,,ii #aaf? ,,congress #a/ ,session ,s4 #bjeg ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,july #h1 #bjai ,mr4 ,m>key 7= himself1 ,mr4 ,van ,holl51 ,mr4 ,s*atz1 & ,mr4 ,blum5?al7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,environm5t & ,public ,works ,a ,,bill ,to e/abli% a ,national ,climate ,bank4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,national ,climate ,bank ,act4 #b4 ,national ,climate ,bank 7a7 ,9 g5]al ,title ,,lxii ( ! ,revis$ ,/atutes 7#ab ,u4,s4,c4 #ba et seq47 is am5d$ by add+ at ! end ! foll[+3 ,,five ,national ,climate ,bank ,sec4 #ebde4 ,f9d+s4#ebde;,a4 ,def9itions4 #ebde;,b4 ,e/abli%m5t4 #ebde;,c4 ,purpose4 #ebde;,d4 ,inve/m5ts & procurem5ts division4 #ebde;,e4 ,/>t-up division4 #ebde;,f4 ,project types4 #ebde;,g4 ,ca% = c>bon program4 #ebde;,h4 ,project & ,inve/m5t attributes4 #ebde;,i4 ,bo>d ( ,directors4#ebde;,j4 ,adm9i/ration4#ebde,k4 ,e/abli%m5t ( risk & audit committees4#ebde,l4 ,ext]nal ov]sight4#ebde,m4 ,maximum cont+5t liability4 #ebde4 ,f9d+s ,congress f9ds t-- 7#a7 ! ,octob] #bjah report entitl$ ,special ,report on ,global ,w>m+ ( #a4e ,c by ! ,int]gov]nm5tal ,panel on ,climate ,*ange & ! ,novemb] #bjah ,f\r? ,national ,climate ,assessm5t report f\nd t-- 7,a7 human activity is ! dom9ant cause ( obs]v$ climate *ange ov] ! pa/ c5tury2 7,b7 a *ang+ climate is caus+ sea levels to rise & an increase 9 wildfires1 sev]e /orms1 dr\ghts1 & o!r extreme wea!r ev5ts t ?reat5 human life1 heal?y communities1 & critical infra/ructure2 7,c7 global w>m+ at or above #b degrees ,celsius beyond pre-indu/rializ$ levels w cause-- 7i7 mass migration f ! regions mo/ affect$ by climate *ange2 7ii7 m ?an #ejj1jjj1jjj1jjj 9 lo/ annual economic output 9 ! ,unit$ ,/ates by ! ye> #bajj2 7iii7 wildfires t1 by #bjej1 w annually burn at lea/ twice z mu* =e/ area 9 ! we/]n ,unit$ ,/ates ?an 0 typically burn$ by wildfires 9 ! ye>s prec$+ #bjai2 7iv7 a loss ( m ?an #ii p]c5t ( all coral reefs on ,e>?2 7v7 m ?an #cej1jjj1jjj m p to be expos$ globally to deadly heat /ress by #bjej2 & 7vi7 a risk ( damage to #a1jjj1jjj1jjj1jjj ( public infra/ructure & coa/al real e/ate 9 ! ,unit$ ,/ates2 & 7,d7 global temp]atures mu/ be kept bel[ #a4e degrees ,celsius above pre-indu/rializ$ levels to avoid ! mo/ sev]e impacts ( a *ang+ climate1 :i* w require-- 7i7 global r$uctions 9 gre5h\se gas emissions f human s\rces ( #dj to #fj p]c5t f #bjaj levels by #bjcj2 & 7ii7 net-z]o global emissions by #bjej2 7#b7 7,a7 accord+ to ,bloomb]g ,new ,en]gy ,f9ance1 9 #bjah1 approximately #fd1jjj1jjj1jjj 0 inve/$ 9 r5ewable en]gy 9 ! ,unit$ ,/ates2 & 7,b7 accord+ to ! ,int]national ,en]gy ,ag5cy1 9 #bjah1 approximately #db1jjj1jjj1jjj 0 inve/$ 9 en]gy effici5cy 9 ,nor? ,am]ica2 7#c7 inve/m5ts 9 r5ewable en]gy & en]gy effici5cy h a demon/rat$ track record ( increas+ jobs :ile l[]+ ! co/ ( new r5ewable en]gy inve/m5ts1 :i* b5efits ! clean en]gy economy2 7#d7 gre5 banks c be us$ to accel]ate inve/m5t 9-- 7,a7 new & em]g+ te*nologies2 & 7,b7 new & innovative f9anc+ products to lev]age private sector f9anc+2 7#e7 gre5 bank+ has a demon/rat$ track record ( success at increas+ inve/m5t 9 ! clean en]gy economy2 7#f7 gre5 banks h l$ to #c1fgj1jjj1jjj ( inve/m5t 9 co/-effective clean en]gy projects across ! ,unit$ ,/ates1 l[]+ en]gy co/s = end-us]s1 ) t inve/m5t total compos$ (-- 7,a7 #a1jgi1jjj1jjj 9 public funds2 & 7,b7 #b1eia1jjj1jjj 9 private & philan?ropic capital2 7#g7 9 #bjah1 gre5 banks 7 op]at+ 9 a numb] ( ,/ates & o!r jurisdictions1 includ+-- 7,a7 ! ,di/rict ( ,columbia2 & 7,b7 ! ,/ates (-- 7i7 ,colorado2 7ii7 ,connecticut2 7iii7 ,florida2 7iv7 ,hawaii2 7v7 ,m>yl&2 7vi7 ,mi*igan2 7vii7 ,nevada2 7viii7 ,new ,york2 & 7ix7 ,rhode ,isl&2 7#h7 9 ! _m diff]5t types ( electricity m>kets ar\nd ! c\ntry1 a*iev+ #ajj p]c5t m>ket p5etration ( clean en]gy w require deliv]y ( clean electric en]gy t is *eap] ?an alt]native fossil-fuel bas$ electricity2 7#i7 m>ket-bas$ clean en]gy f9anc+ tools1 su* z ^? us$ by exi/+ ,/ate & local gre5 banks1 c be us$-- 7,a7 to accel]ate ! deploym5t ( clean en]gy2 7,b7 to r$uce gre5h\se gas emissions 9 ! ,unit$ ,/ates by sub/itut+ fossil-fuel bas$ en]gy ) l[]-co/ clean en]gy2 7,c7 to unlock private inve/m5t by (f]+ complem5t>y capital t c *ange ! dynamics ( a capital /ack & make new projects wor? inve/+ 9 = private sector capital provid]s2 & 7,d7 to op5 new m>kets = great] inve/m5t & increase opportunities = communities & ! private sector2 & 7#aj7 ! ,f$]al ,gov]nm5t c accel]ate & rapidly exp& ! deploym5t ( clean en]gy te*nologies by creat+ a d$icat$ f9ancial in/itution t c support ! "w ( exi/+ gre5 banks & provide great] capital = ef=ts to r$uce emissions1 increas+ ! ov]all scale ( clean en]gy inve/m5t & ! pace ( sub/itution ( clean en]gy te*nologies = fossil-fuel bas$ te*nologies4 #ebde;,a4 ,def9itions ,9 ?is *apt]3 7a7 ,bank ,! t]m ,bank means ! ,national ,climate ,bank e/abli%$ "u section #ebde;,b4 7b7 ,bo>d ,! t]m ,bo>d means ! ,bo>d ( ,directors ( ! ,national ,climate ,bank e/abli%$ "u section #ebde;,i4 7c7 ,*ief ,executive ,(fic] ,! t]m ,*ief ,executive ,(fic] means ! ,*ief ,executive ,(fic] ( ! ,bo>d appo9t$ "u section #ebde;,i7i74 7d7 ,gre5 bank ,! t]m gre5 bank means a d$icat$ public or nonpr(it specializ$ f9ance entity t-- 7#a7 is design$ to