I 

116TH CONGRESS 

1ST SESSION H. R. 4041 

To promote the domestic development and deployment of clean energy 

technologies required for the 21st century. 

IN THE HOUSE OF REPRESENTATIVES 

JULY 25, 2019 

Ms. LOFGREN (for herself and Ms. MATSUI) introduced the following bill; 

which was referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Science, Space, 

and Technology, 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 promote the domestic development and deployment of 

clean energy technologies required for the 21st century. 

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 2019’’. 

6 SEC. 2. FINDINGS. 

7 Congress finds the following: 


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1 (1) Potential exists for increasing clean and re2 newable energy production and energy efficiency in3 stallation in the United States. 

4 (2) Other nations, including China and Ger5 many, are ahead of the United States in manufac6 turing and deploying various clean energy tech7 nologies, even though the United States invented 

8 many of these technologies. 

9 (3) Climate change represents an existential 

10 threat to American safety, security, and the econ11 omy. Rapid and robust deployment of clean energy 

12 will reduce greenhouse gas emissions and mitigate 

13 the effects of climate change on American society. 

14 (4) Many segments of the American public 

15 want to take charge of efforts to combat the effects 

16 of climate change and practice responsible consumer 

17 behavior. 

18 (5) The Office of Energy Efficiency and Renew19 able Energy (EERE) of the Department of Energy 

20 (DOE) estimates that taxpayer investment of $12 

21 billion into EERE research and development port22 folio has already yielded an estimated net economic 

23 benefit to the United States of more than $230 bil24 lion, with an overall annual return on investment of 

25 more 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 across the United States. New and innovative 

4 jobs could be created through expanded government 

5 support 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 oils and improves our energy se9 curity. 

10 (8) Bonds are a low-cost method for encour11 aging clean energy, not requiring direct budget allo12 cations or expenditures. The projects supported 

13 through Clean Energy Victory Bonds will create jobs 

14 and business revenues that will increase Federal tax 

15 revenues, while simultaneously reducing health and 

16 environmental costs incurred by the Federal Govern17 ment nationwide. 

18 (9) Bonds are voluntary measures that allow 

19 Americans to contribute financially at whatever 

20 means they have available to them. 

21 (10) In World War II, over 80 percent of Amer22 ican households purchased Victory Bonds to support 

23 the war effort, raising over $185 billion, or over $2 

24 trillion in today’s dollars. 


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1 SEC. 3. CLEAN ENERGY VICTORY BONDS. 

2 (a) ISSUANCE.—Not later than 6 months after the 

3 date of the enactment of this Act, the Secretary of the 

4 Treasury, in consultation with the Secretary of Energy 

5 and the Secretary of Defense, shall issue bonds to be 

6 known as ‘‘Clean Energy Victory Bonds’’, the proceeds 

7 from which shall be used to carry out the purposes de8 scribed in section 9512(c) of the Internal Revenue Code 

9 of 1986. 

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

11 Bond issued under this section shall be issued by the Sec12 retary of the Treasury— 

13 (1) as a savings bond of Series EE, or as ad14 ministered by the Bureau of the Fiscal Service of 

15 the Department of the Treasury, in a manner con16 sistent with the provisions of section 3105 of title 

17 31, United States Code; and 

18 (2) in denominations of $25, and such other 

19 amounts as are determined appropriate by the Sec20 retary, and shall mature within such periods as de21 termined by the Secretary. 

22 (c) LIMITATION.—The aggregate face amount of the 

23 Clean Energy Victory Bonds issued annually under this 

24 section shall be not greater than $50,000,000,000. 

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

26 bear interest at the rate the Secretary sets for Savings 


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

2 determined by the Secretary which is based on the valu3 ation of— 

4 (1) savings achieved through reduced energy 

5 spending by the Federal Government resulting from 

6 clean energy projects funded from the proceeds of 

7 such bonds; and 

8 (2) interest collected on loans financed or guar9 anteed from the proceeds of such bonds. 

