I 
113TH CONGRESS 
2D SESSION 
H. R. 4522 
To establish the Green Bank to assist in the financing of qualified clean 
energy projects and qualified energy efficiency projects. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 30, 2014 
Mr. VAN HOLLEN (for himself, Mr. BLUMENAUER, Ms. ESTY, Mr. HIMES, 
Mr. CONNOLLY, Ms. NORTON, Ms. SLAUGHTER, and Mr. LANGEVIN) in-
troduced the following bill; which was referred to the Committee on Ways 
and Means, and in addition to the Committee on Energy and Commerce, 
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 establish the Green Bank to assist in the financing of 
qualified clean energy projects and qualified energy effi-
ciency projects. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. CAPITALIZATION, METHOD OF CAPITAL STOCK 
PAYMENTS, ISSUANCE OF GREEN BONDS. 
Chapter 31 of title 31, United States Code, is amend-
ed by adding after section 3102 the following new section: 
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‘‘§ 3102A. Green Bonds 
‘‘(a) INITIAL CAPITALIZATION.—The Secretary of the 
Treasury shall issue bonds (in this section referred to as 
‘Green Bonds’) in the amount of $10,000,000,000 on the 
credit of the United States to acquire capital stock of the 
Green Bank (established under section 9801 of this title), 
of which not more than $200,000,000 shall be used for 
costs that the Green Bank incurs for its first year in order 
to provide loans, loan guarantees, debt securitization, in-
surance, portfolio insurance, and other forms of financing 
support or risk management for qualified clean energy 
projects and qualified energy efficiency projects (as such 
terms are defined under such section). Stock certificates 
evidencing ownership in the Green Bank shall be issued 
by the Green Bank to the Secretary of the Treasury, to 
the extent of payments made for the capital stock of the 
Green Bank. 
‘‘(b) FUTURE CAPITALIZATION.—Upon the request 
of the Bank, the Secretary of the Treasury shall issue ad-
ditional Green Bonds on the credit of the United States 
to acquire additional capital stock of the Green Bank in 
an aggregate amount not to exceed $50,000,000,000 out-
standing at any one time. 
‘‘(c) 
DENOMINATIONS
AND
MATURITY.—Green 
Bonds shall be in such forms and denominations, and shall 
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mature within such periods, as determined by the Sec-
retary of the Treasury. 
‘‘(d) INTEREST.—Green Bonds shall bear interest at 
a rate not less than the current average yield on out-
standing market obligations of the United States of com-
parable maturity during the month preceding the issuance 
of the obligation as determined by the Secretary of the 
Treasury. 
‘‘(e) GUARANTEED.—Green Bonds shall be fully and 
unconditionally guaranteed both as to interest and prin-
cipal by the United States, and such guaranty shall be 
expressed on the face of each bond. 
‘‘(f) LAWFUL INVESTMENTS.—Green 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 authority or control 
of the United States or any officer or officers thereof.’’. 
SEC. 2. GREEN BANK. 
Title 31, United States Code, is amended by adding 
the following new chapter at the end thereof: 
‘‘CHAPTER 98—GREEN BANK 
‘‘Sec. 
‘‘9801. Green Bank. 
‘‘§ 9801. Green Bank 
‘‘(a) SHORT TITLE.—This section may be cited as the 
‘Green Bank Act of 2014’. 
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‘‘(b) PURPOSES.—The purposes of this section are as 
follows: 
‘‘(1) To evaluate and coordinate financing for 
qualified clean energy projects and qualified energy 
efficiency projects. 
‘‘(2) To provide loans, loan guarantees, debt 
securitization, insurance, portfolio insurance, and 
other forms of financing support or risk manage-
ment to qualified clean energy projects and qualified 
energy efficiency projects. 
‘‘(3) To facilitate— 
‘‘(A) efficient tax equity markets for quali-
fied clean energy projects; and 
‘‘(B) the financing of long-term clean en-
ergy purchasing by governmental and non-gov-
ernmental not-for-profit entities. 
‘‘(4) To foster— 
‘‘(A) the development and consistent appli-
cation of transparent underwriting standards, 
standard contractual terms, and measurement 
and verification protocols for qualified clean en-
ergy projects and qualified energy efficiency 
projects; 
‘‘(B) the creation of performance data that 
enables effective underwriting, risk manage-
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ment, and pro forma modeling of financial per-
formance of qualified clean energy projects and 
qualified energy efficiency projects to support 
primary financing markets and stimulate devel-
opment of secondary investment markets for 
clean energy projects and energy efficiency 
projects; and 
‘‘(C) the level of financing support for 
qualified clean energy projects and qualified en-
ergy efficiency projects necessary to advance 
vital national objectives, including— 
‘‘(i) achieving energy independence 
from foreign energy sources; 
‘‘(ii) abating climate change by in-
creasing zero or low carbon electricity gen-
eration and transportation capabilities; 
‘‘(iii) realizing energy efficiency poten-
tial in existing infrastructure; 
‘‘(iv) easing the economic effects of 
transitioning from a carbon-based economy 
to a clean energy economy; 
‘‘(v) achieving job creation through 
the construction and operation of qualified 
clean energy projects and qualified energy 
efficiency projects; 
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‘‘(vi) fostering long-term domestic 
manufacturing capacity in the clean energy 
and energy efficiency industries; and 
‘‘(vii) 
complementing 
and 
supplementing other clean energy and en-
ergy efficiency legislation at the Federal or 
State level. 
