II 

118TH CONGRESS 

1ST SESSION S. 2893 

To direct the Secretary of the Treasury to issue Clean Energy Victory 

Bonds. 

IN THE SENATE OF THE UNITED STATES 

SEPTEMBER 21, 2023 

Mr. MERKLEY introduced the following bill; which was read twice and referred 

to the Committee on Finance 

A BILL 

To direct the Secretary of the Treasury to issue Clean 

Energy Victory Bonds. 

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 ‘‘Clean Energy Victory 

5 Bond Act of 2023’’. 

6 SEC. 2. FINDINGS. 

7 Congress finds the following: 

8 (1) Potential exists for increasing clean and re9 newable energy production and energy efficiency in10 stallation in the United States. 


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1 (2) Other nations, including China and Ger2 many, are ahead of the United States in manufac3 turing and deploying various clean energy tech4 nologies, even though many of these technologies 

5 were invented in the United States. 

6 (3) Climate change represents an existential 

7 threat to the safety, security, and economy of the 

8 United States. Rapid and robust deployment of 

9 clean energy will reduce greenhouse gas emissions 

10 and mitigate the effects of climate change on Amer11 ican society. 

12 (4) Many segments of the American public 

13 want to take charge of efforts to combat the effects 

14 of climate change and practice responsible consumer 

15 behavior. 

16 (5) The Office of Energy Efficiency and Renew17 able Energy of the Department of Energy (referred 

18 to in this section as the ‘‘EERE’’) estimates that 

19 taxpayer investment of $12,000,000,000 into the 

20 EERE research and development portfolio has al21 ready yielded an estimated net economic benefit to 

22 the United States of more than $230,000,000,000, 

23 with an overall annual return on investment of more 

24 than 20 percent. 


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1 (6) Investments in renewable energy and energy 

2 efficiency projects in the United States create green 

3 jobs throughout the Nation. New and innovative jobs 

4 could be created through expanded government sup5 port for clean energy and energy efficiency. 

6 (7) As Americans choose energy efficiency and 

7 clean energy and transportation, it reduces our de8 pendence on foreign oil and improves our energy se9 curity. 

10 (8) Bonds are a low-cost method for encour11 aging clean energy, as they do not require direct 

12 budget allocations or expenditures. The projects sup13 ported through Clean Energy Victory Bonds will cre14 ate jobs and business revenues that will increase 

15 Federal tax revenues, while simultaneously reducing 

16 nationwide health and environmental costs incurred 

17 by the Federal Government. 

18 (9) Bonds are voluntary measures that allow 

19 Americans to contribute financially in whatever 

20 amount is available to them. 

21 (10) During World War II, over 80 percent of 

22 American households purchased Victory Bonds to 

23 support the war effort, raising over 

24 $185,000,000,000, or over $2,000,000,000,000 in 

25 today’s dollars. 


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1 SEC. 3. DEFINITIONS. 

2 For purposes of this Act: 

3 (1) CLEAN ENERGY PROJECT.—The term 

4 ‘‘clean energy project’’ means a technology that pro5 vides— 

6 (A) performance-based energy efficiency 

7 improvements; or 

8 (B) clean energy improvements, includ9 ing— 

10 (i) electricity generated from solar, 

11 wind, geothermal, small-scale hydropower, 

12 and hydrokinetic energy sources; 

13 (ii) fuel cells using non-fossil fuel 

14 sources; 

15 (iii) advanced storage technologies; 

16 and 

17 (iv) electric vehicle infrastructure. 

18 (2) SECRETARY.—The term ‘‘Secretary’’ means 

19 the Secretary of the Treasury or the Secretary’s del20 egate. 

21 SEC. 4. CLEAN ENERGY VICTORY BONDS. 

22 (a) IN GENERAL.—Not later than 6 months after the 

23 date of the enactment of this Act, the Secretary, in con24 sultation with the Secretary of Energy and the Secretary 

25 of Defense, shall issue bonds to be known as ‘‘Clean En26 ergy Victory Bonds’’, the proceeds from which shall be 


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1 used to carry out the purposes described in subsection (c) 

2 of section 9512 of the Internal Revenue Code of 1986 (as 

3 added by section 5). 

4 (b) SAVINGS BOND.—Any Clean Energy Victory 

5 Bond issued under this section shall be issued by the Sec6 retary— 

7 (1) as a savings bond of series EE, or as ad8 ministered by the Bureau of the Fiscal Service of 

9 the Department of the Treasury, in a manner con10 sistent with the provisions of section 3105 of title 

11 31, United States Code; and 

12 (2) in denominations of $25 and such other 

13 amounts as are determined appropriate by the Sec14 retary, and shall mature within such periods as de15 termined by the Secretary. 

16 (c) AMOUNT OF CLEAN ENERGY VICTORY BONDS.— 

17 The aggregate face amount of the Clean Energy Victory 

18 Bonds issued annually under this section shall be not 

19 greater than $50,000,000,000. 

20 (d) INTEREST.—Clean Energy Victory Bonds shall 

21 bear interest at the rate the Secretary sets for Savings 

22 Bonds of Series EE and Series I, plus a rate of return 

23 determined by the Secretary which is based on the valu24 ation of— 


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1 (1) savings achieved through reduced energy 

2 spending by the Federal Government resulting from 

3 clean energy projects funded from the proceeds of 

4 such bonds; and 

5 (2) interest collected on loans financed or guar6 anteed from the proceeds of such bonds. 

