I 

116TH CONGRESS 

1ST SESSION H. R. 5416 

To establish a National Climate Bank. 

IN THE HOUSE OF REPRESENTATIVES 

DECEMBER 12, 2019 

Mrs. DINGELL (for herself, Mr. TONKO, Ms. BLUNT ROCHESTER, and Mrs. 

AXNE) introduced the following bill; which was referred to the Committee 

on Energy and Commerce, and in addition to the Committees on Financial Services, Ways and Means, Agriculture, and Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, 

in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned 

A BILL 

To establish a National Climate Bank. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘National Climate Bank 

5 Act’’. 

6 SEC. 2. TABLE OF CONTENTS. 

7 The table of contents of this Act is as follows: 

Sec. 1. Short title. 

Sec. 2. Table of contents. 

Sec. 3. National Climate Bank. 


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‘‘Subtitle C—National Climate Bank 

‘‘Sec. 1621. Definitions. 

‘‘Sec. 1622. Establishment. 

‘‘Sec. 1623. Mandate. 

‘‘Sec. 1624. Finance and investment division. 

‘‘Sec. 1625. Start-up Division. 

‘‘Sec. 1626. Zero-emissions fleet and related infrastructure financing program. 

‘‘Sec. 1627. Project prioritization and requirements. 

‘‘Sec. 1628. Board of Directors. 

‘‘Sec. 1629. Administration. 

‘‘Sec. 1630. Establishment of risk management committee and audit committee. 

‘‘Sec. 1631. Oversight. 

‘‘Sec. 1632. Maximum contingent liability. 

1 SEC. 3. NATIONAL CLIMATE BANK. 

2 Title XVI of the Energy Policy Act of 2005 (Public 

3 Law 109–58, as amended) is amended by adding at the 

4 end the following new subtitle: 

5 ‘‘Subtitle C—National Climate 

6 Bank 

7 ‘‘SEC. 1621. DEFINITIONS. 

8 ‘‘In this subtitle: 

9 ‘‘(1) BANK.—The term ‘Bank’ means the Na10 tional Climate Bank established under section 1622. 

11 ‘‘(2) BOARD.—The term ‘Board’ means the 

12 Board of Directors of the Bank. 

13 ‘‘(3) CHIEF EXECUTIVE OFFICER.—The term 

14 ‘chief executive officer’ means the chief executive of15 ficer of the Bank. 

16 ‘‘(4) CLIMATE-IMPACTED COMMUNITIES.—The 

17 term ‘climate-impacted communities’ includes— 


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1 ‘‘(A) communities of color, which include 

2 any geographically distinct area the population 

3 of color of which is higher than the average 

4 population of color of the State in which the 

5 community is located; 

6 ‘‘(B) communities that are already or are 

7 likely to be the first communities to feel the di8 rect negative effects of climate change; 

9 ‘‘(C) distressed neighborhoods, dem10 onstrated by indicators of need, including pov11 erty, childhood obesity rates, academic failure, 

12 and rates of juvenile delinquency, adjudication, 

13 or incarceration; 

14 ‘‘(D) low-income communities, defined as 

15 any census block group in which 30 percent or 

16 more of the population are individuals with low 

17 income; 

18 ‘‘(E) low-income households, defined as a 

19 household with annual income equal to, or less 

20 than, the greater of— 

21 ‘‘(i) an amount equal to 80 percent of 

22 the median income of the area in which the 

23 household is located, as reported by the 

24 Department of Housing and Urban Devel25 opment; and 


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1 ‘‘(ii) 200 percent of the Federal pov2 erty line; and 

3 ‘‘(F) rural areas, which include any area 

4 other than— 

5 ‘‘(i) a city or town that has a popu6 lation of greater than 50,000 inhabitants; 

7 and 

8 ‘‘(ii) any urbanized area contiguous 

9 and adjacent to a city or town described in 

10 clause (i). 

11 ‘‘(5) CLIMATE RESILIENT INFRASTRUCTURE.— 

12 The term ‘climate resilient infrastructure’ means 

13 any project that builds or enhances infrastructure so 

14 that such infrastructure— 

15 ‘‘(A) is planned, designed, and operated in 

16 a way that anticipates, prepares for, and adapts 

17 to changing climate conditions; and 

18 ‘‘(B) can withstand, respond to, and re19 cover rapidly from disruptions caused by these 

20 climate conditions. 