‘‘(c) DEFINITIONS.—In this section: 
‘‘(1) BANK.—The term ‘Bank’ means the Green 
Bank established under subsection (d). 
‘‘(2) BOARD.—The term ‘Board’ means the 
Board of Directors of the Bank. 
‘‘(3) CLEAN
ENERGY
PROJECT.—The term 
‘clean energy project’ means any electricity genera-
tion, transmission, storage, heating, cooling, trans-
portation, distribution, industrial process, or manu-
facturing project whose primary purpose is the de-
ployment, development, or production of an energy 
system or technology that avoids, reduces, or seques-
ters air pollutants or anthropogenic greenhouse 
gases, including the following: 
‘‘(A) Solar. 
‘‘(B) Wind. 
‘‘(C) Geothermal. 
‘‘(D) Biomass. 
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‘‘(E) Hydropower. 
‘‘(F) Ocean and hydrokinetic. 
‘‘(G) Fuel cell. 
‘‘(H) Advanced battery. 
‘‘(I) Carbon capture and sequestration. 
‘‘(J) 
Next 
generation 
biofuels 
from 
nonfood feedstocks. 
‘‘(K) Alternative vehicle fuel infrastruc-
ture. 
‘‘(L) Nuclear. 
‘‘(4) ENERGY EFFICIENCY PROJECT.—The term 
‘energy efficiency project’ means any project, tech-
nology, function, or measure that results in the re-
duction of energy use required to achieve the same 
level of service or output prior to the application of 
such project, technology, function, or measure, or 
substantially reduces greenhouse gas emissions rel-
ative to emissions that would have occurred prior to 
the application of such project, technology, function, 
or measure. 
‘‘(5) GREEN BOND.—The term ‘Green Bond’ 
means a bond issued pursuant to section 3102A of 
this title. 
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‘‘(6) QUALIFIED
CLEAN
ENERGY
PROJECT.— 
The term ‘qualified clean energy project’ means a 
clean energy project that— 
‘‘(A) is carried out domestically within the 
territorial borders of the United States; 
‘‘(B) stays current on interest and debt 
payment obligations; 
‘‘(C) pays wages in accordance with sub-
chapter IV of chapter 31 of title 40, United 
States Code (commonly referred to as the 
Davis-Bacon Act); 
‘‘(D) if for nuclear power, is funded by the 
Bank only after all other existing Federal fi-
nancial support has been expended; and 
‘‘(E) satisfies any other conditions estab-
lished by the Bank and published in the Fed-
eral Register. 
‘‘(7) 
QUALIFIED
ENERGY
EFFICIENCY 
PROJECT.—The term ‘qualified energy efficiency 
project’ means an energy efficiency project, includ-
ing smart grid technologies and functions character-
ized in section 1301 of the Energy Independence 
and Security Act of 2007 and end-use technologies 
for efficiency gains in new construction and across 
existing infrastructure that— 
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‘‘(A) is carried out domestically within the 
territorial borders of the United States; 
‘‘(B) stays current on interest and debt 
payment obligations; 
‘‘(C) pays wages in accordance with sub-
chapter IV of chapter 31 of title 40, United 
States Code (commonly referred to as the 
Davis-Bacon Act); and 
‘‘(D) satisfies any other conditions estab-
lished by the Bank and published in the Fed-
eral Register. 
‘‘(8) STATE CLEAN ENERGY FINANCING INSTI-
TUTION.—The term ‘State clean energy financing in-
stitution’ means an independent entity, quasi-inde-
pendent entity, or an entity within a State agency or 
financing authority established by a State to— 
‘‘(A) provide low-cost or long-term financ-
ing support or credit enhancements, including 
loan guarantees and loan loss reserves, for 
qualified clean energy projects or qualified en-
ergy efficiency projects; and 
‘‘(B) create liquid markets for these 
projects 
including 
warehousing 
and 
securitization, or take other steps to reduce fi-
nancial barriers to the deployment of existing 
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and innovative clean energy and energy effi-
ciency projects. State clean energy financing in-
stitutions may enter into partnerships with pri-
vate entities. 
‘‘(d) GREEN BANK.— 
‘‘(1) ESTABLISHMENT
OF
CORPORATION.— 
There is established a corporation to be known as 
the Green Bank that shall be wholly owned by the 
United States. 
‘‘(2) INDEPENDENT CORPORATION.—The Bank 
shall be an independent corporation. Neither the 
Bank nor any of its functions, powers, or duties 
shall be transferred to or consolidated with any 
other department, agency, or corporation of the Gov-
ernment unless the Congress provides otherwise. 
‘‘(3) CHARTER.—The Bank shall be chartered 
for 20 years from the date of enactment of this sec-
tion. 
