,i #aaeth ,,congress #ast ,session ,h4 ,r4 #biie ,,in ,,the ,,house ,,of ,,representatives ,june #bb1 #bjag,ms4 ,esty of ,connecticut 7for herself1 ,mr4 ,blumenauer1 ,mr4 ,tonko1 ,mr4 ,himes1 ,mr4 ,courtney1 ,ms4 ,norton1 ,mr4 ,langevin1 ,mr4 ,cartwright1 ,mr4 ,connolly1 ,mr4 ,raskin1 ,mr4 ,michael ,f4 ,doyle of ,pennsylvania1 ,mr4 ,yarmuth1 ,mr4 ,cicilline1 and ,ms4 ,matsui7 introduced the following bill2 which was referred to the ,committee on ,ways and ,means1 and in addition to the ,committee on ,energy and ,commerce1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to amend title #ca1 ,united ,states ,code1 to provide for the issuance of ,green ,bonds and to establish the ,united ,states ,green ,bank1 and for other purposes4 #a4 ,capitalization1 method of capital stock payments1 issuance of ,green ,bonds ,chapter #ca of title #ca1 ,united ,states ,code1 is amended by adding after section #cajb the following new section3 #cajb;,a4 ,green ,bonds 7a7 ,initial capitalization ,the ,secretary of the ,treasury shall issue bonds 7in this section referred to as ,green ,bonds7 in the amount of #aj1jjj1jjj1jjj on the credit of the ,united ,states to acquire capital stock of the ,united ,states ,green ,bank 7established under section #ihja of this title74 ,stock certificates evidencing ownership in the ,united ,states ,green ,bank shall be issued by the ,green ,bank to the ,secretary of the ,treasury1 to the extent of payments made for the capital stock of the ,green ,bank4 7b7 ,future capitalization ,upon the request of the ,united ,states ,green ,bank1 the ,secretary of the ,treasury shall issue additional ,green ,bonds on the credit of the ,united ,states to acquire additional capital stock of the ,united ,states ,green ,bank in an aggregate amount not to exceed #ej1jjj1jjj1jjj outstanding at any one time4 7c7 ,denominations and maturity ,green ,bonds shall be in such forms and denominations1 and shall mature within such periods1 as determined by the ,secretary of the ,treasury4 7d7 ,interest ,green ,bonds shall bear interest at a rate not less than the current average yield on outstanding market obligations of the ,united ,states of comparable maturity during the month preceding the issuance of the obligation as determined by the ,secretary of the ,treasury4 7e7 ,guaranteed ,green ,bonds shall be fully and unconditionally guaranteed both as to interest and principal by the ,united ,states1 and such guaranty shall be expressed on the face of each bond4 7f7 ,lawful investments ,green ,bonds shall be lawful investments1 and may be accepted as security for all fiduciary1 trust1 and public funds1 the investment or deposit of which shall be under the authority or control of the ,united ,states or any officer or officers thereof4 4 #b4 ,green ,bank ,title #ca1 ,united ,states ,code1 is amended by adding the following new chapter at the end thereof3 #ih ,,green ,,bank #ihja4 ,united ,states ,green ,bank 7a7 ,short title ,this section may be cited as the ,united ,states ,green ,bank ,act of #bjag4 7b7 ,purposes ,the purposes of this section are as follows3 7#a7 ,to significantly increase the pace and amount of investment in clean energy and energy efficiency projects at the ,state and local level4 7#b7 ,to improve the standard of living for ,americans by delivering clean electricity more efficiently and at lower cost and by funding projects that will create high-paying1 long-term jobs4 7#c7 ,to address the main impediment to investment at the ,state and local level--limited capital and tight balance sheets--by establishing a national ,green ,bank to capitalize legitimate ,regional1 ,state1 and ,municipal ,green ,banks4 7#d7 ,to facilitate-- 7,a7 efficient tax equity markets for qualified clean energy projects2 and 7,b7 the financing of long-term clean energy purchasing by governmental and nongovernmental not-for-profit entities4 7#e7 ,to foster-- 7,a7 the development and consistent application of transparent underwriting standards1 standard contractual terms1 and measurement and verification protocols for qualified clean energy projects and qualified energy efficiency projects2 7,b7 the creation of performance data that enables effective underwriting1 