,,ii #aaeth ,,congress #ast ,session ,s4 #baia ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,december #d1 #bjag ,mr4 ,nelson introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to promote investments in renewable energy and consumer loans for residential solar energy systems4 #a4 ,short title ,this ,act may be cited as the ,green ,banking ,act4 #b4 ,definitions ,in this ,act-- 7#a7 the term joint resolution of approval means only a joint resolution of either ,house of ,congress-- 7,a7 the title of which is as follows3 ,approving the permanent extension of section #c of the ,green ,banking ,act relating to the special allowance for financial institutions investing in renewable energy companies42 and 7,b7 the sole matter after the resolving clause of which is the following 3 ,congress approves the permanent extension of section #c of the ,green ,banking ,act effective as of 41 with the blank space being filled with a date that is not more than #be years after the date of enactment of this ,act2 and 7#b7 the term qualified renewable energy activities means-- 7,a7 the production of solar energy systems1 as defined in section #b7;a7 of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agjc7;a771 in the ,united ,states2 or 7,b7 the production or storage of energy within the ,united ,states that is solely derived from-- 7i7 solar radiation2 7ii7 wind2 7iii7 ocean thermal gradients2 7iv7 ocean currents and waves2 7v7 hydropower2 7vi7 the photovoltaic effect 7as defined in section #c of the ,solar ,photovoltaic ,energy ,research1 ,development1 and ,demonstration ,act of #aigh 7#db ,u4,s4,c4 #eehb772 7vii7 geothermal deposits 7as defined in section #fac7;e7 of the ,internal ,revenue ,code of #aihf72 7viii7 biomass 7as defined in section #bjc of the ,biomass ,energy and ,alcohol ,fuels ,act of #aihj 7#db ,u4,s4,c4 #hhjb772 or 7ix7 fusion 7as defined in section #c of the ,magnetic ,fusion ,energy ,engineering ,act of #aihj 7#db ,u4,s4,c4 #icjb772 and 7,c7 does not include any activity that facilitates the production1 use1 transmission1 or transportation of energy derived from fossil fuels4 #c4 ,special allowance for financial institutions investing in renewable energy companies 7a7 ,interests in nonbanking organizations 7#a7 ,in general ,section #d of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahdc7 is amended-- 7,a7 in subsection 7c7-- 7i7 in paragraph 7#ac71 by striking or at the end2 7ii7 by redesignating paragraph 7#ad7 as paragraph 7#ae72 and 7iii7 by inserting after paragraph 7#ac7 the following3 7#ad7 shares of any company engaged solely in qualified renewable energy activities if such shares do not exceed #bj per centum of the outstanding voting shares of such company2 or 2 and 7,b7 in subsection 7j7-- 7i7 in paragraph 7#a77;,a71 by inserting 1 7c77#ad71 after 7c77#h72 7ii7 in paragraph 7#b71 by striking subparagraph 7,a7 and inserting the following3 7,a7 ,criteria 7i7 ,in general ,in connection with a notice under this subsection1 the ,board shall consider whether performance of the activity by a bank holding company or a subsidiary of such company can reasonably be expected to produce benefits to the public1 such as greater convenience1 increased competition1 or gains in efficiency1 that outweigh possible adverse effects1 such as undue concentration of resources1 decreased or unfair competition1 conflicts of interests1 unsound banking practices1 or risk to the stability of the ,united ,states banking or financial system4 7ii7 ,additional criteria ,in connection with a notice related to an exemption under subsection 7c77#ad71 the ,board shall1 in addition to the criteria listed under clause 7i71 consider whether performance of the activity by a bank holding company or a subsidiary of such company can reasonably be expected to produce a positive outcome for environmental protection1 ecological sustainability1 or technology advancement4 2 7iii7 in paragraph 7#d7-- 7,i7 in subparagraph 7,c77i71 by inserting or 7c77#ad7 after 7c77#h72 and 7,,ii7 in subparagraph 7,d77i71 by inserting 7determined without regard to #ej percent of the value of any asset acquired under subsection 7c77#ad77 before the period at the end2 and 7iv7 in paragraph 7#e77;,a71 by inserting or 7c77#ad7 after 7c77#h74 7#b7 ,technical and conforming amendment ,section #bjf of the ,bank ,export ,services ,act 7#ab ,u4,s4,c4 #fce;a-#d7 is amended1 in the matter preceding paragraph 7#a71 by striking section #d7;c77#ad77;,f77i7 and inserting section #d7;c77#ae77;,f77i74 7#c7 ,sunset ,the amendments made under this section shall not apply after the date that is #cj years after the date of enactment of this ,act unless ,congress enacts a joint resolution of approval4 #d4 ,underwriting standards for residential solar ,section #acce of the ,federal ,housing ,enterprises ,financial ,safety and ,soundness ,act of #aiib 7#ab ,u4,s4,c4 #defe7;b77 is amended-- 7#a7 in subsection 7b7-- 7,a7 paragraph 7#c71 in the matter following subparagraph 7,b71 by striking and at the end2 7,b7 in paragraph 7#d71 by striking the period at the end and inserting 2 and2 and 7,c7 by adding at the end the following3 7#e7 develop appropriate and prudent underwriting guidelines relating to financing for residential solar energy systems1 as defined in section #b7;a7 of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agjc7;a771 to facilitate the secondary market for mortgages on housing with such systems for low- and moderate-income households1 including systems not owned by the mortgagor but subject to lease1 power purchase1 or other contractual terms4 2 and 7#b7 by adding at the end the following3 7e7 ,report to ,congress 7#a7 ,review 7,a7 ,in general ,the ,director shall conduct a review to identify ways to increase the financing for residential solar energy system property improvements in underserved markets1 including examining current obstacles to such financing4 7,b7 ,consultation ,in conducting the review under subparagraph 7,a71 the ,director shall solicit the views of1 and consult with-- 7i7 ,federal agencies supporting housing finance and financial markets2 7ii7 representatives of ,state financial regulators2 and 7iii7 appropriate ,federal and ,state energy agencies4 7#b7 ,report ,not later than #ah months after the date of enactment of this subsection1 the ,director shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report with-- 7,a7 the results of the review conducted under paragraph 7#a72 and 7,b7 any legislative recommendations to promote greater use of residential solar energy systems4 4