II 

117TH CONGRESS 

1ST SESSION S. 283 

To establish a National Climate Bank. 

IN THE SENATE OF THE UNITED STATES 

FEBRUARY 8, 2021 

Mr. MARKEY (for himself, Mr. VAN HOLLEN, Mr. BLUMENTHAL, Mr. 

SCHATZ, and Mr. HEINRICH) introduced the following bill; which was 

read twice and referred to the Committee on Environment and Public 

Works 

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. NATIONAL CLIMATE BANK. 

7 (a) IN GENERAL.—Title LXII of the Revised Stat8 utes (12 U.S.C. 21 et seq.) is amended by adding at the 

9 end the following: 


pbinns on DSKJLVW7X2PROD with BILLS
2 

•S 283 IS

1 ‘‘CHAPTER FIVE—NATIONAL CLIMATE 

2 BANK 

‘‘Sec. 

‘‘5245. Findings. 

‘‘5245A. Definitions. 

‘‘5245B. Establishment. 

‘‘5245C. Purpose. 

‘‘5245D. Investments and procurements division. 

‘‘5245E. Start-up division. 

‘‘5245F. Project types. 

‘‘5245G. Cash for carbon program. 

‘‘5245H. Project and Investment attributes. 

‘‘5245I. Board of Directors. 

‘‘5245J. Administration. 

‘‘5245K. Establishment of risk and audit committees. 

‘‘5245L. External oversight. 

‘‘5245M. Maximum contingent liability. 

3 ‘‘SEC. 5245. FINDINGS. 

4 ‘‘Congress finds that— 

5 ‘‘(1) the October 2018 report entitled ‘Special 

6 Report on Global Warming of 1.5 °C’ by the Inter7 governmental Panel on Climate Change and the No8 vember 2018 Fourth National Climate Assessment 

9 report found that— 

10 ‘‘(A) human activity is the dominant cause 

11 of observed climate change over the past cen12 tury; 

13 ‘‘(B) a changing climate is causing sea lev14 els to rise and an increase in wildfires, severe 

15 storms, droughts, and other extreme weather 

16 events that threaten human life, healthy com17 munities, and critical infrastructure; 


pbinns on DSKJLVW7X2PROD with BILLS
3 

•S 283 IS

1 ‘‘(C) global warming at or above 2 degrees 

2 Celsius beyond pre-industrialized levels will 

3 cause— 

4 ‘‘(i) mass migration from the regions 

5 most affected by climate change; 

6 ‘‘(ii) more than $500,000,000,000 in 

7 lost annual economic output in the United 

8 States by the year 2100; 

9 ‘‘(iii) wildfires that, by 2050, will an10 nually burn at least twice as much forest 

11 area in the western United States than 

12 was typically burned by wildfires in the 

13 years preceding 2019; 

14 ‘‘(iv) a loss of more than 99 percent 

15 of all coral reefs on Earth; 

16 ‘‘(v) more than 350,000,000 more 

17 people to be exposed globally to deadly 

18 heat stress by 2050; and 

19 ‘‘(vi) a risk of damage to 

20 $1,000,000,000,000 of public infrastruc21 ture and coastal real estate in the United 

22 States; and 

23 ‘‘(D) global temperatures must be kept 

24 below 1.5 degrees Celsius above pre-industriVerDate Sep 11 2014 23:25 Mar 02, 2021 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S283.IS S283

pbinns on DSKJLVW7X2PROD with BILLS
4 

•S 283 IS

1 alized levels to avoid the most severe impacts of 

2 a changing climate, which will require— 

3 ‘‘(i) global reductions in greenhouse 

4 gas emissions from human sources of 40 to 

5 60 percent from 2010 levels by 2030; and 

6 ‘‘(ii) net-zero global emissions by 

7 2050; 

8 ‘‘(2)(A) according to Bloomberg New Energy 

9 Finance, in 2018, approximately $64,000,000,000 

10 was invested in renewable energy in the United 

11 States; and 

12 ‘‘(B) according to the International Energy 

13 Agency, in 2018, approximately $42,000,000,000 

14 was invested in energy efficiency in North America; 