risk management1 and pro forma modeling of financial performance of qualified clean energy projects and qualified energy efficiency projects to support primary financing markets and stimulate development of secondary investment markets for clean energy projects and energy efficiency projects2 and 7,c7 the level of financing support for qualified clean energy projects and qualified energy efficiency projects necessary to advance vital national objectives1 including-- 7i7 achieving energy independence from foreign energy sources2 7ii7 abating climate change by increasing zero or low carbon electricity generation and transportation capabilities2 7iii7 realizing energy efficiency potential in existing infrastructure2 7iv7 easing the economic effects of transitioning from a carbon-based economy to a clean energy economy2 7v7 achieving job creation through the construction and operation of qualified clean energy projects and qualified energy efficiency projects2 7vi7 fostering long-term domestic manufacturing capacity in the clean energy and energy efficiency industries2 and 7vii7 complementing and supplementing other clean energy and energy efficiency legislation at the regional1 ,state1 municipal1 and county level4 7c7 ,definitions ,in this section3 7#a7 ,bank ,the term ,bank means the ,united ,states ,green ,bank established under subsection 7d74 7#b7 ,board ,the term ,board means the ,board of ,directors of the ,bank4 7#c7 ,clean energy project ,the term clean energy project means any electricity generation1 transmission1 storage1 heating1 cooling1 transportation1 distribution1 industrial process1 or manufacturing project whose primary purpose is the deployment1 development1 or production of an energy system or technology that avoids1 reduces1 or sequesters air pollutants or anthropogenic greenhouse gases1 including the following3 7,a7 ,solar4 7,b7 ,wind4 7,c7 ,geothermal4 7,d7 ,biomass4 7,e7 ,hydropower4 7,f7 ,ocean and hydrokinetic4 7,g7 ,fuel cell4 7,h7 ,advanced battery4 7,i7 ,carbon capture and sequestration4 7,j7 ,next generation biofuels from nonfood feedstocks4 7,k7 ,alternative vehicle fuel infrastructure4 7,l7 ,alternative fuel vehicles4 7#d7 ,eligible clean energy financing institution ,the term ,eligible ,clean ,energy ,financing ,institution means a not-for-profit1 independent entity1 quasi-independent entity1 or a governmental entity within an agency or financing authority1 established or designated by a ,state1 group of ,states1 the ,district of ,columbia1 or an ,eligible ,state ,political ,subdivision to-- 7,a7 provide low-cost or long-term financing support or credit enhancements1 including loan guarantees and loan loss reserves1 for ,qualified ,clean ,energy ,projects or ,qualified ,energy ,efficiency ,projects2 and 7,b7 create liquid markets for these projects including warehousing and securitization1 or take other steps to reduce financial barriers to the deployment of existing and innovative clean energy and energy efficiency projects4 ,eligible ,clean ,energy ,financing ,institutions may enter into partnerships with private entities4 7#e7 ,eligible state political subdivision ,the term ,eligible ,state ,political ,subdivision shall mean any municipality1 county or other political subdivision within a ,state that1 based on the population data from the most recent ,u4,s4 ,census ,bureau1 meets one of the following criteria3 7,a7 ,a municipality with a population of no less than #bjj1jjj people4 7,b7 ,a county1 parish or borough with a population of no less than #hjj1jjj people4 7,c7 ,a municipality1 county1 parish1 or borough with a population-- 7i7 of no less than #hd1jjj people2 and 7ii7 that constitutes no less than #e percent of that ,state's total population4 7#f7 ,energy efficiency project ,the term energy efficiency project means any project1 technology1 function1 or measure that results in the reduction of energy use required to achieve the same level of service or output prior to the application of such project1 technology1 function1 or measure1 or substantially reduces greenhouse gas emissions relative to emissions that would have occurred prior to the application of such project1 technology1 function1 or measure4 