I 

118TH CONGRESS 

1ST SESSION H. R. 5618 

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

Bonds. 

IN THE HOUSE OF REPRESENTATIVES 

SEPTEMBER 21, 2023 

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 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: 


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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 many of these technologies 

8 were invented in the United States. 

9 (3) Climate change represents an existential 

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

11 United States. Rapid and robust deployment of 

12 clean energy will reduce greenhouse gas emissions 

13 and mitigate the effects of climate change on Amer14 ican society. 

15 (4) Many segments of the American public 

16 want to take charge of efforts to combat the effects 

17 of climate change and practice responsible consumer 

18 behavior. 

19 (5) The Office of Energy Efficiency and Renew20 able Energy of the Department of Energy (referred 

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

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

23 EERE research and development portfolio has al24 ready yielded an estimated net economic benefit to 

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


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1 with an overall annual return on investment of more 

2 than 20 percent. 

3 (6) Investments in renewable energy and energy 

4 efficiency projects in the United States create green 

5 jobs throughout the Nation. New and innovative jobs 

6 could be created through expanded government sup7 port for clean energy and energy efficiency. 

8 (7) As Americans choose energy efficiency and 

9 clean energy and transportation, it reduces our de10 pendence on foreign oil and improves our energy se11 curity. 

12 (8) Bonds are a low-cost method for encour13 aging clean energy, as they do not require direct 

14 budget allocations or expenditures. The projects sup15 ported through Clean Energy Victory Bonds will cre16 ate jobs and business revenues that will increase 

17 Federal tax revenues, while simultaneously reducing 

18 nationwide health and environmental costs incurred 

19 by the Federal Government. 

20 (9) Bonds are voluntary measures that allow 

21 Americans to contribute financially in whatever 

22 amount is available to them. 

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

24 American households purchased Victory Bonds to 

25 support the war effort, raising over 


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1 $185,000,000,000, or over $2,000,000,000,000 in 

2 today’s dollars. 

3 SEC. 3. DEFINITIONS. 

4 For purposes of this Act: 

5 (1) CLEAN ENERGY PROJECT.—The term 

6 ‘‘clean energy project’’ means a technology that pro7 vides— 

8 (A) performance-based energy efficiency 

9 improvements; or 

10 (B) clean energy improvements, includ11 ing— 

12 (i) electricity generated from solar, 

13 wind, geothermal, small-scale hydropower, 

14 and hydrokinetic energy sources; 

15 (ii) fuel cells using non-fossil fuel 

16 sources; 

17 (iii) advanced storage technologies; 

18 and 

19 (iv) electric vehicle infrastructure. 

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

21 the Secretary of the Treasury or the Secretary’s del22 egate. 

23 SEC. 4. CLEAN ENERGY VICTORY BONDS. 

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

25 date of the enactment of this Act, the Secretary, in conVerDate Sep 11 2014 00:24 Sep 26, 2023 Jkt 039200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H5618.IH H5618

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1 sultation with the Secretary of Energy and the Secretary 

2 of Defense, shall issue bonds to be known as ‘‘Clean En3 ergy Victory Bonds’’, the proceeds from which shall be 

4 used to carry out the purposes described in section 

5 9512(c) of the Internal Revenue Code of 1986 (as added 

6 by section 5). 

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

8 Bond issued under this section shall be issued by the Sec9 retary— 

10 (1) as a savings bond of series EE, or as ad11 ministered by the Bureau of the Fiscal Service of 

12 the Department of the Treasury, in a manner con13 sistent with the provisions of section 3105 of title 

14 31, United States Code; and 

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

16 amounts as are determined appropriate by the Sec17 retary, and shall mature within such periods as de18 termined by the Secretary. 

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

20 The aggregate face amount of the Clean Energy Victory 

21 Bonds issued annually under this section shall be not 

22 greater than $50,000,000,000. 

