con/itute a quorum4 7iv7 ,bylaws ,! ,bo>d %all adopt1 & may am5d1 su* bylaws z are necess>y = ! prop] managem5t & function+ ( ! ,bank1 & %all1 9 su* bylaws1 designate ! vice presid5ts & o!r (fic]s ( ! ,bank & prescribe _! duties4 7v7 ,t]ms ,! initial t]ms ( ! memb]s ( ! ,bo>d %all be #d ye>s4 ,= t]ms beg9n+ aft] ! fir/ #d ye>s foll[+ ! date ( ! enactm5t ( ?is section1 ! ,bo>d %all create /agg]$ t]ms ( #b1 #c1 & #d ye>s = memb]s ( ! ,bo>d4 7vi7 ,vacancies ,any vacancy on ! ,bo>d %all be fill$ 9 ! same mann] 9 :i* ! orig9al appo9tm5t 0 made4 7vii7 ,int]im appo9tm5ts ,any memb] appo9t$ to fill a vacancy occurr+ be=e ! expiration ( ! t]m = :i* su* memb]'s pr$ecessor 0 appo9t$ %all be appo9t$ only = ! rema9d] ( su* t]m4 7viii7 ,reappo9tm5t ,memb]s ( ! ,bo>d may be reappo9t$ = additional t]ms ( s]vice z memb]s ( ! ,bo>d4 7ix7 ,cont9uation ( s]vice ,any memb] ( ! ,bo>d ^: t]m has expir$ may cont9ue to s]ve on ! ,bo>d until ! e>li] (-- 7,i7 ! date on :i* su* memb]'s successor is appo9t$2 or 7,,ii7 ! end ( ! #f-mon? p]iod beg9n+ on ! date su* memb]'s t]m expires4 7x7 ,*airman ,! ,bo>d %all select a ,*airman f among its memb]s4 7,b7 ,executive ,vice ,presid5t ,! ,*ief ,executive ,(fic] %all appo9t an ,executive ,vice ,presid5t :o-- 7i7 %all s]ve z ,*ief ,executive ,(fic] ( ! ,bank dur+ ! abs5ce or disability (1 or 9 ! ev5t ( a vacancy 9 ! (fice1 ( ,*ief ,executive ,(fic]2 & 7ii7 %all at o!r times p]=m su* functions z ! ,*ief ,executive ,(fic] may prescribe4 7,c7 ,policies & ,proc$ures ,at ! reque/ ( any #b memb]s ( ! ,bo>d1 ! ,*airman %all place an item p]ta9+ to ! policies or proc$ures ( ! ,bank on ! ag5da = discussion by ! ,bo>d4 ,n lat] ?an #cj days aft] ! date su* a reque/ is made1 ! ,*airman %all hold a meet+ ( ! ,bo>d at :i* su* item %all be discuss$4 7,d7 ,conflicts ( int]e/ ,no director1 (fic]1 attorney1 ag5t1 or employee ( ! ,bank %all 9 any mann]1 directly or indirectly1 p>ticipate 9 ! delib]ation ^u1 or ! det]m9ation (1 any "q affect+ su* individual's p]sonal int]e/s1 or ! int]e/s ( any corporation1 p>tn]%ip1 or association 9 :i* su* individual is directly or indirectly p]sonally int]e/$4 7#e7 ,hir+ & ,contract+ au?ority 7,a7 ,contract+ ,! ,bank may employ or o!rwise contract ) banks1 cr$it ag5cies1 attorneys1 & o!r ?ird p>ties at cu/om>y comm]cial rates4 7,b7 ,hir+ ,not)/&+ any o!rwise applicable ,f$]al rules & regulations1 ! ,bank may employ & o!rwise contract ) employees & provide comp5sation to su* employees at prevail+ rates = comp5sation = simil> positions 9 private indu/ry4 7#f7 ,sunset 7,a7 ,expiration ( *>t] ,! ,bank %all cont9ue to ex]cise its functions until all obligations & commitm5ts ( ! ,bank are dis*>g$1 ev5 aft] its *>t] has expir$4 7,b7 ,prior obligations ,no provisions ( ?is subsection %all be con/ru$ z prev5t+ ! ,bank f-- 7i7 acquir+ obligations prior to ! date ( ! expiration ( its *>t] :i* mature subsequ5t to su* date2 7ii7 assum+1 prior to ! date ( ! expiration ( its *>t]1 liability z gu>antor1 endors]1 or acceptor ( obligations :i* mature subsequ5t to su* date2 7iii7 issu+1 prior or subsequ5t to ! date ( ! expiration ( its *>t]1 = pur*ase by ! ,secret>y ( ! ,treasury or any o!r