drive private capital into m>ket gaps = l[- & z]o-emission goods & s]vices2 7#b7 uses f9ance tools to mitigate climate *ange2 7#c7 does n take deposits2 7#d7 is fund$ by gov]nm5t1 public1 private1 or *>itable contributions2 & 7#e7 inve/s-- 7,a7 alone2 or 7,b7 9 conjunction ) o!r inve/ors4 7e7 ,procurem5t ,! t]m procurem5t means ! pur*ase1 lease1 or acquisition ( real or p]sonal prop]ty on a bid1 negotiat$1 or op5-m>ket basis1 includ+ ?r\gh a sole-s\rce procurem5t or 9 su* o!r mann] z ! ,bo>d & ,*ief ,executive ,(fic] det]m9e to be appropriate & 9 ! be/ int]e/s ( r$uc+ emissions4 #ebde;,b4 ,e/abli%m5t 7a7 ,9 g5]al ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is *apt]1 !re %all be e/abli%$ 9 ! ,di/rict ( ,columbia a bank1 to be kn[n z ! ,national ,climate ,bank1 9 accordance ) ?is *apt]4 7b7 ,legal /atus ,! ,bank %all be an indep5d5t1 nonpr(it entity outside ( ! ,f$]al ,gov]nm5t4 7c7 ,full fai? & cr$it ,! full fai? & cr$it ( ! ,unit$ ,/ates %all n ext5d to ! ,bank4 #ebde;,c4 ,purpose ,! purpose ( ! ,bank is to make ! ,unit$ ,/ates a _w lead] 9 combat+ ! causes & effects ( climate *ange & r$uc+ emissions 9 ! ,unit$ ,/ates = e doll> sp5t by ! ,bank1 ?r\gh ! rapid deploym5t ( mature te*nologies & ! comm]cialization & scal+ ( new te*nologies1 includ+ by-- 7#a7 provid+ f9anc+ support = inve/m5ts 9 ! ,unit$ ,/ates 9 clean & l[-emissions te*nologies & processes2 7#b7 conduct+ l[-co/ procurem5ts 9 ! ,unit$ ,/ates t w be us$ to l[] emissions2 7#c7 catalyz+ & mobiliz+ private capital ?r\gh ,f$]al inve/m5t & support+ a m robu/ m>ketplace = clean te*nologies1 :ile m9imiz+ competition ) private inve/m5t2 7#d7 enabl+ l[- & mod]ate-income individuals & communities to b5efit f & af=d projects & inve/m5ts t r$uce emissions2 7#e7 increas+ ! effici5cy & effectiv5ess ( ,f$]al f9anc+ programs t support positive climate outcomes1 su* z r$uc$ emissions2 & 7#f7 support+ ! creation ( gre5 banks )9 ! ,unit$ ,/ates :]e gre5 banks d n exi/4 #ebde;,d4 ,inve/m5ts & procurem5ts division 7a7 ,9 g5]al ,!re %all be )9 ! ,bank an inve/m5ts & procurem5ts division1 :i* %all be responsible =-- 7#a7 equity inve/m5ts 9 clean en]gy projects2 7#b7 ensur+ appropriate debt & risk mitigation products are (f]$2 7#c7 ov]see+ prud5t1 noncontroll+ equity inve/m5ts2 7#d7 procurem5ts t w be us$ to r$uce emissions & ! co/ ( emissions r$uctions ?r\gh aggregation ( dem& & o!r m>ket-bas$ approa*es2 & 7#e7 gre5h\se gas emissions mitigation ef=ts4 7b7 ,inve/m5t committee ,! suite ( debt & risk mitigation products & equity inve/m5ts made by ! ,bank %all be-- 7#a7 approv$ by an inve/m5t committee ( ! ,bo>d2 & 7#b7 consi/5t ) an inve/m5t