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 addi-
tion 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. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
This Act may be cited as the ‘‘Clean Energy Victory 
Bond Act of 2018’’. 
SEC. 2. FINDINGS. 
Congress finds the following: 
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(1) There is enormous potential for increasing 
renewable energy production and energy efficiency 
installation in the United States. 
(2) In order to expand renewable energy and 
energy efficiency technologies in the United States, 
and maintain United States leadership, the United 
States must invest in research and development of 
these technologies. The Office of Energy Efficiency 
and Renewable Energy of the Department of Energy 
(EERE) estimates that taxpayer investment of $12 
billion into EERE research and development port-
folio has already yielded an estimated net economic 
benefit to the United States of more than $230 bil-
lion, with an overall annual return on investment of 
more than 20 percent. 
(3) Other nations, including China and Ger-
many are ahead of the United States in manufac-
turing and deploying various clean energy tech-
nologies, even though the United States invented 
many of these technologies. 
(4) Investments in renewable energy and energy 
efficiency projects in the United States create green 
jobs for United States citizens across the United 
States. Hundreds of thousands of jobs could be cre-
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ated through expanded government support for clean 
energy and energy efficiency. 
(5) As Americans choose energy efficiency and 
clean energy and transportation, it reduces our de-
pendence on foreign oil and improves our energy se-
curity. 
(6) Bonds are a low-cost method for encour-
aging clean energy, not requiring direct budget allo-
cations or expenditures. The projects supported 
through Clean Energy Victory Bonds will create jobs 
and business revenues that will increase Federal tax 
revenues, while simultaneously reducing health and 
environmental costs incurred by the Federal Govern-
ment nationwide. 
(7) In World War II, over 80 percent of Amer-
ican households purchased Victory Bonds to support 
the war effort, raising over $185 billion, or over $2 
trillion in today’s dollars. 
SEC. 3. CLEAN ENERGY VICTORY BONDS. 
(a) INITIAL CAPITALIZATION.—The Secretary of the 
Treasury shall issue Clean Energy Victory Bonds in an 
amount not to exceed $7,500,000,000 on the credit of the 
United States for purposes of raising revenue for transfer 
to the Clean Energy Victory Bonds Trust Fund under sec-
tion 9512(b) of the Internal Revenue Code of 1986. 
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(b) DENOMINATIONS AND MATURITY.—Clean Energy 
Victory Bonds shall be in the form of United States Sav-
ings Bonds of Series EE or as administered by the Bureau 
of the Public Debt of the Department of the Treasury in 
denominations of $25, and shall mature within such peri-
ods as determined by the Secretary of the Treasury. 
(c) INTEREST.—Clean Energy Victory Bonds shall 
bear interest at the rate the Secretary of the Treasury 
sets for Savings Bonds of Series EE and Series I, plus 
a rate of return determined by the Secretary of the Treas-
ury which is based on the economic benefit generated for 
the United States from the research and development 
portfolio of the Office of Energy Efficiency and Renewable 
Energy of the Department of Energy. 
(d) PROMOTION.— 
(1) IN GENERAL.—The Secretary of the Treas-
ury shall take such actions, independently and in 
conjunction with financial institutions offering Clean 
Energy Victory Bonds, to promote the purchase of 
Clean Energy Victory Bonds, including campaigns 
describing the financial and social benefits of pur-
chasing Clean Energy Victory Bonds. 
(2) 
PROMOTIONAL
ACTIVITIES.—Such 
pro-
motional activities may include advertisements, pam-
phlets, or other promotional materials— 
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(A) in periodicals; 
(B) on billboards and other outdoor 
venues; 
(C) on television; 
(D) on radio; 
(E) on the Internet; 
(F) within financial institutions that offer 
Clean Energy Victory Bonds; or 
(G) any other venues or outlets the Sec-
retary of the Treasury may identify. 
(3) LIMITATION.—There are authorized to be 
appropriated for such promotional activities not 
more than— 
(A) $10,000,000 in the first year after the 
date of the enactment of this Act; and 
(B) $2,000,000 in each year thereafter. 
(e) FUTURE CAPITALIZATION.— 
(1) IN GENERAL.—After the initial capitaliza-
tion limit is reached under subsection (a), the Sec-
retary of the Treasury may issue additional Clean 
Energy Victory Bonds on the credit of the United 
States. 
(2) SINGLE ISSUE LIMITATION.—No such addi-
tional issue may exceed $7,500,000,000. 
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(3) AGGREGATE LIMITATIONS.—The aggregate 
of any such additional issues during the 4-year pe-
riod beginning on the day after the initial capitaliza-
tion limit is reached under subsection (a) may not 
exceed $50,000,000,000. The aggregate of any such 
additional issues after the expiration of such 4-year 
period may not exceed $50,000,000,000. 
(f) LAWFUL INVESTMENTS.—Clean Energy Victory 
Bonds shall be lawful investments, and may be accepted 
as security for all fiduciary, trust, and public funds, the 
investment or deposit of which shall be under the author-
ity or control of the United States or any officer or officers 
thereof. 
SEC. 4. CLEAN ENERGY VICTORY BONDS TRUST FUND. 
Chapter 98 of the Internal Revenue Code of 1986 is 
amended by adding at the end the following new section: 
‘‘SEC. 9512. CLEAN ENERGY VICTORY BONDS TRUST FUND. 
‘‘(a) CREATION OF TRUST FUND.—There is estab-
lished in the Treasury of the United States a trust fund 
to be known as the ‘Clean Energy Victory Bonds Trust 
Fund’, consisting of such amounts as may be apportioned 
or credited to such Trust Fund as provided in this section 
or section 9602(b). 
‘‘(b) TRANSFERS TO TRUST FUND.—There are here-
by appropriated to the Trust Fund amounts equivalent to 
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revenue from the issuance of Clean Energy Victory Bonds 
under section 101 of the Clean Energy Victory Bond Act 
of 2018. 
‘‘(c) EXPENDITURES FROM TRUST FUND.—Amounts 
in the Trust Fund shall be available, without further ap-
propriation, to carry out programs and other activities of 
the Office of Energy Efficiency and Renewable Energy of 
the Department of Energy.’’. 
Æ 
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