21 ‘‘(6) ELECTRIFICATION.—The term ‘electrifica22 tion’ means the installation, construction, or use of 

23 end-use electric technology that replaces existing fos24 sil-fuel-based technology. 


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1 ‘‘(7) ENERGY EFFICIENCY.—The term ‘energy 

2 efficiency’ means any project, technology, function, 

3 or measure that results in the reduction of energy 

4 use required to achieve the same level of service or 

5 output prior to the application of such project, tech6 nology, function, or measure, or substantially re7 duces greenhouse gas emissions relative to emissions 

8 that would have occurred prior to the application of 

9 such project, technology, function, or measure. 

10 ‘‘(8) FUEL SWITCHING.—The term ‘fuel switch11 ing’ means any project that replaces a fossil-fuel12 based heating system with an electric-powered sys13 tem or one powered by biomass-generated heat. 

14 ‘‘(9) GREEN BANK.—The term ‘green bank’ 

15 means a dedicated public or nonprofit specialized fi16 nance entity that— 

17 ‘‘(A) is designed to drive private capital 

18 into market gaps for low- and zero-emission 

19 goods and services; 

20 ‘‘(B) uses finance tools to mitigate climate 

21 change; 

22 ‘‘(C) does not take deposits; 

23 ‘‘(D) is funded by government, public, pri24 vate, or charitable contributions; and 

25 ‘‘(E) invests or finances projects— 


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1 ‘‘(i) alone; or 

2 ‘‘(ii) in conjunction with other inves3 tors. 

4 ‘‘(10) QUALIFIED PROJECTS.—The terms 

5 ‘qualified projects’ means the following kinds of 

6 technologies and activities that are eligible for fi7 nancing and investment from the National Climate 

8 Bank, either directly or through State and local 

9 green banks funded by the National Climate Bank: 

10 ‘‘(A) Renewable energy generation, includ11 ing the following: 

12 ‘‘(i) Solar. 

13 ‘‘(ii) Wind. 

14 ‘‘(iii) Geothermal. 

15 ‘‘(iv) Hydropower. 

16 ‘‘(v) Ocean and hydrokinetic. 

17 ‘‘(vi) Fuel cell. 

18 ‘‘(B) Building energy efficiency, fuel 

19 switching, and electrification. 

20 ‘‘(C) Industrial decarbonization. 

21 ‘‘(D) Grid technology such as trans22 mission, distribution, and storage to support 

23 clean energy distribution, including smart-grid 

24 applications. 


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1 ‘‘(E) Agriculture projects that reduce net 

2 greenhouse gas emissions including reforest3 ation, afforestation, forestry management, and 

4 regenerative agriculture. 

5 ‘‘(F) Clean transportation, including the 

6 following: 

7 ‘‘(i) Battery electric vehicles. 

8 ‘‘(ii) Plug-in hybrid electric vehicles. 

9 ‘‘(iii) Hydrogen vehicles. 

10 ‘‘(iv) Other zero-emissions fueled vehi11 cles. 

12 ‘‘(v) Related vehicle charging and 

13 fueling infrastructure. 

14 ‘‘(G) Climate resilient infrastructure. 

15 ‘‘(H) Any other key areas identified by the 

16 Board as consistent with the mandate of the 

17 Bank as described in section 1623. 

18 ‘‘(11) RENEWABLE ENERGY GENERATION.— 

19 The term ‘renewable energy generation’ means elec20 tricity created by sources that are continually replen21 ished by nature, such as the sun, wind, and water. 

22 ‘‘SEC. 1622. ESTABLISHMENT. 

23 ‘‘(a) IN GENERAL.—Not later than 1 year after the 

24 date of enactment of this subtitle, there shall be estabVerDate Sep 11 2014 02:55 Dec 17, 2019 Jkt 099200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6201 E:\BILLS\H5416.IH H5416

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1 lished a nonprofit corporation to be known as the ‘Na2 tional Climate Bank’. 

3 ‘‘(b) LIMITATION.—The Bank shall not be an agency 

4 or instrumentality of the Federal Government. 