policy t has be5 e/abli%$ by ! inve/m5t committee ( ! ,bo>d 9 consultation ) ! risk managem5t committee ( ! ,bo>d4 7c7 ,debt products ,debt products & inve/m5ts by ! ,bank %all include direct l5d+1 col5d+1 & cr$it enhancem5ts4 #ebde;,e4 ,/>t-up division ,!re %all be )9 ! ,bank a />t-up division1 :i* %all be responsible = provid+ te*nical assi/ance to ,/ates & o!r political subdivisions t d n h gre5 banks to e/abli% indep5d5t1 nonpr(it gre5 banks 9 ^? ,/ates & political subdivisions1 includ+ by work+ ) relevant /akehold]s 9 ^? ,/ates & political subdivisions4 #ebde;,f4 ,project types ,! ,bank %all seek to facilitate af=dable inve/m5t & procurem5t1 includ+ 9 l[-income communities & communities ( color1 9 ! foll[+ key areas3 7#a7 ,r5ewable en]gy4 7#b7 ,en]gy /orage4 7#c7 ,transportation1 includ+-- 7,a7 l[- & z]o-emission vehicle infra/ructure2 7,b7 transit-ori5t$ developm5t2 & 7,c7 active transportation4 7#d7 ,transmission = clean en]gy4 7#e7 ,climate resili5cy measures4 7#f7 ,en]gy & wat] effici5cy1 includ+ resid5tial1 comm]cial1 & indu/rial effici5cy4 7#g7 ,re=e/ation ( degrad$ l&4 7#h7 ,agricultural projects4 7#i7 ,electrification & dec>bonization ( indu/rial processes4 7#aj7 ,any o!r key area id5tifi$ by ! ,bo>d z consi/5t ) ! purpose ( ! ,bank describ$ 9 section #ebde;,c4 #ebde;,g4 ,ca% = c>bon program 7a7 ,e/abli%m5t ,pursuant to guidance & rules issu$ by ! ,bo>d1 ! ,bank %all explore ! e/abli%m5t ( a ca% = c>bon program to remove gre5h\se gas emissions f ! p[] sy/em4 7b7 ,purpose ,any program e/abli%$ "u subsection 7a7 may use m>ket me*anisms to exp$ite ! retirem5t ( c>bon-int5sive p[] g5]ation facilities1 su* z coal-fir$ p[] g5]ation facilities1 acquire c>bon assets = ! purpose ( r$uc+ emissions1 & inve/ 9 communities negatively affect$ by ! loss ( ^? facilities or assets1 includ+ m>ket me*anisms su* z-- 7#a7 rev]se auctions2 7#b7 securitization2 7#c7 ! (f]+ ( bidd]'s cr$its to facilities t pose significant environm5tal ju/ice or heal? conc]ns1 p>ticul>ly 9 l[-income1 m9ority1 & di/ress$ neighborhoods 7)9 ! mean+ ( section #iaj ( ! ,h\s+ & ,community ,developm5t ,act ( #aiib 7#ab ,u4,s4,c4 #bija note2 ,public ,law #ajb-eej772 & 7#d7 ! provision ( inve/m5t & te*nical assi/ance to ! local community & site ( a facility1 includ+1 :]e necess>y1 9 coop]ation )-- 7,a7 ! ,adm9i/rator ( ! ,environm5tal ,protection ,ag5cy2 or 7,b7 o!r ,f$]al1 ,/ate1 or local au?orities4 7c7 ,expansion ( program ,! ,bo>d may exp& any program e/abli%$ "u subsection 7a7 to additional c>bon-int5sive economic sectors beyond p[] g5]ation1 z det]m9$ to be appropriate by ! ,bo>d4 #ebde;,h4 ,project & inve/m5t