7#g7 ,green bond ,the term ,green ,bond means a bond issued pursuant to section #cajb;,a of this title4 7#h7 ,qualified clean energy project ,the term qualified clean energy project means a clean energy project that-- 7,a7 is a ,clean ,energy ,project carried out domestically within the territorial borders of the ,united ,states2 7,b7 stays current on interest and debt payment obligations2 7,c7 to the extent otherwise required by law1 pays wages in accordance with subchapter ,,iv of chapter #ca of title #dj1 ,united ,states ,code 7commonly referred to as the ,davis-,bacon ,act72 7,d7 if for nuclear power1 is funded by the ,bank only after all other existing ,federal financial support has been expended2 7,e7 if for ,alternative fuel vehicles1 is for the purchase or lease of eligible vehicles and not the design or manufacture thereof2 and 7,f7 satisfies any other conditions established by the ,bank and published in the ,federal ,register4 7#i7 ,qualified energy efficiency project ,the term qualified energy efficiency project means an energy efficiency project1 including smart grid technologies and functions characterized in section #acja of the ,energy ,independence and ,security ,act of #bjjg and end-use technologies for efficiency gains in new construction and across existing infrastructure that-- 7,a7 is an ,energy ,efficiency ,project carried out domestically within the territorial borders of the ,united ,states2 7,b7 stays current on interest and debt payment obligations2 7,c7 to the extent otherwise required by law1 pays wages in accordance with subchapter ,,iv of chapter #ca of title #dj1 ,united ,states ,code 7commonly referred to as the ,davis-,bacon ,act72 and 7,d7 satisfies any other conditions established by the ,bank and published in the ,federal ,register4 7d7 ,green bank 7#a7 ,establishment of corporation ,there is established a corporation to be known as the ,united ,states ,green ,bank that shall be wholly owned by the ,united ,states4 7#b7 ,oversight ,the ,bank shall be subject to the general supervision and direction of the ,secretary of the ,treasury4 ,the ,bank shall be an instrumentality of the ,united ,states ,government and shall maintain such offices as may be necessary or appropriate in the conduct of its business4 7#c7 ,charter ,the ,bank shall be chartered for #bj years from the date of enactment of this section4 7#d7 ,governance 7,a7 ,board of directors of the bank 7i7 ,in general ,the ,bank shall be under the direction of a ,board of ,directors consisting of seven members and be subject to the general supervision and direction of the ,secretary of the ,treasury as ,chairman of the ,board4 7ii7 ,membership ,the ,board shall consist of seven members1 as follows3 7,i7 ,the ,secretary of the ,treasury or the ,secretary's designee as ,chairman of the ,board4 7,,ii7 ,the ,secretary of ,energy or the ,secretary's designee4 7,,iii7 ,the ,secretary of ,transportation or the ,secretary's designee4 7,,iv7 ,four members appointed by the ,president of the ,united ,states including a ,chief ,executive ,officer1 one member with expertise regarding renewable energy and_/or energy efficiency1 one member with expertise regarding finance1 one member with expertise regarding electric utilities1 and one member with expertise regarding sustainable transportation4 7iii7 ,quorum ,four members of the ,board shall constitute a quorum4 7iv7 ,bylaws ,the ,board shall adopt1 and may amend1 such bylaws as are necessary for the proper management and functioning of the ,bank1 and shall1 in such bylaws1 designate the vice presidents and other officers of the ,bank and prescribe their duties4 7v7 ,terms ,the initial terms of the members of the ,board shall be #d years4 ,for terms beginning after the first #d years following the date of the enactment of this section1 the ,board shall create staggered terms of #b1 #c1 and #d years for members of the ,board4 7vi7 ,vacancies ,any vacancy on the ,board shall be filled in the same manner in which the original appointment was made4 7vii7 ,interim appointments ,any member appointed to fill a vacancy occurring before the expiration of the term for which such member's predecessor was appointed shall be