5 ‘‘(c) FULL FAITH AND CREDIT.—The full faith and 

6 credit of the United States shall not extend to the Bank. 

7 ‘‘(d) NONPROFIT STATUS.—The Bank shall— 

8 ‘‘(1) be an organization described in section 

9 501(c) of the Internal Revenue Code of 1986 and 

10 exempt from taxation under section 501(a) of that 

11 Code; 

12 ‘‘(2) ensure that no part of the income or assets 

13 of the Bank shall inure to the benefit of any direc14 tor, officer, or employee, except as reasonable com15 pensation for services or reimbursement for ex16 penses; and 

17 ‘‘(3) not contribute to or otherwise support any 

18 political party or candidate for elective office. 

19 ‘‘SEC. 1623. MANDATE. 

20 ‘‘The Bank shall make the United States a world 

21 leader in combating the causes and effects of climate 

22 change through the rapid deployment of mature tech23 nologies and the commercialization and scaling of new 

24 technologies by maximizing the reduction of emissions in 


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1 the United States for every dollar deployed by the Bank, 

2 including by— 

3 ‘‘(1) providing financing support for invest4 ments in the United States in low- and zero-emis5 sions technologies and processes in order to rapidly 

6 accelerate market penetration; 

7 ‘‘(2) catalyzing and mobilizing private capital 

8 through Federal investment and supporting a more 

9 robust marketplace for clean technologies, while 

10 minimizing competition with private investment; 

11 ‘‘(3) enabling climate-impacted communities to 

12 benefit from and afford projects and investments 

13 that reduce emissions; 

14 ‘‘(4) providing support for workers and commu15 nities impacted by the transition to a low-carbon 

16 economy; 

17 ‘‘(5) supporting the creation of green banks 

18 within the United States where green banks do not 

19 exist; and 

20 ‘‘(6) causing the rapid transition to a clean en21 ergy economy without raising energy costs to end 

22 users and seeking to lower costs where possible. 


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1 ‘‘SEC. 1624. FINANCE AND INVESTMENT DIVISION. 

2 ‘‘(a) IN GENERAL.—There shall be within the Bank 

3 a finance and investment division, which shall be respon4 sible for— 

5 ‘‘(1) the Bank’s greenhouse gas emissions miti6 gation efforts by directly financing qualifying 

7 projects or doing so indirectly by providing capital to 

8 State and local green banks; 

9 ‘‘(2) originating, evaluating, underwriting, and 

10 closing the Bank’s financing and investment trans11 actions in qualified projects; 

12 ‘‘(3) partnering with private capital providers 

13 and capital markets to attract coinvestment from 

14 private banks, investors, and others in order to drive 

15 new investment into underpenetrated markets, to in16 crease the efficiency of private capital markets with 

17 respect to investing in greenhouse gas reduction 

18 projects, and to increase total investment caused by 

19 the Bank; 

20 ‘‘(4) managing the Bank’s portfolio of assets to 

21 ensure performance and monitor risk; 

22 ‘‘(5) ensuring appropriate debt and risk mitiga23 tion products are offered; and 

24 ‘‘(6) overseeing prudent, noncontrolling equity 

25 investments. 


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1 ‘‘(b) PRODUCTS AND INVESTMENT TYPES.—The fi2 nance and investment division of the Bank may provide 

3 capital to qualified projects in the form of— 

4 ‘‘(1) senior, mezzanine, and subordinated debt; 

5 ‘‘(2) credit enhancements including loan loss re6 serves and loan guarantees; 

7 ‘‘(3) aggregation and warehousing; 

8 ‘‘(4) equity capital; and 

9 ‘‘(5) any other financial product approved by 

10 the Board. 

11 ‘‘(c) STATE AND LOCAL GREEN BANK CAPITALIZA12 TION.—The finance and investment division of the Bank 

13 shall make capital available to State and local green banks 

14 to enable such banks to finance qualifying projects in their 

15 markets that are better served by a locally based entity, 

16 rather than through direct investment by the Bank. 