15 ‘‘(3) investments in renewable energy and en16 ergy efficiency have a demonstrated track record of 

17 increasing jobs while lowering the cost of new renew18 able energy investments, which benefits the clean en19 ergy economy; 

20 ‘‘(4) green banks can be used to accelerate in21 vestment in— 

22 ‘‘(A) new and emerging technologies; and 

23 ‘‘(B) new and innovative financing prod24 ucts to leverage private sector financing; 


pbinns on DSKJLVW7X2PROD with BILLS
5 

•S 283 IS

1 ‘‘(5) green banking has a demonstrated track 

2 record of success at increasing investment in the 

3 clean energy economy; 

4 ‘‘(6) green banks have led to $3,670,000,000 of 

5 investment in cost-effective clean energy projects 

6 across the United States, lowering energy costs for 

7 end-users, with that investment total composed of— 

8 ‘‘(A) $1,079,000,000 in public funds; and 

9 ‘‘(B) $2,591,000,000 in private and phil10 anthropic capital; 

11 ‘‘(7) in 2018, green banks were operating in a 

12 number of States and other jurisdictions, includ13 ing— 

14 ‘‘(A) the District of Columbia; and 

15 ‘‘(B) the States of— 

16 ‘‘(i) Colorado; 

17 ‘‘(ii) Connecticut; 

18 ‘‘(iii) Florida; 

19 ‘‘(iv) Hawaii; 

20 ‘‘(v) Maryland; 

21 ‘‘(vi) Michigan; 

22 ‘‘(vii) Nevada; 

23 ‘‘(viii) New York; and 

24 ‘‘(ix) Rhode Island; 


pbinns on DSKJLVW7X2PROD with BILLS
6 

•S 283 IS

1 ‘‘(8) in the many different types of electricity 

2 markets around the country, achieving 100 percent 

3 market penetration of clean energy will require deliv4 ery of clean electric energy that is cheaper than al5 ternative fossil-fuel based electricity; 

6 ‘‘(9) market-based clean energy financing tools, 

7 such as those used by existing State and local green 

8 banks, can be used— 

9 ‘‘(A) to accelerate the deployment of clean 

10 energy; 

11 ‘‘(B) to reduce greenhouse gas emissions in 

12 the United States by substituting fossil-fuel 

13 based energy with lower-cost clean energy; 

14 ‘‘(C) to unlock private investment by offer15 ing complementary capital that can change the 

16 dynamics of a capital stack and make new 

17 projects worth investing in for private sector 

18 capital providers; and 

19 ‘‘(D) to open new markets for greater in20 vestment and increase opportunities for commu21 nities and the private sector; and 

22 ‘‘(10) the Federal Government can accelerate 

23 and rapidly expand the deployment of clean energy 

24 technologies by creating a dedicated financial insti25 tution that can support the work of existing green 


pbinns on DSKJLVW7X2PROD with BILLS
7 

•S 283 IS

1 banks and provide greater capital for efforts to re2 duce emissions, increasing the overall scale of clean 

3 energy investment and the pace of substitution of 

4 clean energy technologies for fossil-fuel based tech5 nologies. 

6 ‘‘SEC. 5245A. DEFINITIONS. 

7 ‘‘In this chapter: 

8 ‘‘(a) BANK.—The term ‘Bank’ means the National 

9 Climate Bank established under section 5245B. 

10 ‘‘(b) BOARD.—The term ‘Board’ means the Board of 

11 Directors of the National Climate Bank established under 

12 section 5245I. 

13 ‘‘(c) CHIEF EXECUTIVE OFFICER.—The term ‘Chief 

14 Executive Officer’ means the Chief Executive Officer of 

15 the Board appointed under section 5245I(i). 