attributes 7a7 ,9 g5]al ,! ,bank may-- 7#a7 provide f9anc+ to regional1 ,/ate1 & local gre5 banks2 & 7#b7 inve/ directly 9 projects t r$uce emissions across ! ,unit$ ,/ates4 7b7 ,priority ,9 c>ry+ out subsection 7a71 ! ,bank %all-- 7#a7 give priority to projects t-- 7,a7 provide jobs2 7,b7 mitigate gre5h\se gas emissions2 & 7,c7 s]ve-- 7i7 l[-income1 m9ority1 & di/ress$ neighborhoods 7)9 ! mean+ ( section #iaj ( ! ,h\s+ & ,community ,developm5t ,act ( #aiib 7#ab ,u4,s4,c4 #bija note2 ,public ,law #ajb-eej772 or 7ii7 l[-income1 m9ority1 & rural consum]s 7)9 ! mean+ ( ! f9al rule ( ! ,bureau ( ,consum] ,f9ancial ,protection entitl$ ,ability-to-,repay & ,qualifi$ ,mortgage ,/&>ds ,"u ! ,tru? 9 ,l5d+ ,act 7,regulation ,z7 7#gh ,f$4 ,reg4 #fdjh 7,janu>y #cj1 #bjac7772 7#b7 ensure t projects provide access to l[-c>bon infra/ructure1 includ+ clean p[]1 clean wat]1 & reliable1 high-quality transportation1 at af=dable rates to families 9-- 7,a7 l[-income1 m9ority1 & di/ress$ neighborhoods 7)9 ! mean+ ( section #iaj ( ! ,h\s+ & ,community ,developm5t ,act ( #aiib 7#ab ,u4,s4,c4 #bija note2 ,public ,law #ajb-eej772 or 7,b7 a rural area 7z def9$ 9 section #cdc7;a7 ( ! ,consolidat$ ,f>m & ,rural ,developm5t ,act 7#g ,u4,s4,c4 #aiia7;a772 & 7#c7 ensure t any resid5tial en]gy effici5cy or di/ribut$ clean en]gy project 9 :i* ! ,bank inve/s directly "u subsection 7a77#b7 & provides f9anc+ to a consum] directly or ?r\gh a program fund$ directly or indirectly by ! ,bank complies ) ! requirem5ts ( ! ,consum] ,cr$it ,protection ,act 7#ae ,u4,s4,c4 #afja et seq471 includ+1 9 ! case ( a f9ancial product t is a resid5tial mortgage loan1 any requirem5ts ( title ,i ( t ,act relat+ to resid5tial mortgage loans 7includ+ any regulations promulgat$ by ! ,bureau ( ,consum] ,f9ancial ,protection "u section #abi;,c7b77#c77;,c7 ( t ,act 7#ae ,u4,s4,c4 #afci7;b77#c77;,c7774 #ebde;,i4 ,bo>d ( ,directors 7a7 ,9 g5]al ,! ,bank %all op]ate "u ! direction ( a ,bo>d ( ,directors1 :i* %all be compos$ ( #g memb]s f private1 gov]nm5t1 nonpr(it1 & o!r gr\ps1 ( :om-- 7#a7 #a %all be ! ,secret>y ( ! ,treasury 7or a designee72 7#b7 #a %all be ! ,secret>y ( ,en]gy 7or a designee72 7#c7 #a %all be ! ,director ( ! ,bureau ( ,consum] ,f9ancial ,protection 7or a designee72 & 7#d7 #d %all be appo9t$ by ! ,presid5t1 ) ! advice & cons5t ( ! ,s5ate1 ( :om-- 7,a7 #a %all h exp]tise reg>d+ r5ewable en]gy or en]gy effici5cy2 7,b7 #a %all h exp]tise reg>d+ f9ance2 7,c7 #a %all h exp]tise 9 indu/rial processes & manufactur+2 & 7,d7 #a %all h exp]tise reg>d+ su/a9able transportation4 7b7 ,quorum ,five memb]s ( ! ,bo>d %all con/itute a quorum4 