17 ‘‘(d) INVESTMENT COMMITTEE.—The debt, risk miti18 gation, and equity investments made by the Bank shall 

19 be— 

20 ‘‘(1) approved by the investment committee of 

21 the Board; and 

22 ‘‘(2) consistent with an investment policy that 

23 has been established by the investment committee of 

24 the Board in consultation with the risk management 

25 committee of the Board. 


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1 ‘‘SEC. 1625. START-UP DIVISION. 

2 ‘‘There shall be within the Bank a Start-up Division, 

3 which shall be responsible for providing technical assist4 ance and start-up funding to States and other political 

5 subdivisions that do not have green banks to establish 

6 green banks in those States and political subdivisions, in7 cluding by working with relevant stakeholders in those 

8 States and political subdivisions. 

9 ‘‘SEC. 1626. ZERO-EMISSIONS FLEET AND RELATED INFRA10 STRUCTURE FINANCING PROGRAM. 

11 ‘‘Not later than 1 year after the date of establishment 

12 of the Bank, the Bank shall explore the establishment of 

13 a program to provide low- and zero-interest loans, up to 

14 30 years in length, to any school, metropolitan planning 

15 organization, or nonprofit organization seeking financing 

16 for the acquisition of zero-emissions vehicle fleets or asso17 ciated infrastructure to support zero-emissions vehicle 

18 fleets. 

19 ‘‘SEC. 1627. PROJECT PRIORITIZATION AND REQUIRE20 MENTS. 

21 ‘‘(a) EMISSIONS REDUCTION MANDATE.—In invest22 ing in projects that mitigate greenhouse gas emissions, the 

23 Bank shall maximize the reduction of emissions in the 

24 United States for every dollar deployed by the Bank. 

25 ‘‘(b) ENVIRONMENTAL JUSTICE PRIORITIZATION.— 


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1 ‘‘(1) IN GENERAL.—In order to address envi2 ronmental justice needs, the Bank shall, as applica3 ble, prioritize the provision of program benefits and 

4 investment activity that are expected to directly or 

5 indirectly result in the deployment of projects to 

6 serve, as a matter of official policy, climate-impacted 

7 communities. 

8 ‘‘(2) MINIMUM PERCENTAGE.—The Bank shall 

9 ensure that over the 30-year period of its charter 20 

10 percent of its investment activity is directed to serve 

11 climate-impacted communities. 

12 ‘‘(c) CONSUMER PROTECTION.— 

13 ‘‘(1) PRIORITIZATION.—Consistent with man14 date under section 1623 to maximize the reduction 

15 of emissions in the United States for every dollar de16 ployed by the Bank, the Bank shall prioritize quali17 fied projects according to benefits conferred on con18 sumers and affected communities. 

19 ‘‘(2) CONSUMER CREDIT PROTECTION.—The 

20 Bank shall ensure that any residential energy effi21 ciency or distributed clean energy project in which 

22 the Bank invests directly or indirectly complies with 

23 the requirements of the Consumer Credit Protection 

24 Act (15 U.S.C. 1601 et seq.), including, in the case 

25 of a financial product that is a residential mortgage 


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1 loan, any requirements of title I of that Act relating 

2 to residential mortgage loans (including any regula3 tions promulgated by the Bureau of Consumer Fi4 nancial Protection under section 129C(b)(3)(C) of 

5 that Act (15 U.S.C. 1639c(b)(3)(C))). 

6 ‘‘(d) LABOR.— 

7 ‘‘(1) IN GENERAL.—The Bank shall ensure that 

8 laborers and mechanics employed by contractors and 

9 subcontractors in construction work financed directly 

10 by the Bank will be paid wages not less than those 

11 prevailing on similar construction in the locality, as 

12 determined by the Secretary of Labor under sections 

13 3141 through 3144, 3146, and 3147 of title 40, 

14 United States Code. 

15 ‘‘(2) PROJECT LABOR AGREEMENT.—The Bank 

16 shall ensure that projects financed directly by the 

17 Bank with total capital costs of $100,000,000 or 

18 greater utilize a project labor agreement. 

19 ‘‘SEC. 1628. BOARD OF DIRECTORS. 

20 ‘‘(a) IN GENERAL.—The Bank shall operate under 

21 the direction of a Board of Directors, which shall be com22 posed of 7 members. 