16 ‘‘(d) GREEN BANK.—The term ‘green bank’ means 

17 a dedicated public or nonprofit specialized finance entity 

18 that— 

19 ‘‘(1) is designed to drive private capital into 

20 market gaps for low- and zero-emission goods and 

21 services; 

22 ‘‘(2) uses finance tools to mitigate climate 

23 change; 

24 ‘‘(3) does not take deposits; 


pbinns on DSKJLVW7X2PROD with BILLS
8 

•S 283 IS

1 ‘‘(4) is funded by government, public, private, 

2 or charitable contributions; and 

3 ‘‘(5) invests— 

4 ‘‘(A) alone; or 

5 ‘‘(B) in conjunction with other investors. 

6 ‘‘(e) PROCUREMENT.—The term ‘procurement’ 

7 means the purchase, lease, or acquisition of real or per8 sonal property on a bid, negotiated, or open-market basis, 

9 including through a sole-source procurement or in such 

10 other manner as the Board and Chief Executive Officer 

11 determine to be appropriate and in the best interests of 

12 reducing emissions. 

13 ‘‘SEC. 5245B. ESTABLISHMENT. 

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

15 date of enactment of this chapter, there shall be estab16 lished in the District of Columbia a bank, to be known 

17 as the ‘National Climate Bank’, in accordance with this 

18 chapter. 

19 ‘‘(b) LEGAL STATUS.—The Bank shall be an inde20 pendent, nonprofit entity outside of the Federal Govern21 ment. 

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

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


pbinns on DSKJLVW7X2PROD with BILLS
9 

•S 283 IS

1 ‘‘SEC. 5245C. PURPOSE. 

2 ‘‘The purpose of the Bank is to make the United 

3 States a world leader in combating the causes and effects 

4 of climate change and reducing emissions in the United 

5 States for every dollar spent by the Bank, through the 

6 rapid deployment of mature technologies and the commer7 cialization and scaling of new technologies, including by— 

8 ‘‘(1) providing financing support for invest9 ments in the United States in clean and low-emis10 sions technologies and processes; 

11 ‘‘(2) conducting low-cost procurements in the 

12 United States that will be used to lower emissions; 

13 ‘‘(3) catalyzing and mobilizing private capital 

14 through Federal investment and supporting a more 

15 robust marketplace for clean technologies, while 

16 minimizing competition with private investment; 

17 ‘‘(4) enabling low- and moderate-income indi18 viduals and communities to benefit from and afford 

19 projects and investments that reduce emissions; 

20 ‘‘(5) increasing the efficiency and effectiveness 

21 of Federal financing programs that support positive 

22 climate outcomes, such as reduced emissions; and 

23 ‘‘(6) supporting the creation of green banks 

24 within the United States where green banks do not 

25 exist. 


pbinns on DSKJLVW7X2PROD with BILLS
10 

•S 283 IS

1 ‘‘SEC. 5245D. INVESTMENTS AND PROCUREMENTS DIVI2 SION. 

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

4 an investments and procurements division, which shall be 

5 responsible for— 

6 ‘‘(1) equity investments in clean energy 

7 projects; 

8 ‘‘(2) ensuring appropriate debt and risk mitiga9 tion products are offered; 

10 ‘‘(3) overseeing prudent, noncontrolling equity 

11 investments; 

12 ‘‘(4) procurements that will be used to reduce 

13 emissions and the cost of emissions reductions 

14 through aggregation of demand and other market15 based approaches; and 

16 ‘‘(5) greenhouse gas emissions mitigation ef17 forts. 

18 ‘‘(b) INVESTMENT COMMITTEE.—The suite of debt 

19 and risk mitigation products and equity investments made 

20 by the Bank shall be— 

21 ‘‘(1) approved by an investment committee of 

22 the Board; and 

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

24 has been established by the investment committee of 

25 the Board in consultation with the risk management 

26 committee of the Board. 


pbinns on DSKJLVW7X2PROD with BILLS
11 

•S 283 IS

1 ‘‘(c) DEBT PRODUCTS.—Debt products and invest2 ments by the Bank shall include direct lending, colending, 

3 and credit enhancements. 

4 ‘‘SEC. 5245E. START-UP DIVISION. 