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

24 bear interest at the rate the Secretary sets for Savings 

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


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1 determined by the Secretary which is based on the valu2 ation of— 

3 (1) savings achieved through reduced energy 

4 spending by the Federal Government resulting from 

5 clean energy projects funded from the proceeds of 

6 such bonds; and 

7 (2) interest collected on loans financed or guar8 anteed from the proceeds of such bonds. 

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

10 and principal with respect to any Clean Energy Victory 

11 Bond issued under this section shall be made from the 

12 general fund of the Treasury of the United States and 

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

14 States. 

15 (f) PROMOTION.— 

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

17 such actions, independently and in conjunction with 

18 financial institutions offering Clean Energy Victory 

19 Bonds, to promote the purchase of Clean Energy 

20 Victory Bonds, including campaigns describing the 

21 financial and social benefits of purchasing Clean En22 ergy Victory Bonds. 

23 (2) PROMOTIONAL ACTIVITIES.—For purposes 

24 of paragraph (1), promotional activities may include 


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1 advertisements, pamphlets, or other promotional ma2 terials— 

3 (A) in periodicals; 

4 (B) on billboards and other outdoor 

5 venues; 

6 (C) on television; 

7 (D) on radio; 

8 (E) on the internet; 

9 (F) within financial institutions; or 

10 (G) any other venues or outlets the Sec11 retary may identify. 

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

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

14 Internal Revenue Code of 1986 is amended by adding at 

15 the end the following new section: 

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

17 ‘‘(a) CREATION OF TRUST FUND.—There is estab18 lished in the Treasury of the United States a trust fund 

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

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

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

22 or section 9602(b). 

23 ‘‘(b) TRANSFERS TO TRUST FUND.—There are here24 by appropriated to the Trust Fund— 


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

2 issuance of Clean Energy Victory Bonds under sec3 tion 4 of the Clean Energy Victory Bond Act of 

4 2023, and 

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

6 Fund which are accepted by the Secretary for the 

7 benefit of such Fund or any activity financed 

8 through such Fund. 

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

10 in the Trust Fund shall be available, without further ap11 propriation, to finance clean energy projects (as defined 

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

13 2023) at the Federal, State, and local level, which may 

14 include— 

15 ‘‘(1) providing additional support to existing 

16 Federal financing programs available to States for 

17 energy efficiency upgrades and clean energy deploy18 ment, 

19 ‘‘(2) providing funding for clean energy invest20 ments by all Federal agencies, 

21 ‘‘(3) providing funding for electric grid en22 hancements and connections that enable clean en23 ergy deployment, 


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1 ‘‘(4) providing funding to renovate existing inef2 ficient buildings or building new energy efficient 

3 buildings, 

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

5 clean energy technologies, 

6 ‘‘(6) providing funding for new innovation re7 search, including ARPA–E, public competitions simi8 lar to those designed by the X Prize Foundation, 

9 grants provided through the Office of Energy Effi10 ciency and Renewable Energy of the Department of 

11 Energy, or other mechanisms to fund revolutionary 

12 clean energy technology, 

13 ‘‘(7) providing additional support to existing 

14 Federal, State, and local grant programs that fi15 nance clean energy projects, and 

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

17 infrastructure and manufacturing. 

18 ‘‘(d) PROJECT PRIORITY.— 

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

20 that not less than 40 percent of the amounts ex21 pended under subsection (c) in each year are ex22 pended for clean energy projects which are located 

23 in and reduce energy rates in disadvantaged and vul24 nerable communities. 


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1 ‘‘(2) DISADVANTAGED AND VULNERABLE COM2 MUNITIES.—For purposes of paragraph (1), the 

3 term ‘disadvantaged and vulnerable communities’ 

4 means communities— 

5 ‘‘(A) which bear disproportionate burdens 

6 of negative public health effects, environmental 

7 pollution, or impacts of climate change, 

8 ‘‘(B) have significant representation of 

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

10 and Indigenous members, or 

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

12 low- and moderate-income households as com13 pared to other communities, 

14 as determined by the Secretary.’’. 

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

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

17 by adding at the end the following new item: 

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

Æ 


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