23 ‘‘(b) INITIAL COMPOSITION AND TERMS.— 

24 ‘‘(1) SELECTION.—The initial members of the 

25 Board shall be selected as follows: 


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1 ‘‘(A) APPOINTED MEMBERS.—Three mem2 bers shall be appointed by the President, with 

3 the advice and consent of the Senate, of whom 

4 no more than two shall belong to the same po5 litical party. 

6 ‘‘(B) ELECTED MEMBERS.—Four members 

7 shall be elected unanimously by the 3 members 

8 appointed and confirmed pursuant to subpara9 graph (A). 

10 ‘‘(2) TERMS.—The terms of the initial members 

11 of the Board shall be as follows: 

12 ‘‘(A) The 3 members appointed and con13 firmed under paragraph (1)(A) shall have initial 

14 5-year terms. 

15 ‘‘(B) Of the 4 members elected under 

16 paragraph (1)(B), 2 shall have initial 3-year 

17 terms, and 2 shall have initial 4-year terms. 

18 ‘‘(c) SUBSEQUENT COMPOSITION AND TERMS.— 

19 ‘‘(1) SELECTION.—Except for the selection of 

20 the initial members of the Board for their initial 

21 terms under subsection (b), the members of the 

22 Board shall be elected by the members of the Board. 

23 ‘‘(2) DISQUALIFICATION.—A member of the 

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1 tion on the Board for which such member is a can2 didate. 

3 ‘‘(3) TERMS.—All members elected pursuant to 

4 paragraph (1) shall have a term of 5 years. 

5 ‘‘(d) QUALIFICATIONS.—The members of the Board 

6 shall collectively have expertise in— 

7 ‘‘(1) the fields of clean energy, electric utilities, 

8 industrial decarbonization, clean transportation, re9 siliency, and sustainable agriculture and forestry 

10 practices; 

11 ‘‘(2) climate change science; 

12 ‘‘(3) finance and investments; and 

13 ‘‘(4) environmental justice and matters related 

14 to the energy and environmental needs of climate15 impacted communities. 

16 ‘‘(e) RESTRICTION ON MEMBERSHIP.—No officer or 

17 employee of the Federal or any other level of government 

18 may be appointed or elected as a member of the Board. 

19 ‘‘(f) QUORUM.—Five members of the Board shall 

20 constitute a quorum. 

21 ‘‘(g) BYLAWS.— 

22 ‘‘(1) IN GENERAL.—The Board shall adopt, and 

23 may amend, such bylaws as are necessary for the 

24 proper management and functioning of the Bank. 


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1 ‘‘(2) OFFICERS.—In the bylaws described in 

2 paragraph (1), the Board shall— 

3 ‘‘(A) designate the officers of the Bank; 

4 and 

5 ‘‘(B) prescribe the duties of those officers. 

6 ‘‘(h) VACANCIES.—Any vacancy on the Board shall 

7 be filled through election by the Board. 

8 ‘‘(i) INTERIM APPOINTMENTS.—A member elected to 

9 fill a vacancy occurring before the expiration of the term 

10 for which the predecessor of that member was appointed 

11 or elected shall serve for the remainder of the term for 

12 which the predecessor of that member was appointed or 

13 elected. 

14 ‘‘(j) REAPPOINTMENT.—A member of the Board may 

15 be elected for not more than 1 additional term of service 

16 as a member of the Board. 

17 ‘‘(k) CONTINUATION OF SERVICE.—A member of the 

18 Board whose term has expired may continue to serve on 

19 the Board until the date on which a successor member 

20 is elected. 

21 ‘‘(l) CHIEF EXECUTIVE OFFICER.—The Board shall 

22 appoint a chief executive officer who shall be responsible 

23 for— 

24 ‘‘(1) hiring employees of the Bank; 


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1 ‘‘(2) establishing the 2 divisions of the Bank 

2 described in sections 1624 and 1625; and 

3 ‘‘(3) performing any other tasks necessary for 

4 the day-to-day operations of the Bank. 

5 ‘‘(m) ADVISORY COMMITTEE.— 

6 ‘‘(1) ESTABLISHMENT.—The Bank shall estab7 lish an advisory committee (in this subsection re8 ferred to as the ‘advisory committee’), which shall be 

9 composed of not more than 13 members appointed 

10 by the Board on the recommendation of the presi11 dent of the Bank. 