appointed only for the remainder of such term4 7viii7 ,reappointment ,members of the ,board may be reappointed for additional terms of service as members of the ,board4 7ix7 ,continuation of service ,any member of the ,board whose term has expired may continue to serve on the ,board until the earlier of-- 7,i7 the date on which such member's successor is appointed2 or 7,,ii7 the end of the #f-month period beginning on the date such member's term expires4 7x7 ,chairman ,the ,board shall select a ,chairman from among its members4 7,b7 ,executive vice president ,the ,chief ,executive ,officer shall appoint an ,executive ,vice ,president who-- 7i7 shall serve as ,chief ,executive ,officer of the ,bank during the absence or disability of1 or in the event of a vacancy in the office1 of ,chief ,executive ,officer2 and 7ii7 shall at other times perform such functions as the ,chief ,executive ,officer may prescribe4 7,c7 ,policies and procedures ,at the request of any two members of the ,board1 the ,chairman shall place an item pertaining to the policies or procedures of the ,bank on the agenda for discussion by the ,board4 ,not later than #cj days after the date such a request is made1 the ,chairman shall hold a meeting of the ,board at which such item shall be discussed4 7,d7 ,conflicts of interest ,no director1 officer1 attorney1 agent1 or employee of the ,bank shall in any manner1 directly or indirectly1 participate in the deliberation upon1 or the determination of1 any question affecting such individual's personal interests1 or the interests of any corporation1 partnership1 or association in which such individual is directly or indirectly personally interested4 7#e7 ,hiring and contracting authority 7,a7 ,contracting ,the ,bank may employ or otherwise contract with banks1 credit agencies1 attorneys1 and other third parties at customary commercial rates4 7,b7 ,hiring ,notwithstanding any otherwise applicable ,federal rules and regulations1 the ,bank may employ and otherwise contract with employees and provide compensation to such employees at prevailing rates for compensation for similar positions in private industry4 7#f7 ,sunset 7,a7 ,expiration of charter ,the ,bank shall continue to exercise its functions until all obligations and commitments of the ,bank are discharged1 even after its charter has expired4 7,b7 ,prior obligations ,no provisions of this subsection shall be construed as preventing the ,bank from-- 7i7 acquiring obligations prior to the date of the expiration of its charter which mature subsequent to such date2 7ii7 assuming1 prior to the date of the expiration of its charter1 liability as guarantor1 endorser1 or acceptor of obligations which mature subsequent to such date2 7iii7 issuing1 prior or subsequent to the date of the expiration of its charter1 for purchase by the ,secretary of the ,treasury or any other purchasers1 its notes1 debentures1 bonds1 or other obligations which mature subsequent to such date2 or 7iv7 continuing as a corporation and exercising any of its functions subsequent to the date of the expiration of its charter for purposes of orderly liquidation1 including the administration of its assets and the collection of any obligations held by the ,bank4 7e7 ,green bank establishment fund 7#a7 ,establishment ,there is established in the ,treasury of the ,united ,states a revolving fund1 to be known as the ,green ,bank ,establishment ,fund 7hereinafter referred to as the ,fund71 consisting of-- 7,a7 such amounts as are deposited in the ,fund under this subtitle1 including but not limited to proceeds from the ,green ,bonds issued under section #cajb;,a2 and 7,b7 such sums as may be appropriated to supplement the ,fund4 7#b7 ,authorization of appropriations ,there are authorized to be appropriated to the ,fund such sums as are necessary to carry out this subtitle4 7#c7 ,expenditures from the fund ,amounts in the ,fund shall be available to the ,chief ,executive for obligation without fiscal year limitation1 to remain available until expended4 7f7 ,lending1 financing1 expenditures 7#a7 ,in general ,the ,bank shall establish a program to provide1 on a competitive basis loans1 loan guarantees or credit buy downs from the ,fund1 as the ,bank determines appropriate1 solely to provide capitalization to an ,eligible ,clean ,energy ,financing ,institution for the establishment or continuing operation of that entity4 7#b7 ,requirements ,the ,bank may only provide loans1 loan guarantees or credit buy downs under paragraph 7#a7 if-- 7,a7 ,application ,the applicant submits an application for loans1 loan guarantees or credit buy downs in accordance with application criteria established by the ,bank4 7,b7 ,eligible clean energy financing institutions ,an entity is eligible to receive loans1 loan guarantees or credit buy downs under this section only if it-- 7i7 meets the definition of ,eligible ,clean ,energy ,financing ,institution2 7ii7 uses the funding from the ,bank solely for the purposes described in this section2 and 7iii7 satisfies the capitalization and funding requirements as described in this section4 7,c7 ,project finance ,the ,bank shall not directly lend or otherwise provide financial products to any individual projects1 nor shall it be required to examine individual projects for the purposes of lending under paragraph 7#a7 other than as necessary to determine whether an applicant meets the criteria for ,eligible ,clean ,energy ,financing ,institutions4 7,d7 ,capitalization and co-funding ,the ,eligible ,clean ,energy ,financing ,institution-- 7i7 must provide1 at the time of receipt of any initial funding for capitalization by the ,bank1 an amount from funding sources other than the ,bank equivalent to no less than #a1jjj1jjj and no less than #bj percent of the total initial funding provided by the ,bank2 and 7ii7 may not receive any subsequent funding for capitalization by the ,bank1 in addition to any initial funding for capitalization provided by the ,bank in accordance with clause 7i7 above1 of amounts greater than two times the amount of capital committed for use by the ,eligible ,clean ,energy ,financing ,institution for ,qualified ,clean ,energy ,projects and ,qualified ,energy ,efficiency ,projects at the time of application4 7#c7 ,regulations ,the ,bank shall establish regulations to carry out the activities and operations set out in this chapter4 7g7 ,lending activities 7#a7 ,fees ,the ,bank shall assess reasonable fees on its activities so as to cover its reasonable costs and expenses1 consistent with the ,federal ,credit ,reform ,act of #aiij 7#b ,u4,s4,c4 #ffa et seq471 provided the ,bank operates as a not-for-profit entity4 7#b7 ,appropriations and retention of receipts ,for purposes of the ,federal ,credit ,reform ,act1 funds made available to the ,green ,bank pursuant to section #cajb;,a for carrying out this section are appropriated to the ,green ,bank for the purposes described in the section4 ,receipts collected by the ,green ,bank1 consistent with the ,federal ,credit ,reform ,act1 shall be considered to have been provided in advance in an appropriations ,act1 and shall remain available to the ,green ,bank until expended4 7#c7 ,immunity from impairment1 limitation1 or restriction 7,a7 ,in general ,all rights and remedies of the ,bank shall be immune from impairment1 limitation1 or restrictions by or under-- 7i7 any law 7other than a law enacted by ,congress expressly in limitation of this paragraph7 that becomes effective after the acquisition by the ,bank of the subject or property on1 under1 or with respect to which the right or remedy arises or exists or would so arise or exist in the absence of the law2 or 7ii7 any administrative or other action that becomes effective after the acquisition4 7,b7 ,state law ,the ,bank may conduct its business without regard to any qualification or law of any ,state relating to incorporation4 7#d7 ,taxation 7,a7 ,in general ,subject to subparagraph 7,b71 the ,bank 7including its activities1 capital1 reserves1 surplus and income7 shall be exempt from all taxation imposed by any ,state or local political subdivision of a ,state4 7,b7 ,real property ,any real property of the ,bank shall be subject to taxation by a ,state or political subdivision of a ,state to the same extent according to the value of the real property as other real property is taxed4 7#e7 ,power to remove2 jurisdiction ,notwithstanding