pur*as]s1 its notes1 deb5tures1 bonds1 or o!r obligations :i* mature subsequ5t to su* date2 or 7iv7 cont9u+ z a corporation & ex]cis+ any ( its functions subsequ5t to ! date ( ! expiration ( its *>t] = purposes ( ord]ly liquidation1 includ+ ! adm9i/ration ( its assets & ! collection ( any obligations held by ! ,bank4 7e7 ,l5d+1 ,f9anc+1 ,exp5ditures 7#a7 ,9 g5]al ,! ,bank %all e/abli% a program to provide on a competitive basis loans1 loan gu>antees1 debt securitization1 insurance1 portfolio insurance1 & o!r =ms ( f9anc+ support or risk managem5t1 z ! ,bank det]m9es appropriate1 = any qualify+ clean en]gy project or qualify+ en]gy effici5cy project4 7#b7 ,requirem5ts ,! ,bank may only provide f9anc+ support 7includ+ loans1 loan gu>antees1 debt securitization1 insurance1 portfolio insurance1 & o!r =ms ( f9anc+ support or risk managem5t "u p>agraph 7#a77 if-- 7,a7 su* support is comm]cially reasonable & does n exce$ #hj p]c5t ( ! capitalization ( ! qualifi$ clean en]gy project or qualifi$ en]gy effici5cy project2 7,b7 is secur$ by ! und]ly+ project or su* o!r collat]al z ! ,*ief ,executive ,(fic] ( ! ,bank det]m9es appropriate2 & 7,c7 9 ! judgm5t ( ! ,*ief ,executive ,(fic]-- 7i7 ! private cr$it m>ket is n provid+ adequately l[-pric$ f9anc+ to enable o!rwise cr$it wor?y entities to c>ry out qualifi$ clean en]gy projects & qualifi$ en]gy effici5cy projects2 7ii7 su* f9anc+ support w\ld facilitate con/ruction or expansion ( a qualifi$ clean en]gy project or qualifi$ en]gy effici5cy project at an accel]at$ rate2 or 7iii7 su* f9anc+ support w\ld /imulate1 aid1 or o!rwise support dome/ic manufactur+ ( f9i%$ products or compon5t p>ts us$ 9 clean en]gy projects or en]gy effici5cy projects4 7#c7 ,/ate clean en]gy f9anc+ in/itutions 7,a7 ,co-fund+ ,! ,bank may co-fund a qualifi$ clean en]gy project or qualifi$ en]gy effici5cy project ) a ,/ate clean en]gy f9anc+ in/itution4 7,b7 ,e/abli%m5t ,! ,bank may make up to #ejj1jjj1jjj available ?r\gh a l[-int]e/ loan = ! e/abli%m5t ( a ,/ate clean en]gy f9anc+ in/itution if ! clean en]gy f9anc+ in/itution-- 7i7 provides at lea/ an equal am\nt = e/abli%+ su* in/itution2 & 7ii7 uses fund+ f ! ,bank only = ! purposes describ$ 9 ?is section4 7#d7 ,f9anc+ activities 7,a7 ,9 g5]al ,! ,bank may facilitate f9anc+ transactions 9 tax equity m>kets & long-t]m pur*as+ ( clean en]gy by gov]nm5tal & non-gov]nm5tal n-=-pr(it entities1 to ! degree & ext5t t ! ,bank det]m9es su* f9anc+ activity is appropriate & consi/5t ) c>ry+ out ! t]ms ( ?is section4 7,b7 ,securitization 7i7 ,au?ority ,! ,bank may1 ^u su* t]ms & conditions z ! ,bank consid]s appropriate1 gu>antee ! timely paym5t ( pr9cipal ( & int]e/ on securities t are-- 7,i7 issu$ by any issu] approv$ = ! purposes ( ?is subp>agraph by ! ,bank2 & 7,,ii7 bas$ on & back$ by a tru/ or pool compos$ ( loans made pursuant to ?is section4 7ii7 ,fees ,! ,bank may collect f ! issu] ( a security gu>ante$ "u ?is subp>agraph a reasonable fee = ! gu>antee "u ?is subp>agraph4 7iii7 ,paym5ts ,if an issu] fails to make any paym5t ( pr9cipal ( or int]e/ on any security gu>ante$ "u ?is subp>agraph1 ! ,bank %all make su* paym5t z & :5 due1 & ^u su* paym5t %all