12 ‘‘(2) MEMBERS.—Members of the advisory com13 mittee shall be broadly representative of interests 

14 concerned with the environment, production, com15 merce, finance, agriculture, labor, services, and 

16 State Government. Of such members— 

17 ‘‘(A) not fewer than 3 shall be representa18 tives of the small business community; 

19 ‘‘(B) not fewer than 2 shall be representa20 tives of the labor community, except that no 2 

21 members may be from the same labor union; 

22 ‘‘(C) not fewer than 2 shall be representa23 tives of the environmental nongovernmental or24 ganization community, except that no 2 memVerDate Sep 11 2014 02:55 Dec 17, 2019 Jkt 099200 PO 00000 Frm 00018 Fmt 6652 Sfmt 6201 E:\BILLS\H5416.IH H5416

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1 bers may be from the same environmental orga2 nization; 

3 ‘‘(D) not fewer than 2 shall be representa4 tives of the environmental justice nongovern5 mental organization community, except that no 

6 2 members may be from the same environ7 mental organization; and 

8 ‘‘(E) not fewer than 2 shall be representa9 tives of the consumer protection and fair lend10 ing community, except that no 2 members may 

11 be from the same consumer protection or fair 

12 lending organization. 

13 ‘‘(3) MEETINGS.—The advisory committee shall 

14 meet not less frequently than once each quarter. 

15 ‘‘(4) DUTIES.—The advisory committee shall— 

16 ‘‘(A) advise the Bank on the programs un17 dertaken by the Bank; and 

18 ‘‘(B) submit to the Congress an annual re19 port with comments from the advisory com20 mittee on the extent to which the Bank is meet21 ing the mandate described in section 1623, in22 cluding any suggestions for improvement. 

23 ‘‘(n) CHIEF RISK OFFICER.— 

24 ‘‘(1) APPOINTMENT.—Subject to the approval 

25 of the Board, the chief executive officer shall appoint 


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1 a chief risk officer from among individuals with ex2 perience at a senior level in financial risk manage3 ment, who— 

4 ‘‘(A) shall report directly to the Board; 

5 and 

6 ‘‘(B) shall be removable only by a majority 

7 vote of the Board. 

8 ‘‘(2) DUTIES.—The chief risk officer, in coordi9 nation with the risk management and audit commit10 tees established under section 1631, shall develop, 

11 implement, and manage a comprehensive process for 

12 identifying, assessing, monitoring, and limiting risks 

13 to the Bank, including the overall portfolio diver14 sification of the Bank. 

15 ‘‘SEC. 1629. ADMINISTRATION. 

16 ‘‘(a) CAPITALIZATION.— 

17 ‘‘(1) IN GENERAL.—To the extent and in the 

18 amounts provided in advance in appropriations Acts, 

19 the Secretary of Energy shall transfer to the 

20 Bank— 

21 ‘‘(A) $10,000,000,000 on the date on 

22 which the Bank is established under section 

23 1622; and 

24 ‘‘(B) $5,000,000,000 on October 1 of each 

25 of the 5 fiscal years following that date. 


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1 ‘‘(2) AUTHORIZATION OF APPROPRIATIONS.— 

2 For purposes of the transfers under paragraph (1), 

3 there are authorized to be appropriated— 

4 ‘‘(A) $10,000,000,000 for the fiscal year in 

5 which the Bank is established under section 

6 1622; and 

7 ‘‘(B) $5,000,000,000 for each of the 5 suc8 ceeding fiscal years. 

9 ‘‘(b) CHARTER.—The Bank shall establish a charter, 

10 the term of which shall be 30 years. 

11 ‘‘(c) OPERATIONAL FUNDS.—To sustain operations, 

12 the Bank shall manage revenue from financing fees, inter13 est, repaid loans, and other types of funding. 

14 ‘‘(d) REPORT.—The Bank shall submit on a quar15 terly basis to the relevant committees of Congress a report 

16 that describes the financial activities, emissions reduc17 tions, and private capital mobilization metrics of the Bank 

18 for the previous quarter. 