7 (e) FULL FAITH AND CREDIT.—Payment of interest 

8 and principal with respect to any Clean Energy Victory 

9 Bond issued under this section shall be made from the 

10 general fund of the Treasury of the United States and 

11 shall be backed by the full faith and credit of the United 

12 States. 

13 (f) PROMOTION.— 

14 (1) IN GENERAL.—The Secretary shall take 

15 such actions, independently and in conjunction with 

16 financial institutions offering Clean Energy Victory 

17 Bonds, to promote the purchase of Clean Energy 

18 Victory Bonds, including campaigns describing the 

19 financial and social benefits of purchasing Clean En20 ergy Victory Bonds. 

21 (2) PROMOTIONAL ACTIVITIES.—For purposes 

22 of paragraph (1), promotional activities may include 

23 advertisements, pamphlets, or other promotional ma24 terials— 

25 (A) in periodicals; 


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1 (B) on billboards and other outdoor 

2 venues; 

3 (C) on television; 

4 (D) on radio; 

5 (E) on the internet; 

6 (F) within financial institutions; or 

7 (G) any other venues or outlets the Sec8 retary may identify. 

9 SEC. 5. CLEAN ENERGY VICTORY BONDS TRUST FUND. 

10 (a) IN GENERAL.—Subchapter A of chapter 98 of the 

11 Internal Revenue Code of 1986 is amended by adding at 

12 the end the following new section: 

13 ‘‘SEC. 9512. CLEAN ENERGY VICTORY BONDS TRUST FUND. 

14 ‘‘(a) CREATION OF TRUST FUND.—There is estab15 lished in the Treasury of the United States a trust fund 

16 to be known as the ‘Clean Energy Victory Bonds Trust 

17 Fund’, consisting of such amounts as may be apportioned 

18 or credited to such Trust Fund as provided in this section 

19 or section 9602(b). 

20 ‘‘(b) TRANSFERS TO TRUST FUND.—There are here21 by appropriated to the Trust Fund— 

22 ‘‘(1) amounts equivalent to revenue from the 

23 issuance of Clean Energy Victory Bonds under sec24 tion 4 of the Clean Energy Victory Bond Act of 

25 2023, and 


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1 ‘‘(2) any gifts or bequests made to the Trust 

2 Fund which are accepted by the Secretary for the 

3 benefit of such Fund or any activity financed 

4 through such Fund. 

5 ‘‘(c) EXPENDITURES FROM TRUST FUND.—Amounts 

6 in the Trust Fund shall be available, without further ap7 propriation, to finance clean energy projects (as defined 

8 in section 3 of the Clean Energy Victory Bond Act of 

9 2023) at the Federal, State, and local level, which may 

10 include— 

11 ‘‘(1) providing additional support to existing 

12 Federal financing programs available to States for 

13 energy efficiency upgrades and clean energy deploy14 ment, 

15 ‘‘(2) providing funding for clean energy invest16 ments by all Federal agencies, 

17 ‘‘(3) providing funding for electric grid en18 hancements and connections that enable clean en19 ergy deployment, 

20 ‘‘(4) providing funding to renovate existing inef21 ficient buildings or building new energy efficient 

22 buildings, 

23 ‘‘(5) providing tax incentives and tax credits for 

24 clean energy technologies, 


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1 ‘‘(6) providing funding for new innovation re2 search, including ARPA–E, public competitions simi3 lar to those designed by the X Prize Foundation, 

4 grants provided through the Office of Energy Effi5 ciency and Renewable Energy of the Department of 

6 Energy, or other mechanisms to fund revolutionary 

7 clean energy technology, 

8 ‘‘(7) providing additional support to existing 

9 Federal, State, and local grant programs that fi10 nance clean energy projects, and 

11 ‘‘(8) providing funding for zero-emission vehicle 

12 infrastructure and manufacturing. 

13 ‘‘(d) PROJECT PRIORITY.— 

14 ‘‘(1) IN GENERAL.—The Secretary shall ensure 

15 that not less than 40 percent of the amounts ex16 pended under subsection (c) in each year are ex17 pended for clean energy projects which are located 

18 in and reduce energy rates in disadvantaged and vul19 nerable communities. 

20 ‘‘(2) DISADVANTAGED AND VULNERABLE COM21 MUNITIES.—For purposes of paragraph (1), the 

22 term ‘disadvantaged and vulnerable communities’ 

23 means communities— 


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1 ‘‘(A) which bear disproportionate burdens 

2 of negative public health effects, environmental 

3 pollution, or impacts of climate change, 

4 ‘‘(B) have significant representation of 

5 people of color, low-wealth individuals, or Tribal 

6 and Indigenous members, or 

7 ‘‘(C) which have a high concentration of 

8 low- and moderate-income households as com9 pared to other communities, 

10 as determined by the Secretary.’’. 

11 (b) CLERICAL AMENDMENT.—The table of sections 

12 for subchapter A of chapter 98 of such Code is amended 

13 by adding at the end the following new item: 

‘‘Sec. 9512. Clean Energy Victory Bonds Trust Fund.’’. 

Æ 


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