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

11 and principal with respect to any Clean Energy Victory 

12 Bond issued under this section shall be made from the 

13 general fund of the Treasury of the United States and 

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

15 States. 

16 (f) PROMOTION.— 

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

18 such actions, independently and in conjunction with 

19 financial institutions offering Clean Energy Victory 

20 Bonds, to promote the purchase of Clean Energy 

21 Victory Bonds, including campaigns describing the 

22 financial and social benefits of purchasing Clean En23 ergy Victory Bonds. 


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1 (2) PROMOTIONAL ACTIVITIES.—Such pro2 motional activities may include advertisements, pam3 phlets, or other promotional materials— 

4 (A) in periodicals; 

5 (B) on billboards and other outdoor 

6 venues; 

7 (C) on television; 

8 (D) on radio; 

9 (E) on the internet; 

10 (F) within financial institutions that offer 

11 Clean Energy Victory Bonds; or 

12 (G) any other venues or outlets the Sec13 retary may identify. 

14 (g) DEFINITION.—For purposes of this section— 

15 (1) CLEAN ENERGY PROJECT.—The term 

16 ‘‘clean energy project’’ means a technology that pro17 vides— 

18 (A) performance-based energy efficiency 

19 improvements; or 

20 (B) clean energy improvements, includ21 ing— 

22 (i) electricity generated from solar, 

23 wind, geothermal, small scale or micro hy24 dropower, and hydrokinetic energy sources; 


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1 (ii) fuel cells using non-fossil fuel 

2 sources; 

3 (iii) advanced storage technologies; 

4 (iv) next generation biofuels from sus5 tainable non-food feedstocks; and 

6 (v) electric vehicle infrastructure. 

7 (2) SECRETARY.—Any reference to the Sec8 retary of the Treasury shall include any delegate of 

9 the Secretary. 

10 SEC. 4. CLEAN ENERGY VICTORY BONDS TRUST FUND. 

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

12 Internal Revenue Code of 1986 is amended by adding at 

13 the end the following new section: 

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

15 ‘‘(a) CREATION OF TRUST FUND.—There is estab16 lished in the Treasury of the United States a trust fund 

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

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

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

20 or section 9602(b). 

21 ‘‘(b) TRANSFERS TO TRUST FUND.—There are here22 by appropriated to the Trust Fund amounts equivalent 

23 to— 


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1 ‘‘(1) revenue from the issuance of Clean Energy 

2 Victory Bonds under section 3 of the Clean Energy 

3 Victory Bond Act of 2019; 

4 ‘‘(2) any gifts of bequests made to the Trust 

5 Fund which are accepted by the Secretary for the 

6 benefit of such Fund or any activity financed 

7 through such Fund. 

8 ‘‘(c) EXPENDITURES FROM TRUST FUNDS.— 

9 Amounts in the Trust Fund shall be available, without 

10 further appropriation, to finance clean energy projects at 

11 the Federal, State, and local level, which may include— 

12 ‘‘(1) providing additional support to existing 

13 Federal financing programs available to States for 

14 energy efficiency upgrades and clean energy deploy15 ment; 

16 ‘‘(2) providing funding for clean energy invest17 ments by Federal agencies; 

18 ‘‘(3) providing funding for electric grid en19 hancements and connections that enable clean en20 ergy deployment; 

21 ‘‘(4) providing funding to renovate existing inef22 ficient buildings or building new energy efficient 

23 buildings; 

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

25 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, the 

4 Office of Energy Efficiency and Renewable Energy 

5 at the Department of Energy, or other mechanisms 

6 to fund revolutionary clean energy technology; 

7 ‘‘(7) providing additional support to existing 

8 Federal, State, and local grant programs that fi9 nance clean energy projects (as defined in section 

10 3(g) of the Clean Energy Victory Bond Act of 

11 2019); and 

12 ‘‘(8) providing additional support for zero-emis13 sion vehicle infrastructure and manufacturing.’’. 

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

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

16 by adding at the end the following new item: 

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

Æ 


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