19 ‘‘(e) RESTRICTION.—The Bank shall not accept de20 posits. 

21 ‘‘(f) COMMITTEES.—The Board shall establish com22 mittees and subcommittees, including— 

23 ‘‘(1) an investment committee; and 

24 ‘‘(2) in accordance with section 1630— 

25 ‘‘(A) a risk management committee; and 


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1 ‘‘(B) an audit committee. 

2 ‘‘(g) PRIVATE CONTRIBUTIONS.—The Bank may ac3 cept and use philanthropic funds. 

4 ‘‘SEC. 1630. ESTABLISHMENT OF RISK MANAGEMENT COM5 MITTEE AND AUDIT COMMITTEE. 

6 ‘‘(a) IN GENERAL.—To assist the Board in fulfilling 

7 the duties and responsibilities of the Board under this sub8 title, the Board shall establish a risk management com9 mittee and an audit committee. 

10 ‘‘(b) DUTIES AND RESPONSIBILITIES OF RISK MAN11 AGEMENT COMMITTEE.—Subject to the direction of the 

12 Board, the risk management committee established under 

13 subsection (a) shall establish policies for and have over14 sight responsibility for— 

15 ‘‘(1) formulating the risk management policies 

16 of the operations of the Bank; 

17 ‘‘(2) reviewing and providing guidance on oper18 ation of the global risk management framework of 

19 the Bank; 

20 ‘‘(3) developing policies for— 

21 ‘‘(A) investment; 

22 ‘‘(B) enterprise risk management; 

23 ‘‘(C) monitoring; and 

24 ‘‘(D) management of strategic, 

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1 mental, environmental, social, and financial 

2 risks; and 

3 ‘‘(4) developing the risk profile of the Bank, in4 cluding— 

5 ‘‘(A) a risk management and compliance 

6 framework; and 

7 ‘‘(B) a governance structure to support 

8 that framework. 

9 ‘‘(c) DUTIES AND RESPONSIBILITIES OF AUDIT COM10 MITTEE.—Subject to the direction of the Board, the audit 

11 committee established under subsection (a) shall have 

12 oversight responsibility for— 

13 ‘‘(1) the integrity of— 

14 ‘‘(A) the financial reporting of the Bank; 

15 and 

16 ‘‘(B) the systems of internal controls re17 garding finance and accounting; 

18 ‘‘(2) the integrity of the financial statements of 

19 the Bank; 

20 ‘‘(3) the performance of the internal audit func21 tion of the Bank; and 

22 ‘‘(4) compliance with the legal and regulatory 

23 requirements related to the finances of the Bank. 


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1 ‘‘SEC. 1631. OVERSIGHT. 

2 ‘‘(a) EXTERNAL OVERSIGHT.—The inspector general 

3 of the Department of Energy shall have oversight respon4 sibilities over the Bank. 

5 ‘‘(b) REPORTS AND AUDIT.— 

6 ‘‘(1) ANNUAL REPORT.—The Bank shall pub7 lish an annual report which shall be transmitted by 

8 the Bank to the President and the Congress. 

9 ‘‘(2) ANNUAL AUDIT OF ACCOUNTS.—The ac10 counts of the Bank shall be audited annually. Such 

11 audits shall be conducted in accordance with gen12 erally accepted auditing standards by independent 

13 certified public accountants who are certified by a 

14 regulatory authority of the jurisdiction in which the 

15 audit is undertaken. 

16 ‘‘(3) ADDITIONAL AUDITS.—In addition to the 

17 annual audits under paragraph (2), the financial 

18 transactions of the Bank for any fiscal year during 

19 which Federal funds are available to finance any 

20 portion of its operations may be audited by the Gov21 ernment Accountability Office in accordance with 

22 such rules and regulations as may be prescribed by 

23 the Comptroller General of the United States. 


kjohnson on DSK79L0C42 with BILLS
25 

•HR 5416 IH

1 ‘‘SEC. 1632. MAXIMUM CONTINGENT LIABILITY. 

2 ‘‘The maximum contingent liability of the Bank that 

3 may be outstanding at any time shall be not more than 

4 $70,000,000,000 in the aggregate.’’. 

Æ 


kjohnson on DSK79L0C42 with BILLS