5 ‘‘There shall be within the Bank a start-up division, 

6 which shall be responsible for providing technical assist7 ance to States and other political subdivisions that do not 

8 have green banks to establish independent, nonprofit 

9 green banks in those States and political subdivisions, in10 cluding by working with relevant stakeholders in those 

11 States and political subdivisions. 

12 ‘‘SEC. 5245F. PROJECT TYPES. 

13 ‘‘The Bank shall seek to facilitate affordable invest14 ment and procurement, including in low-income commu15 nities and communities of color, in the following key areas: 

16 ‘‘(1) Renewable energy. 

17 ‘‘(2) Energy storage. 

18 ‘‘(3) Transportation, including— 

19 ‘‘(A) low- and zero-emission vehicle infra20 structure; 

21 ‘‘(B) transit-oriented development; and 

22 ‘‘(C) active transportation. 

23 ‘‘(4) Transmission for clean energy. 

24 ‘‘(5) Climate resiliency measures. 


pbinns on DSKJLVW7X2PROD with BILLS
12 

•S 283 IS

1 ‘‘(6) Energy and water efficiency, including res2 idential, commercial, and industrial efficiency. 

3 ‘‘(7) Reforestation of degraded land. 

4 ‘‘(8) Agricultural projects. 

5 ‘‘(9) Electrification and decarbonization of in6 dustrial processes. 

7 ‘‘(10) Any other key area identified by the 

8 Board as consistent with the purpose of the Bank 

9 described in section 5245C. 

10 ‘‘SEC. 5245G. CASH FOR CARBON PROGRAM. 

11 ‘‘(a) ESTABLISHMENT.—Pursuant to guidance and 

12 rules issued by the Board, the Bank shall explore the es13 tablishment of a cash for carbon program to remove green14 house gas emissions from the power system. 

15 ‘‘(b) PURPOSE.—Any program established under sub16 section (a) may use market mechanisms to expedite the 

17 retirement of carbon-intensive power generation facilities, 

18 such as coal-fired power generation facilities, acquire car19 bon assets for the purpose of reducing emissions, and in20 vest in communities negatively affected by the loss of those 

21 facilities or assets, including market mechanisms such 

22 as— 

23 ‘‘(1) reverse auctions; 

24 ‘‘(2) securitization; 


pbinns on DSKJLVW7X2PROD with BILLS
13 

•S 283 IS

1 ‘‘(3) the offering of bidder’s credits to facilities 

2 that pose significant environmental justice or health 

3 concerns, particularly in low-income, minority, and 

4 distressed neighborhoods (within the meaning of sec5 tion 910 of the Housing and Community Develop6 ment Act of 1992 (12 U.S.C. 2901 note; Public Law 

7 102–550)); and 

8 ‘‘(4) the provision of investment and technical 

9 assistance to the local community and site of a facil10 ity, including, where necessary, in cooperation 

11 with— 

12 ‘‘(A) the Administrator of the Environ13 mental Protection Agency; or 

14 ‘‘(B) other Federal, State, or local authori15 ties. 

16 ‘‘(c) EXPANSION OF PROGRAM.—The Board may ex17 pand any program established under subsection (a) to ad18 ditional carbon-intensive economic sectors beyond power 

19 generation, as determined to be appropriate by the Board. 

20 ‘‘SEC. 5245H. PROJECT AND INVESTMENT ATTRIBUTES. 

21 ‘‘(a) IN GENERAL.—The Bank may— 

22 ‘‘(1) provide financing to regional, State, and 

23 local green banks; and 

24 ‘‘(2) invest directly in projects that reduce 

25 emissions across the United States. 


pbinns on DSKJLVW7X2PROD with BILLS
14 

•S 283 IS

1 ‘‘(b) PRIORITY.—In carrying out subsection (a), the 

2 Bank shall— 

3 ‘‘(1) ensure that not less than 40 percent of the 

4 investment activity of the Bank is directed towards 

5 disadvantaged communities facing climate impacts, 

6 as determined by the Board through a public en7 gagement process; 

8 ‘‘(2) give priority to projects that— 

9 ‘‘(A) provide jobs; 

10 ‘‘(B) mitigate greenhouse gas emissions; 

11 and 

12 ‘‘(C) serve— 

13 ‘‘(i) low-income, minority, and dis14 tressed neighborhoods (within the meaning 

15 of section 910 of the Housing and Commu16 nity Development Act of 1992 (12 U.S.C. 

