I 

115TH CONGRESS 

2D SESSION H. R. 5586 

To promote the domestic development and deployment of clean energy 

technologies required for the 21st century. 

IN THE HOUSE OF REPRESENTATIVES 

APRIL 23, 2018 

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; TABLE OF CONTENTS. 

4 This Act may be cited as the ‘‘Clean Energy Victory 

5 Bond Act of 2018’’. 

6 SEC. 2. FINDINGS. 

7 Congress finds the following: 


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1 (1) There is enormous potential for increasing 

2 renewable energy production and energy efficiency 

3 installation in the United States. 

4 (2) In order to expand renewable energy and 

5 energy efficiency technologies in the United States, 

6 and maintain United States leadership, the United 

7 States must invest in research and development of 

8 these technologies. The Office of Energy Efficiency 

9 and Renewable Energy of the Department of Energy 

10 (EERE) estimates that taxpayer investment of $12 

11 billion into EERE research and development port12 folio has already yielded an estimated net economic 

13 benefit to the United States of more than $230 bil14 lion, with an overall annual return on investment of 

15 more than 20 percent. 

16 (3) Other nations, including China and Ger17 many are ahead of the United States in manufac18 turing and deploying various clean energy tech19 nologies, even though the United States invented 

20 many of these technologies. 

21 (4) Investments in renewable energy and energy 

22 efficiency projects in the United States create green 

23 jobs for United States citizens across the United 

24 States. Hundreds of thousands of jobs could be creVerDate Sep 11 2014 02:27 Apr 27, 2018 Jkt 079200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H5586.IH H5586

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1 ated through expanded government support for clean 

2 energy and energy efficiency. 

3 (5) As Americans choose energy efficiency and 

4 clean energy and transportation, it reduces our de5 pendence on foreign oil and improves our energy se6 curity. 

7 (6) Bonds are a low-cost method for encour8 aging clean energy, not requiring direct budget allo9 cations or expenditures. The projects supported 

10 through Clean Energy Victory Bonds will create jobs 

11 and business revenues that will increase Federal tax 

12 revenues, while simultaneously reducing health and 

13 environmental costs incurred by the Federal Govern14 ment nationwide. 

15 (7) In World War II, over 80 percent of Amer16 ican households purchased Victory Bonds to support 

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

18 trillion in today’s dollars. 

19 SEC. 3. CLEAN ENERGY VICTORY BONDS. 

20 (a) INITIAL CAPITALIZATION.—The Secretary of the 

21 Treasury shall issue Clean Energy Victory Bonds in an 

22 amount not to exceed $7,500,000,000 on the credit of the 

23 United States for purposes of raising revenue for transfer 

24 to the Clean Energy Victory Bonds Trust Fund under sec25 tion 9512(b) of the Internal Revenue Code of 1986. 


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1 (b) DENOMINATIONS AND MATURITY.—Clean Energy 

2 Victory Bonds shall be in the form of United States Sav3 ings Bonds of Series EE or as administered by the Bureau 

4 of the Public Debt of the Department of the Treasury in 

5 denominations of $25, and shall mature within such peri6 ods as determined by the Secretary of the Treasury. 

7 (c) INTEREST.—Clean Energy Victory Bonds shall 

8 bear interest at the rate the Secretary of the Treasury 

9 sets for Savings Bonds of Series EE and Series I, plus 

10 a rate of return determined by the Secretary of the Treas11 ury which is based on the economic benefit generated for 

12 the United States from the research and development 

13 portfolio of the Office of Energy Efficiency and Renewable 

14 Energy of the Department of Energy. 

15 (d) PROMOTION.— 

16 (1) IN GENERAL.—The Secretary of the Treas17 ury shall take such actions, independently and in 

18 conjunction with financial institutions offering Clean 

19 Energy Victory Bonds, to promote the purchase of 

20 Clean Energy Victory Bonds, including campaigns 

21 describing the financial and social benefits of pur22 chasing Clean Energy Victory Bonds. 

23 (2) PROMOTIONAL ACTIVITIES.—Such pro24 motional activities may include advertisements, pam25 phlets, or other promotional materials— 


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1 (A) in periodicals; 

2 (B) on billboards and other outdoor 

3 venues; 

4 (C) on television; 

5 (D) on radio; 

6 (E) on the Internet; 

7 (F) within financial institutions that offer 

8 Clean Energy Victory Bonds; or 

9 (G) any other venues or outlets the Sec10 retary of the Treasury may identify. 

11 (3) LIMITATION.—There are authorized to be 

12 appropriated for such promotional activities not 

13 more than— 

14 (A) $10,000,000 in the first year after the 

15 date of the enactment of this Act; and 

16 (B) $2,000,000 in each year thereafter. 

17 (e) FUTURE CAPITALIZATION.— 

18 (1) IN GENERAL.—After the initial capitaliza19 tion limit is reached under subsection (a), the Sec20 retary of the Treasury may issue additional Clean 

21 Energy Victory Bonds on the credit of the United 

22 States. 

23 (2) SINGLE ISSUE LIMITATION.—No such addi24 tional issue may exceed $7,500,000,000. 


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1 (3) AGGREGATE LIMITATIONS.—The aggregate 

2 of any such additional issues during the 4-year pe3 riod beginning on the day after the initial capitaliza4 tion limit is reached under subsection (a) may not 

5 exceed $50,000,000,000. The aggregate of any such 

6 additional issues after the expiration of such 4-year 

7 period may not exceed $50,000,000,000. 

8 (f) LAWFUL INVESTMENTS.—Clean Energy Victory 

9 Bonds shall be lawful investments, and may be accepted 

10 as security for all fiduciary, trust, and public funds, the 

11 investment or deposit of which shall be under the author12 ity or control of the United States or any officer or officers 

13 thereof. 

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

15 Chapter 98 of the Internal Revenue Code of 1986 is 

16 amended by adding at the end the following new section: 

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

18 ‘‘(a) CREATION OF TRUST FUND.—There is estab19 lished in the Treasury of the United States a trust fund 

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

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

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

23 or section 9602(b). 

24 ‘‘(b) TRANSFERS TO TRUST FUND.—There are here25 by appropriated to the Trust Fund amounts equivalent to 


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1 revenue from the issuance of Clean Energy Victory Bonds 

2 under section 101 of the Clean Energy Victory Bond Act 

3 of 2018. 

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

5 in the Trust Fund shall be available, without further ap6 propriation, to carry out programs and other activities of 

7 the Office of Energy Efficiency and Renewable Energy of 

8 the Department of Energy.’’. 

Æ 


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