be subrogat$ fully to ! rights satisfi$ by su* paym5t4 7iv7 ,default ,! ,bank may1 9 connection ) any gu>anty "u ?is subp>agraph1 :e!r be=e or aft] any default1 provide by contract ) ! issu] = ! ext+ui%m5t1 ^u default by ! issu]1 ( any r$emption1 equitable1 legal1 or o!r "r1 title1 or int]e/ ( ! issu] 9 any loan or loans con/itut+ ! tru/ or pool aga9/ :i* ! gu>ante$ securities are issu$1 & ) respect to any issue ( gu>ante$ securities1 9 ! ev5t ( default & pursuant o!rwise to ! t]ms ( ! contract1 ! loans t con/itute su* tru/ or pool %all become ! absolute prop]ty ( ! ,bank subject only to ! unsatisfi$ rights ( ! hold]s ( ! securities bas$ on & back$ by su* tru/ or pool4 7v7 ,effect ( o!r laws ,no ,/ate or local law1 & no ,f$]al law 7except ,f$]al law enact$ expressly 9 limitation ( ?is subp>agraph aft] ! effective date ( ?is subp>agraph71 %all preclude or limit ! ex]cise by ! ,bank (-- 7,i7 its p[] to contract ) ! issu] on ! t]ms /at$ 9 clause 7iv72 7,,ii7 its rights to en=ce any su* contract ) ! issu]2 or 7,,iii7 its own]%ip rights1 z provid$ 9 clause 7iv71 9 ! loans con/itut+ ! tru/ or pool aga9/ :i* ! gu>ante$ securities are issu$4 7#e7 ,tru/s ,! ,bank is au?oriz$ to create1 accept1 execute1 & o!rwise adm9i/] 9 all respects tru/s1 receiv]%ips1 cons]vator%ips1 liquidat+ or o!r ag5cies1 or o!r fiduci>y & repres5tative und]tak+s & activities1 z appropriate = f9anc+ purposes4 ,in/rum5ts issu$ by ! ,bank pursuant to ?is section are1 to ! same ext5t z securities :i* are direct obligations ( or obligations gu>ante$ z to pr9cipal or int]e/ by ! ,unit$ ,/ates1 exempt securities )9 ! mean+ ( laws adm9i/]$ by ! ,securities & ,ex*ange ,commission4 7#f7 ,fees ,9 addition to fees au?oriz$ "u p>agraph 7#d77;,b77ii71 ! ,bank %all assess reasonable fees on its activities1 includ+ loans1 loan gu>antees1 insurance1 portfolio insurance1 & o!r =ms ( f9anc+ support or risk managem5t x provides s z to cov] its reasonable co/s & exp5ses1 consi/5t ) ! ,f$]al ,cr$it ,re=m ,act ( #aiij 7#b ,u4,s4,c4 #ffa et seq471 provid$ ! ,bank op]ates z a n-=-pr(it entity4 7#g7 ,appropriations & ret5tion ( receipts ,= purposes ( ! ,f$]al ,cr$it ,re=m ,act1 funds made available to ! ,gre5 ,bank pursuant to section #cajb;,a = c>ry+ out ?is section are appropriat$ to ! ,gre5 ,bank = ! purposes describ$ 9 ! section4 ,receipts collect$ by ! ,gre5 ,bank1 consi/5t ) ! ,f$]al ,cr$it ,re=m ,act1 %all be consid]$ to h be5 provid$ 9 advance 9 an appropriations act1 & %all rema9 available to ! ,gre5 ,bank until exp5d$4 7#h7 ,environm5tal review ,9 provid+ any f9anc+ support "u ?is section1 ! ,bank may1 ) ! concurr5ce ( ! ,c\ncil on ,environm5tal ,quality1 adopt by ref]5ce & rely on any applicable categorical exclusion or environm5tal review promulgat$ by any o!r ,f$]al ,ag5cy pursuant to ! ,national ,environm5tal ,policy ,act ( #aifi 7,public ,law #ia-aij74 7#i7 ,immunity f impairm5t1 limitation1 or re/riction 7,a7 ,9 g5]al ,all rights & rem$ies ( ! ,bank %all be immune f impairm5t1 limitation1 or re/rictions by or "u-- 7i7 any law 7o!r ?an a law enact$ by ,congress expressly 9 limitation ( ?is p>agraph7 t becomes effective aft] ! acquisition by ! ,bank ( ! subject or prop]ty on1 "u1 or ) respect to :i* ! "r or rem$y arises or exi/s or w\ld s arise or exi/ 9 ! abs5ce ( ! law2 or 7ii7 any adm9i/rative or o!r action t becomes effective aft] ! acquisition4 7,b7 ,/ate ,law ,! ,bank may conduct its bus9ess )\t reg>d to any qualification or law ( any ,/ate relat+ to incorporation4 7#aj7 ,taxation 7,a7 ,9 g5]al ,subject to subp>agraph 7,b71 ! ,bank 7includ+ its activities1 capital1 res]ves1 surplus & income7 %all be exempt f all taxation impos$ by any ,/ate or local political subdivision ( a ,/ate4 7,b7 ,real ,prop]ty ,any real prop]ty ( ! ,bank %all be subject to taxation by a ,/ate or political subdivision ( a ,/ate to ! same ext5t accord+ to ! value ( ! real prop]ty z o!r real prop]ty is tax$4 7#aa7 ,p[] to remove2 jurisdiction ,not)/&+ any o!r provision ( law1 any civil action1 suit1 or proce$+ to :i* ! ,bank is a p>ty %all be deem$ to arise "u ! laws ( ! ,unit$ ,/ates1 & ! ,unit$ ,/ates di/rict c\rts %all h orig9al jurisdiction4 ,! ,bank may1 )\t bond or security1 remove any su* action1 suit1 or proce$+ f a ,/ate c\rt to a ,unit$ ,/ates di/rict c\rt or to ! ,unit$ ,/ates ,di/rict ,c\rt = ! ,di/rict ( ,columbia4 7#ab7 ,sp5d+ safegu>ds 7,a7 ,9 g5]al ,! ,*ief ,executive ,(fic] ( ! ,bank-- 7i7 %all require any entity receiv+ f9anc+ support 7includ+ a loan1 loan gu>antee1 debt securitization1 insurance1 portfolio insurance1 & o!r =ms ( f9anc+ support or risk managem5t7 pursuant to ?is section to report qu>t]ly1 9 a =mat specifi$ by ! ,*ief ,executive ,(fic]1 on su* entity's use ( su* support & its progress fulfill+ ! objectives = :i* su* support 0 grant$1 & ! ,*ief ,executive ,(fic] %all make ^! reports available to ! public2 7ii7 may e/abli% additional report+ & in=mation requirem5ts = any recipi5t ( f9anc+ support made available pursuant to ?is section2 7iii7 %all e/abli% appropriate me*anisms to ensure appropriate use & compliance ) all t]ms ( any f9anc+ support made available pursuant to ?is section2 7iv7 may1 9 addition to & consi/5t ) any o!r au?ority "u applicable law1 deobligate f9anc+ support made available pursuant to ?is section to entities t demon/rate an insuffici5t level ( p]=mance1 or wa/eful or fraudul5t sp5d+1 z def9$ 9 advance by ! ,*ief ,executive ,(fic]1 & aw>d ^! funds competitively to new or exi/+ applicants consi/5t ) ?is section2 7v7 %all create & ma9ta9 a fully se>*able database1 accessible on ! ,int]net 7or successor protocol7 at no co/ to ! public1 t conta9s at lea/-- 7,i7 a li/ ( ea* entity t has appli$ = a loan1 loan gu>antee1 insurance1 portfolio insurance1 or o!r =ms ( f9anc+ support or risk managem5t "u ?is section2 7,,ii7 a description ( ea* application2 7,,iii7 ! /atus ( ea* su* application2 7,,iv7 ! "n ( ea* entity receiv+ funds made available pursuant to ?is section2 7,v7 ! purpose = :i* su* entity is receiv+ su* funds2 7,,vi7 ea* qu>t]ly report submitt$ by ! entity pursuant to ?is section2 & 7,,vii7 su* o!r in=mation suffici5t to all[ ! public to und]/& & monitor loans1 loan gu>antees1 insurance1 portfolio insurance1 & o!r =ms ( f9anc+ support or risk managem5t provid$ "u ?is section2 7vi7 to ! ext5t practicable1 data ma9ta9$ "u clause 7v7 %all be us$ to in=m private capital m>kets1 includ+ ! developm5t ( und]writ+ /&>ds = ! f9anc+ ( clean en]gy projects & en]gy effici5cy projects2 7vii7 %all make all f9anc+ transactions available = public inspection1 includ+ =mal annual reviews by bo? a private auditor & ! ,comptroll] ,g5]al2 & 7viii7 %all at all times be available to receive public comm5t 9 writ+ on ! activities ( ! ,bank4 7,b7 ,protection ( confid5tial bus9ess in=mation ,to ! ext5t necess>y & appropriate1 ! ,*ief ,executive ,(fic] may r$act any in=mation reg>d+ applicants & borr[]s to protect confid5tial bus9ess in=mation4 7#ac7 ,gu>antee ,except z provid$ 9 section #cajb;,a7e7 ) respect to ,gre5 ,bonds1 f9ancial support provid$ by ! ,bank %all n be fully & unconditionally gu>ante$ by ! ,unit$ ,/ates4 4 #c4 ,con=m+ am5dm5ts 7a7 ,tax exempt /atus ,subsection 7l7 ( section #eja ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+3 7#d7 ,! ,gre5 ,bank e/abli%$ "u section #ihja ( title #ca1 ,unit$ ,/ates ,code4 4 7b7 ,:olly own$ ,gov]nm5t corporation ,p>agraph 7#c7 ( section #iaja ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 7,s7 ! ,gre5 ,bank4 4 7c7 ,cl]ical am5dm5ts 7#a7 ,! table ( sections = *apt] #ca ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by ins]t+ aft] ! item relat+ to section #cajb ! foll[+ new item3 #cajb;,a4 ,gre5 bonds4 4 7#b7 ,! table ( *apt]s = subtitle ,,vi ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+ new item3 #ih4 ,gre5 ,bank #ihja 4 #d4 ,def] d$uction ( int]e/ exp5se relat$ to def]r$ income 7a7 ,9 g5]al ,section #afc ( ! ,int]nal ,rev5ue ,code ( #aihf 7relat+ to d$uctions = int]e/ exp5se7 is am5d$ by r$esignat+ subsection 7n7 z subsection 7o7 & by ins]t+ aft] subsection 7m7 ! foll[+ new subsection3 7n7 ,def]ral ( d$uction = int]e/ exp5se relat$ to def]r$ income 7#a7 ,g5]al rule ,9 ! case ( any taxpay]1 ! am\nt ( =eign-relat$ int]e/ exp5se all[$ z a d$uction "u ?is *apt] = any taxable ye> %all n exce$ an am\nt t be>s ! same ratio to ! sum ( ! =eign-relat$ int]e/ exp5se = su* ye> & ! def]r$ =eign-relat$ int]e/ exp5se z ! curr5t inclusion ratio4 7#b7 ,treatm5t ( def]r$ d$uctions ,if1 = any taxable ye>-- 7,a7 ! am\nt t be>s ! same ratio to ! sum ( ! =eign-relat$ int]e/ exp5se = su* ye> & ! def]r$ =eign-relat$ int]e/ exp5se z ! curr5t inclusion ratio1 exce$s 7,b7 ! =eign-relat$ int]e/ exp5se = su* ye>1 !re %all be all[$ z a d$uction = su* ye> an am\nt equal to ! less] ( su* excess & ! def]r$ =eign-relat$ int]e/ exp5se4 7#c7 ,def9itions & special rule ,= purposes ( ?is subsection-- 7,a7 ,=eign-relat$ int]e/ exp5se ,! t]m =eign-relat$ int]e/ exp5se means1 = any taxable ye>1 an am\nt ( int]e/ exp5se = su* taxable ye> allocat$ & apportion$ "u sections #hfa & #hfd7;e7 to income f s\rces outside ! ,unit$ ,/ates :i* be>s ! same proportion to su* int]e/ exp5se z ! value ( all /ock held by ! taxpay] 9 all section #ijb corporations 7z def9$ 9 section #iji7;d77#e77 ) respect to :i* ! taxpay] meets ! own]%ip requirem5ts ( subsection 7a7 or 7b7 ( section #ijb be>s to ! value ( all assets ( ! taxpay] :i* g5]ate gross income f s\rces outside ! ,unit$ ,/ates4 7,b7 ,def]r$ =eign-relat$ int]e/ exp5se ,! t]m def]r$ =eign-relat$ int]e/ exp5se means ! excess1 if any1 ( ! aggregate =eign-relat$ int]e/ exp5se = all prior taxable ye>s1 ov] ! aggregate am\nt all[$ z a d$uction "u p>agraphs 7#a7 & 7#b7 = all prior taxable ye>s4 7,c7 ,value ( assets ,except z o!rwise provid$ by ! ,secret>y1 = purposes ( p>agraph 7#c77;,a77i71 ! value ( any asset %all be ! am\nt ) respect to su* asset us$ z det]m9$ = purposes ( allocat+ & apportion+ int]e/ exp5se "u sections #hfa & #hfd7;e74 7,d7 ,curr5t inclusion ratio ,! t]m curr5t inclusion ratio means1 ) respect to any dome/ic corporation :i* meets ! own]%ip requirem5ts ( subsection 7a7 or 7b7 ( section #ijb ) respect to "o or m section #ijb corporations = any taxable ye>1 ! ratio 7express$ z a p]c5tage7 (-- 7i7 ! sum ( all divid5ds receiv$ by ! dome/ic corporation f a section #ijb corporation dur+ ! taxable ye> plus am\nts includible 9 gross income "u section #iea7;a7 f su* section #ijb corporation1 9 ea* case comput$ )\t reg>d to section #gh1 divid$ by 7ii7 ! aggregate am\nt ( po/-#aihf undi/ribut$ e>n+s = ! taxable ye>4 7,e7 ,aggregate am\nt ( po/-#aihf undi/ribut$ e>n+s ,! t]m aggregate am\nt ( po/-#aihf undi/ribut$ e>n+s means1 ) respect to any dome/ic corporation :i* meets ! own]%ip requirem5ts ( subsection 7a7 or 7b7 ( section #ijb ) respect to "o or m section #ijb corporations1 ! dome/ic corporation's pro rata %>e ( ! po/-#aihf undi/ribut$ e>n+s 7z def9$ 9 section #ijb7;c77#a77 ( all su* section #ijb corporations4 7,f7 ,=eign curr5cy conv]sion ,= purposes ( det]m9+ ! curr5t inclusion ratio1 & except z o!rwise provid$ by ! ,secret>y1 ! aggregate am\nt ( po/-#aihf undi/ribut$ e>n+s = ! taxable ye> %all be det]m9$ by translat+ ea* section #ijb corporation's po/-#aihf undi/ribut$ e>n+s into doll>s us+ ! av]age ex*ange rate = su* ye>4 7#d7 ,treatm5t ( affiliat$ gr\ps ,! curr5t inclusion ratio ( ea* memb] ( an affiliat$ gr\p 7z def9$ 9 section #hfd7;e77#e77;,a77 %all be det]m9$ z if all memb]s ( su* gr\p 7 a s+le corporation4 7#e7 ,application to sep>ate categories ( income ,?is subsection %all be appli$ sep>ately ) respect to ! categories ( income specifi$ 9 section #ijd7;d77#a74 7#f7 ,regulations ,! ,secret>y may prescribe su* regulations or o!r guidance z is necess>y or appropriate to c>ry out ! purposes ( ?is subsection1 includ+ regulations or o!r guidance provid+-- 7,a7 = ! prop] application ( ?is subsection ) respect to *anges 9 own]%ip ( a section #ijb corporation1 7,b7 t c]ta9 corporations t o!rwise w\ld n be memb]s ( ! affiliat$ gr\p w be treat$ z memb]s ( ! affiliat$ gr\p = purposes ( ?is subsection1 7,c7 = ! prop] application ( ?is subsection ) respect to ! taxpay]'s %>e ( a deficit 9 e>n+s & pr(its ( a section #ijb corporation1 7,d7 = appropriate adju/m5ts to ! det]m9ation ( ! value ( /ock 9 any section #ijb corporation = purposes ( ?is subsection or to ! =eign-relat$ int]e/ exp5se to acc\nt = income t is subject to tax "u section #hhb7;a77#a71 & 7,e7 = ! prop] application ( ?is subsection ) respect to int]e/ exp5se t is directly allocable to income ) respect to c]ta9 assets4 4 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ on or aft] ,janu>y #a1 #bjae4