17 2901 note; Public Law 102–550)); or 

18 ‘‘(ii) low-income, minority, and rural 

19 consumers (within the meaning of the final 

20 rule of the Bureau of Consumer Financial 

21 Protection entitled ‘Ability-to-Repay and 

22 Qualified Mortgage Standards Under the 

23 Truth in Lending Act (Regulation Z)’ (78 

24 Fed. Reg. 6408 (January 30, 2013))); 


pbinns on DSKJLVW7X2PROD with BILLS
15 

•S 283 IS

1 ‘‘(3) ensure that projects provide access to low2 carbon infrastructure, including clean power, clean 

3 water, and reliable, high-quality transportation, at 

4 affordable rates to families in— 

5 ‘‘(A) low-income, minority, and distressed 

6 neighborhoods (within the meaning of section 

7 910 of the Housing and Community Develop8 ment Act of 1992 (12 U.S.C. 2901 note; Public 

9 Law 102–550)); or 

10 ‘‘(B) a rural area (as defined in section 

11 343(a) of the Consolidated Farm and Rural 

12 Development Act (7 U.S.C. 1991(a))); 

13 ‘‘(4) ensure that any residential energy effi14 ciency or distributed clean energy project in which 

15 the Bank invests directly under subsection (a)(2) 

16 and provides financing to a consumer directly or 

17 through a program funded directly or indirectly by 

18 the Bank complies with the requirements of the 

19 Consumer Credit Protection Act (15 U.S.C. 1601 et 

20 seq.), including, in the case of a financial product 

21 that is a residential mortgage loan, any require22 ments of title I of that Act relating to residential 

23 mortgage loans (including any regulations promul24 gated by the Bureau of Consumer Financial ProtecVerDate Sep 11 2014 23:25 Mar 02, 2021 Jkt 019200 PO 00000 Frm 00015 Fmt 6652 Sfmt 6201 E:\BILLS\S283.IS S283

pbinns on DSKJLVW7X2PROD with BILLS
16 

•S 283 IS

1 tion under section 129C(b)(3)(C) of that Act (15 

2 U.S.C. 1639(b)(3)(C))); and 

3 ‘‘(5) ensure that projects financed directly by 

4 the Bank, the total capital costs of which are not 

5 less than $100,000,000, utilize a project-labor agree6 ment. 

7 ‘‘(c) WAGE RATE REQUIREMENTS.— 

8 ‘‘(1) IN GENERAL.—Notwithstanding any other 

9 provision of law, all laborers and mechanics em10 ployed by contractors and subcontractors on projects 

11 financed directly by the Bank shall be paid wages at 

12 rates not less than those prevailing on projects of a 

13 similar character in the locality, as determined by 

14 the Secretary of Labor in accordance with sub15 chapter IV of chapter 31 of part A of subtitle II of 

16 title 40, United States Code (commonly referred to 

17 as the ‘Davis-Bacon Act’). 

18 ‘‘(2) AUTHORITY.—With respect to the labor 

19 standards specified in paragraph (1), the Secretary 

20 of Labor shall have the authority and functions set 

21 forth in Reorganization Plan Numbered 14 of 1950 

22 (64 Stat. 1267; 5 U.S.C. App.) and section 3145 of 

23 title 40, United States Code. 


pbinns on DSKJLVW7X2PROD with BILLS
17 

•S 283 IS

1 ‘‘SEC. 5245I. BOARD OF DIRECTORS. 