7c7 ,bylaws 7#a7 ,9 g5]al ,! ,bo>d %all adopt1 & may am5d1 su* bylaws z are necess>y = ! prop] managem5t & function+ ( ! ,bank4 7#b7 ,(fic]s ,9 ! bylaws describ$ 9 p>agraph 7#a71 ! ,bo>d %all-- 7,a7 designate ! (fic]s ( ! ,bank2 & 7,b7 prescribe ! duties ( ^? (fic]s4 7d7 ,t]ms 7#a7 ,initial t]ms ,! initial t]ms ( ! memb]s ( ! ,bo>d %all be #e ye>s4 7#b7 ,subsequ5t t]ms ,= t]ms beg9n+ aft] ! date t is #e ye>s aft] ! date ( enactm5t ( ?is section1 ! ,bo>d %all create /agg]$ t]ms ( #c1 #d1 & #e ye>s = memb]s ( ! ,bo>d4 7e7 ,vacancies ,any vacancy on ! ,bo>d %all be fill$ 9 ! same mann] 9 :i* ! orig9al appo9tm5t 0 made4 7f7 ,int]im appo9tm5ts ,a memb] appo9t$ to fill a vacancy occurr+ be=e ! expiration ( ! t]m = :i* ! pr$ecessor ( t memb] 0 appo9t$ %all s]ve = ! rema9d] ( ! t]m = :i* ! pr$ecessor ( t memb] 0 appo9t$4 7g7 ,reappo9tm5t ,a ,memb] ( ! ,bo>d may be reappo9t$ = n m ?an #a additional t]m ( s]vice z a memb] ( ! ,bo>d4 7h7 ,cont9uation ( s]vice ,a memb] ( ! ,bo>d ^: t]m has expir$ may cont9ue to s]ve on ! ,bo>d until ! date on :i* a successor memb] is appo9t$ & confirm$4 7i7 ,*ief ,executive ,(fic] ,! ,bo>d %all appo9t a ,*ief ,executive ,(fic] :o %all be responsible =-- 7#a7 hir+ employees ( ! ,bank2 7#b7 e/abli%+ ! #b divisions ( ! ,bank describ$ 9 sections #ebde;,d & #ebde;,e2 & 7#c7 p]=m+ any o!r tasks necess>y = ! day-to-day op]ations ( ! ,bank4 7j7 ,advisory committee 7#a7 ,e/abli%m5t ,! ,bank %all e/abli% an advisory committee1 :i* %all be compos$ ( n m ?an #ac memb]s appo9t$ by ! ,bo>d on ! recomm5dation ( ! presid5t ( ! ,bank4 7#b7 ,memb]s ,memb]s ( ! advisory committee %all be broadly repres5tative ( int]e/s conc]n$ ) ! environm5t1 production1 comm]ce1 f9ance1 agriculture1 labor1 s]vices1 & ,/ate gov]nm5t1 ( :om-- 7,a7 n few] ?an #c %all be repres5tatives ( ! small bus9ess community2 7,b7 n few] ?an #b %all be repres5tatives ( ! labor community1 except t no #b memb]s may be f ! same labor union2 7,c7 n few] ?an #b %all be repres5tatives ( ! environm5tal nongov]nm5tal organization community1 except t no #b memb]s may be f ! same environm5tal organization2 7,d7 n few] ?an #b %all be repres5tatives ( ! environm5tal ju/ice nongov]nm5tal organization community1 except t no #b memb]s may be f ! same environm5tal organization2 & 7,e7 n few] ?an #b %all be repres5tatives ( ! consum] protection & fair l5d+ community1 except t no #b memb]s may be f ! same consum] protection or fair l5d+ organization4 7#c7 ,meet+s ,! advisory committee %all meet n less frequ5tly ?an once ea* qu>t]4 7#d7 ,duties ,! advisory committee %all-- 7,a7 advise ! ,bank on ! programs und]tak5 by ! ,bank2 & 7,b7 submit to ,congress an annual report ) comm5ts f ! advisory committee on ! ext5t to :i* ! ,bank is meet+ ! m&ate describ$ 9 section #ebde;,c1 includ+ any sugge/ions = improvem5t4 7k7 ,*ief risk (fic] 7#a7 ,appo9tm5t ,subject to ! approval ( ! ,bo>d1 ! ,*ief ,executive ,(fic] %all appo9t a ,*ief ,risk ,(fic] f among individuals ) exp]i5ce at a s5ior level 9 f9ancial risk managem5t1 :o-- 7,a7 %all report directly to ! ,bo>d2 & 7,b7 %all be removable only by a majority vote ( ! ,bo>d4 7#b7 ,duties ,! ,*ief ,risk ,(fic]1 9 coord9ation ) ! audit & risk managem5t committees e/abli%$ "u section #ebde,k1 %all develop1 implem5t1 & manage a compreh5sive process = id5tify+1 assess+1 monitor+1 & limit+ risks to ! ,bank1 includ+ ! ov]all portfolio div]sification ( ! ,bank4 #ebde;,j4 ,adm9i/ration 7a7 ,capitalization 7#a7 ,9 g5]al ,! ,bank %all be capitaliz$-- 7,a7 ) #aj1jjj1jjj1jjj on ! date on :i* ! ,bank is e/abli%$ "u section #ebde;,b2 & 7,b7 ) #e1jjj1jjj1jjj = ea* ( ! #e ye>s foll[+ t date4 7#b7 ,fund+ 7,a7 ,initial capitalization ,on ! date on :i* ! ,bank is e/abli%$ "u section #ebde;,b1 out ( any funds 9 ! ,treasury n o!rwise appropriat$1 ! ,secret>y ( ! ,treasury %all transf] to ! ,bank ! am\nt specifi$ 9 p>agraph 7#a77;,a74 7,b7 ,subsequ5t transf]s ,on ,octob] #a ( ea* fiscal ye> foll[+ ! date on :i* ! ,bank is e/abli%$ "u section #ebde;,b1 out ( any funds 9 ! ,treasury n o!rwise appropriat$1 ! ,secret>y ( ! ,treasury %all transf] to ! ,bank ! am\nt specifi$ 9 p>agraph 7#a77;,b74 7b7 ,*>t] ,! ,bank %all e/abli% a *>t]1 ! t]m ( :i* %all be #cj ye>s4 7c7 ,op]ational funds ,to su/a9 op]ations1 ! ,bank %all manage rev5ue f f9anc+ fees1 int]e/1 repaid loans1 & o!r types ( fund+4 7d7 ,report ,! ,bank %all submit on a qu>t]ly basis to ! relevant committees ( ,congress a report t describes ! f9ancial activities1 emissions r$uctions1 & private capital mobilization metrics ( ! ,bank = ! previ\s qu>t]4 7e7 ,re/riction ,! ,bank %all n accept deposits4 7f7 ,committees ,! ,bo>d %all e/abli% committees & subcommittees1 includ+-- 7#a7 an inve/m5t committee2 & 7#b7 9 accordance ) section #ebde,k-- 7,a7 a risk managem5t committee2 & 7,b7 an audit committee4 7g7 ,private contributions ,! ,bank may accept & use philan?ropic funds4 #ebde,k4 ,e/abli%m5t ( risk managem5t committee & audit committee 7a7 ,9 g5]al ,to assi/ ! ,bo>d 9 fulfill+ ! duties & responsibilities ( ! ,bo>d "u ?is ,*apt]1 ! ,bo>d %all e/abli% a risk managem5t committee & an audit committee4 7b7 ,duties & responsibilities ( risk managem5t committee ,subject to ! direction ( ! ,bo>d1 ! risk managem5t committee e/abli%$ "u subsection 