any other provision of law1 any civil action1 suit1 or proceeding to which the ,bank is a party shall be deemed to arise under the laws of the ,united ,states1 and the ,united ,states district courts shall have original jurisdiction4 ,the ,bank may1 without bond or security1 remove any such action1 suit1 or proceeding from a ,state court to a ,united ,states district court or to the ,united ,states ,district ,court for the ,district of ,columbia4 7#f7 ,spending safeguards 7,a7 ,in general ,the ,chief ,executive ,officer of the ,bank-- 7i7 shall require any ,eligible ,clean ,energy ,financing ,institution receiving financial support pursuant to this section to report quarterly1 in a format specified by the ,chief ,executive ,officer1 on such entity's use of such support and its progress fulfilling the objectives for which such support was granted1 and the ,chief ,executive ,officer shall make these reports available to the public2 7ii7 may establish additional reporting and information requirements for any recipient of financing support made available pursuant to this section2 7iii7 shall establish appropriate mechanisms to ensure appropriate use and compliance with all terms of any financing support made available pursuant to this section2 7iv7 may1 in addition to and consistent with any other authority under applicable law1 deobligate financing support made available pursuant to this section to entities that demonstrate an insufficient level of performance1 or wasteful or fraudulent spending1 as defined in advance by the ,chief ,executive ,officer1 and award these funds competitively to new or existing applicants consistent with this section2 7v7 shall create and maintain a fully searchable database1 accessible on the ,internet 7or successor protocol7 at no cost to the public1 that contains at least-- 7,i7 a list of each entity that has applied for loans1 loan guarantees or credit buy downs under this section2 7,,ii7 a description of each application2 7,,iii7 the status of each such application2 7,,iv7 the name of each entity receiving funds made available pursuant to this section2 7,v7 the purpose for which such entity is receiving such funds2 7,,vi7 each quarterly report submitted by the entity pursuant to this section2 and 7,,vii7 information related to ,qualifying ,clean ,energy ,projects and ,qualifying ,energy ,efficiency ,projects funded by ,eligible ,clean ,energy ,financing ,institutions using funding received from the ,bank2 7vi7 to the extent practicable1 data maintained under clause 7v7 shall be used to inform private capital markets1 including the development of underwriting standards for the financing of clean energy projects and energy efficiency projects2 7vii7 shall make all financing transactions available for public inspection1 including formal annual reviews by both a private auditor and the ,comptroller ,general2 and 7viii7 shall at all times be available to receive public comment in writing on the activities of the ,bank4 7,b7 ,protection of confidential business information ,to the extent necessary and appropriate1 the ,chief ,executive ,officer may redact any information regarding applicants and borrowers to protect confidential business information4 7#g7 ,guarantee ,except as provided in section #cajb;,a7e7 with respect to ,green ,bonds1 financial support provided by the ,bank shall not be fully and unconditionally guaranteed by the ,united ,states4 4 #c4 ,conforming amendments 7a7 ,tax exempt status ,section #eja7l7 of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following3 7#d7 ,the ,green ,bank established under section #ihja of title #ca1 ,united ,states ,code4 4 7b7 ,wholly owned government corporation ,section #iaja7c7 of title #ca1 ,united ,states ,code1 is amended by adding at the end the following3 7,s7 the ,green ,bank4 4 7c7 ,clerical amendments 7#a7 ,the table of sections for chapter #ca of title #ca1 ,united ,states ,code1 is amended by inserting after the item relating to section #cajb the following new item3 #cajb;,a4 ,green ,bonds4 4 7#b7 ,the table of chapters for subtitle ,,vi of title #ca1 ,united ,states ,code1 is amended by adding at the end the following new item3 #ih4;,green ,bank#ihja 4