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

3 the direction of a Board of Directors, which shall be com4 posed of 7 members from private, government, nonprofit, 

5 and other groups, of whom— 

6 ‘‘(1) 1 shall be the Secretary of the Treasury 

7 (or a designee); 

8 ‘‘(2) 1 shall be the Secretary of Energy (or a 

9 designee); 

10 ‘‘(3) 1 shall be the Director of the Bureau of 

11 Consumer Financial Protection (or a designee); and 

12 ‘‘(4) 4 shall be appointed by the President, with 

13 the advice and consent of the Senate, of whom— 

14 ‘‘(A) 1 shall have expertise regarding re15 newable energy or energy efficiency; 

16 ‘‘(B) 1 shall have expertise regarding fi17 nance; 

18 ‘‘(C) 1 shall have expertise in industrial 

19 processes and manufacturing; and 

20 ‘‘(D) 1 shall have expertise regarding sus21 tainable transportation. 

22 ‘‘(b) QUORUM.—5 members of the Board shall con23 stitute a quorum. 

24 ‘‘(c) BYLAWS.— 


pbinns on DSKJLVW7X2PROD with BILLS
18 

•S 283 IS

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

2 may amend, such bylaws as are necessary for the 

3 proper management and functioning of the Bank. 

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

5 paragraph (1), the Board shall— 

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

7 and 

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

9 ‘‘(d) TERMS.— 

10 ‘‘(1) INITIAL TERMS.—The initial terms of the 

11 members of the Board shall be 5 years. 

12 ‘‘(2) SUBSEQUENT TERMS.—For terms begin13 ning after the date that is 5 years after the date of 

14 enactment of this section, the Board shall create 

15 staggered terms of 3, 4, and 5 years for members 

16 of the Board. 

17 ‘‘(e) VACANCIES.—Any vacancy on the Board shall 

18 be filled in the same manner in which the original appoint19 ment was made. 

20 ‘‘(f) INTERIM APPOINTMENTS.—A member appointed 

21 to fill a vacancy occurring before the expiration of the 

22 term for which the predecessor of that member was ap23 pointed shall serve for the remainder of the term for which 

24 the predecessor of that member was appointed. 


pbinns on DSKJLVW7X2PROD with BILLS
19 

•S 283 IS

1 ‘‘(g) REAPPOINTMENT.—A Member of the Board 

2 may be reappointed for not more than 1 additional term 

3 of service as a member of the Board. 

4 ‘‘(h) CONTINUATION OF SERVICE.—A member of the 

5 Board whose term has expired may continue to serve on 

6 the Board until the date on which a successor member 

7 is appointed and confirmed. 

8 ‘‘(i) CHIEF EXECUTIVE OFFICER.—The Board shall 

9 appoint a Chief Executive Officer who shall be responsible 

10 for— 

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

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

13 described in sections 5245D and 5245E; and 

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

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

16 ‘‘(j) ADVISORY COMMITTEE.— 

17 ‘‘(1) ESTABLISHMENT.—The Bank shall estab18 lish an advisory committee, which shall be composed 

19 of not more than 13 members appointed by the 

20 Board on the recommendation of the president of 

21 the Bank. 

22 ‘‘(2) MEMBERS.—Members of the advisory com23 mittee shall be broadly representative of interests 

24 concerned with the environment, production, comVerDate Sep 11 2014 23:25 Mar 02, 2021 Jkt 019200 PO 00000 Frm 00019 Fmt 6652 Sfmt 6201 E:\BILLS\S283.IS S283

pbinns on DSKJLVW7X2PROD with BILLS
20 

•S 283 IS

1 merce, finance, agriculture, labor, services, and 

2 State government, of whom— 

3 ‘‘(A) not fewer than 3 shall be representa4 tives of the small business community; 

5 ‘‘(B) not fewer than 2 shall be representa6 tives of the labor community, except that no 2 

7 members may be from the same labor union; 

8 ‘‘(C) not fewer than 2 shall be representa9 tives of the environmental nongovernmental or10 ganization community, except that no 2 mem11 bers may be from the same environmental orga12 nization; 

13 ‘‘(D) not fewer than 2 shall be representa14 tives of the environmental justice nongovern15 mental organization community, except that no 

16 2 members may be from the same environ17 mental organization; and 

18 ‘‘(E) not fewer than 2 shall be representa19 tives of the consumer protection and fair lend20 ing community, except that no 2 members may 

21 be from the same consumer protection or fair 

22 lending organization. 