7a7 %all e/abli% policies = & h ov]sight responsibility (-- 7#a7 =mulat+ ! risk managem5t policies ( ! op]ations ( ! ,bank2 7#b7 review+ & provid+ guidance on op]ation ( ! global risk managem5t framework ( ! ,bank2 7#c7 develop+ policies =-- 7,a7 inve/m5t2 7,b7 ent]prise risk managem5t2 7,c7 monitor+2 & 7,d7 managem5t ( /rategic1 reputational1 regulatory1 op]ational1 developm5tal1 environm5tal1 social1 & f9ancial risks2 & 7#d7 develop+ ! risk pr(ile ( ! ,bank1 includ+-- 7,a7 a risk managem5t & compliance framework2 & 7,b7 a gov]nance /ructure to support t framework4 7c7 ,duties & responsibilities ( audit committee ,subject to ! direction ( ! ,bo>d1 ! audit committee e/abli%$ "u subsection 7a7 %all h ov]sight responsibility (-- 7#a7 ! integrity (-- 7,a7 ! f9ancial report+ ( ! ,bank2 & 7,b7 ! sy/ems ( int]nal controls reg>d+ f9ance & acc\nt+2 7#b7 ! integrity ( ! f9ancial /atem5ts ( ! ,bank2 7#c7 ! p]=mance ( ! int]nal audit function ( ! ,bank2 & 7#d7 compliance ) ! legal & regulatory requirem5ts relat$ to ! f9ances ( ! ,bank4 #ebde,l4 ,ext]nal ov]sight ,! ,bank %all be subject to ! ov]sight ( ! ,comptroll] ( ! ,curr5cy 9 accordance ) section #eafi7;c74 #ebde,m4 ,maximum cont+5t liability ,! maximum cont+5t liability ( ! ,bank t may be out/&+ at any #a "t %all be n m ?an #gj1jjj1jjj1jjj 9 ! aggregate4 4 7b7 ,ext]nal ov]sight ,section #eafi ( ! ,revis$ ,/atutes 7#ab ,u4,s4,c4 #bg7 is am5d$ by add+ at ! end ! foll[+3 7c7 ,national ,climate ,bank ,! ,comptroll] %all exempt1 exp&1 or alt] specific regulations applicable to ! ,national ,climate ,bank to bett] suit ! purpose & bus9ess model ( ! ,national ,climate ,bank z an indep5d5t1 nonpr(it1 nondepository bank+ in/itution4 4 7c7 ,inspector g5]al ( ! ,national ,climate ,bank 7#a7 ,9 g5]al ,section #h;,g7a7 ( ! ,inspector ,g5]al ,act ( #aigh 7#e ,u4,s4,c4 ,app47 is am5d$-- 7,a7 9 p>agraph 7#b71 by ins]t+ ! ,national ,climate ,bank1 aft] ! ,national ,ar*ives & ,records ,adm9i/ration12 & 7,b7 9 p>agraph 7#d7-- 7i7 9 subp>agraph 7,i71 by /rik+ & at ! end2 7ii7 9 subp>agraph 7,j71 by ins]t+ & aft] ,corporation22 & 7iii7 by add+ at ! end ! foll[+3 7,k7 ) respect to ! ,national ,climate ,bank1 su* t]m means ! ,bo>d ( ,directors ( ! ,national ,climate ,bank2 4 7#b7 ,appo9tm5t ,not)/&+ ! fir/ s5t5ce ( section #h;,g7b7 ( ! ,inspector ,g5]al ,act ( #aigh 7#e ,u4,s4,c4 ,app471 n lat] ?an #ahj days aft] ! ,national ,climate ,bank is e/abli%$ "u *apt] five ( title ,,lxii ( ! ,revis$ ,/atutes-- 7,a7 ! fir/ ,inspector ,g5]al ( ! ,national ,climate ,bank %all be appo9t$2 & 7,b7 ! ,(fice ( ! ,inspector ,g5]al ( ! ,national ,climate ,bank %all be e/abli%$4