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

24 meet not less frequently than once each quarter. 

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


pbinns on DSKJLVW7X2PROD with BILLS
21 

•S 283 IS

1 ‘‘(A) advise the Bank on the programs un2 dertaken by the Bank; and 

3 ‘‘(B) submit to Congress an annual report 

4 with comments from the advisory committee on 

5 the extent to which the Bank is meeting the 

6 mandate described in section 5245C, including 

7 any suggestions for improvement. 

8 ‘‘(k) CHIEF RISK OFFICER.— 

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

10 of the Board, the Chief Executive Officer shall ap11 point a Chief Risk Officer from among individuals 

12 with experience at a senior level in financial risk 

13 management, who— 

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

15 and 

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

17 vote of the Board. 

18 ‘‘(2) DUTIES.—The Chief Risk Officer, in co19 ordination with the audit and risk management com20 mittees established under section 5245K, shall de21 velop, implement, and manage a comprehensive proc22 ess for identifying, assessing, monitoring, and lim23 iting risks to the Bank, including the overall port24 folio diversification of the Bank. 


pbinns on DSKJLVW7X2PROD with BILLS
22 

•S 283 IS

1 ‘‘SEC. 5245J. ADMINISTRATION. 

2 ‘‘(a) CAPITALIZATION.— 

3 ‘‘(1) IN GENERAL.—The Bank shall be capital4 ized— 

5 ‘‘(A) with $50,000,000,000 on the date on 

6 which the Bank is established under section 

7 5245B; and 

8 ‘‘(B) with $10,000,000,000 for each of the 

9 5 years following that date. 

10 ‘‘(2) FUNDING.— 

11 ‘‘(A) INITIAL CAPITALIZATION.—On the 

12 date on which the Bank is established under 

13 section 5245B, out of any funds in the Treas14 ury not otherwise appropriated, the Secretary of 

15 the Treasury shall transfer to the Bank the 

16 amount specified in paragraph (1)(A). 

17 ‘‘(B) SUBSEQUENT TRANSFERS.—On Oc18 tober 1 of each fiscal year following the date on 

19 which the Bank is established under section 

20 5245B, out of any funds in the Treasury not 

21 otherwise appropriated, the Secretary of the 

22 Treasury shall transfer to the Bank the amount 

23 specified in paragraph (1)(B). 

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

25 the term of which shall be 30 years. 


pbinns on DSKJLVW7X2PROD with BILLS
23 

•S 283 IS

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

2 the Bank shall manage revenue from financing fees, inter3 est, repaid loans, and other types of funding. 

4 ‘‘(d) REPORT.—The Bank shall submit on a quar5 terly basis to the relevant committees of Congress a report 

6 that describes the financial activities, emissions reduc7 tions, and private capital mobilization metrics of the Bank 

8 for the previous quarter. 

9 ‘‘(e) RESTRICTION.—The Bank shall not accept de10 posits. 

11 ‘‘(f) COMMITTEES.—The Board shall establish com12 mittees and subcommittees, including— 

13 ‘‘(1) an investment committee; and 

14 ‘‘(2) in accordance with section 5245K— 

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

16 ‘‘(B) an audit committee. 

17 ‘‘(g) PRIVATE CONTRIBUTIONS.—The Bank may ac18 cept and use philanthropic funds. 

19 ‘‘SEC. 5245K. ESTABLISHMENT OF RISK MANAGEMENT COM20 MITTEE AND AUDIT COMMITTEE. 

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

22 the duties and responsibilities of the Board under this 

23 Chapter, the Board shall establish a risk management 

24 committee and an audit committee. 


pbinns on DSKJLVW7X2PROD with BILLS
24 

•S 283 IS

1 ‘‘(b) DUTIES AND RESPONSIBILITIES OF RISK MAN2 AGEMENT COMMITTEE.—Subject to the direction of the 

3 Board, the risk management committee established under 

4 subsection (a) shall establish policies for and have over5 sight responsibility of— 

6 ‘‘(1) formulating the risk management policies 

7 of the operations of the Bank; 

8 ‘‘(2) reviewing and providing guidance on oper9 ation of the global risk management framework of 

10 the Bank; 

11 ‘‘(3) developing policies for— 

12 ‘‘(A) investment; 

13 ‘‘(B) enterprise risk management; 

14 ‘‘(C) monitoring; and 

15 ‘‘(D) management of strategic, 

16 reputational, regulatory, operational, develop17 mental, environmental, social, and financial 

18 risks; and 

19 ‘‘(4) developing the risk profile of the Bank, in20 cluding— 

21 ‘‘(A) a risk management and compliance 

22 framework; and 

23 ‘‘(B) a governance structure to support 

24 that framework. 


pbinns on DSKJLVW7X2PROD with BILLS
25 

•S 283 IS

1 ‘‘(c) DUTIES AND RESPONSIBILITIES OF AUDIT COM2 MITTEE.—Subject to the direction of the Board, the audit 

3 committee established under subsection (a) shall have 

4 oversight responsibility of— 

5 ‘‘(1) the integrity of— 

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

7 and 

8 ‘‘(B) the systems of internal controls re9 garding finance and accounting; 

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

11 the Bank; 

12 ‘‘(3) the performance of the internal audit func13 tion of the Bank; and 

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

15 requirements related to the finances of the Bank. 

16 ‘‘SEC. 5245L. EXTERNAL OVERSIGHT. 

17 ‘‘The Bank shall be subject to the oversight of the 

18 Comptroller of the Currency in accordance with section 

19 5169(c). 

20 ‘‘SEC. 5245M. MAXIMUM CONTINGENT LIABILITY. 

21 ‘‘The maximum contingent liability of the Bank that 

22 may be outstanding at any 1 time shall be not more than 

23 $70,000,000,000 in the aggregate.’’. 


pbinns on DSKJLVW7X2PROD with BILLS
26 

•S 283 IS

1 (b) EXTERNAL OVERSIGHT.—Section 5169 of the 

2 Revised Statutes (12 U.S.C. 27) is amended by adding 

3 at the end the following: 

4 ‘‘(c) NATIONAL CLIMATE BANK.—The Comptroller 

5 shall exempt, expand, or alter specific regulations applica6 ble to the National Climate Bank to better suit the pur7 pose and business model of the National Climate Bank 

8 as an independent, nonprofit, nondepository banking insti9 tution.’’. 

10 (c) INSPECTOR GENERAL OF THE NATIONAL CLI11 MATE BANK.— 

12 (1) IN GENERAL.—Section 8G(a) of the Inspec13 tor General Act of 1978 (5 U.S.C. App.) is amend14 ed— 

15 (A) in paragraph (2), by inserting ‘‘the 

16 National Climate Bank,’’ after ‘‘the National 

17 Archives and Records Administration,’’; and 

18 (B) in paragraph (4)— 

19 (i) in subparagraph (I), by striking 

20 ‘‘and’’ at the end; 

21 (ii) in subparagraph (J), by inserting 

22 ‘‘and’’ after ‘‘Corporation;’’ and 

23 (iii) by adding at the end the fol24 lowing: 


pbinns on DSKJLVW7X2PROD with BILLS
27 

•S 283 IS

1 ‘‘(K) with respect to the National Climate 

2 Bank, such term means the Board of Directors 

3 of the National Climate Bank;’’. 

4 (2) APPOINTMENT.—Notwithstanding the first 

5 sentence of section 8G(b) of the Inspector General 

6 Act of 1978 (5 U.S.C. App.), not later than 180 

7 days after the National Climate Bank is established 

8 under chapter five of title LXII of the Revised Stat9 utes— 

10 (A) the first Inspector General of the Na11 tional Climate Bank shall be appointed; and 

12 (B) the Office of the Inspector General of 

13 the National Climate Bank shall be established. 

Æ 


pbinns on DSKJLVW7X2PROD with BILLS