‘‘(4) GOVERNANCE.— 
‘‘(A) BOARD
OF
DIRECTORS
OF
THE 
BANK.— 
‘‘(i) IN GENERAL.—The Bank shall be 
under the direction of a Board of Direc-
tors. 
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‘‘(ii) MEMBERSHIP.—The Board shall 
consist of 11 members, as follows: 
‘‘(I) The Secretary of Energy or 
the Secretary’s designee. 
‘‘(II) The Secretary of the Treas-
ury or the Secretary’s designee. 
‘‘(III) The Secretary of the Inte-
rior or the Secretary’s designee. 
‘‘(IV) The Secretary of Agri-
culture or the Secretary’s designee. 
‘‘(V) The Secretary of Transpor-
tation or the Secretary’s designee. 
‘‘(VI) 6 members appointed by 
the President of the United States in-
cluding a Chief Executive Officer, 1 
member with expertise regarding re-
newable energy, 1 member with exper-
tise regarding energy efficiency, 1 
member with expertise regarding elec-
tric utilities, 1 member with expertise 
regarding consumer affairs, and 1 
member with expertise regarding sus-
tainable transportation. 
‘‘(iii) QUORUM.—6 members of the 
Board shall constitute a quorum. 
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‘‘(iv) 
BYLAWS.—The 
Board 
shall 
adopt, and may amend, such bylaws as are 
necessary for the proper management and 
functioning of the Bank, and shall, in such 
bylaws, designate the vice presidents and 
other officers of the Bank and prescribe 
their duties. 
‘‘(v) TERMS.—The initial terms of the 
members of the Board shall be 4 years. 
For terms beginning after the first 4 years 
following the date of the enactment of this 
section, the Board shall create staggered 
terms of 2, 3, and 4 years for members of 
the Board. 
‘‘(vi) VACANCIES.—Any vacancy on 
the Board shall be filled in the same man-
ner in which the original appointment was 
made. 
‘‘(vii) INTERIM APPOINTMENTS.—Any 
member appointed to fill a vacancy occur-
ring before the expiration of the term for 
which such member’s predecessor was ap-
pointed shall be appointed only for the re-
mainder of such term. 
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‘‘(viii) 
REAPPOINTMENT.—Members 
of the Board may be reappointed for addi-
tional terms of service as members of the 
Board. 
‘‘(ix) CONTINUATION
OF
SERVICE.— 
Any member of the Board whose term has 
expired may continue to serve on the 
Board until the earlier of— 
‘‘(I) the date on which such 
member’s successor is appointed; or 
‘‘(II) the end of the 6-month pe-
riod beginning on the date such mem-
ber’s term expires. 
‘‘(x) CHAIRMAN.—The Board shall se-
lect a Chairman from among its members. 
‘‘(B) EXECUTIVE VICE PRESIDENT.—The 
Chief Executive Officer shall appoint an Execu-
tive Vice President who— 
‘‘(i) shall serve as Chief Executive Of-
ficer of the Bank during the absence or 
disability of, or in the event of a vacancy 
in the office, of Chief Executive Officer; 
and 
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‘‘(ii) shall at other times perform such 
functions as the Chief Executive Officer 
may prescribe. 
‘‘(C) POLICIES AND PROCEDURES.—At the 
request of any 2 members of the Board, the 
Chairman shall place an item pertaining to the 
policies or procedures of the Bank on the agen-
da for discussion by the Board. Not later than 
30 days after the date such a request is made, 
the Chairman shall hold a meeting of the Board 
at which such item shall be discussed. 
‘‘(D) CONFLICTS OF INTEREST.—No direc-
tor, officer, attorney, agent, or employee of the 
Bank shall in any manner, directly or indi-
rectly, participate in the deliberation upon, or 
the determination of, any question affecting 
such individual’s personal interests, or the in-
terests of any corporation, partnership, or asso-
ciation in which such individual is directly or 
indirectly personally interested. 
‘‘(5) HIRING AND CONTRACTING AUTHORITY.— 
‘‘(A) CONTRACTING.—The Bank may em-
ploy or otherwise contract with banks, credit 
agencies, attorneys, and other third parties at 
customary commercial rates. 
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‘‘(B) HIRING.—Notwithstanding any oth-
erwise applicable Federal rules and regulations, 
the Bank may employ and otherwise contract 
with employees and provide compensation to 
such employees at prevailing rates for com-
pensation for similar positions in private indus-
try. 
‘‘(6) SUNSET.— 
‘‘(A) EXPIRATION
OF
CHARTER.—The 
Bank shall continue to exercise its functions 
until all obligations and commitments of the 
Bank are discharged, even after its charter has 
expired. 
‘‘(B) PRIOR OBLIGATIONS.—No provisions 
of this subsection shall be construed as pre-
venting the Bank from— 
‘‘(i) acquiring obligations prior to the 
date of the expiration of its charter which 
mature subsequent to such date; 
‘‘(ii) assuming, prior to the date of 
the expiration of its charter, liability as 
guarantor, endorser, or acceptor of obliga-
tions which mature subsequent to such 
date; 
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‘‘(iii) issuing, prior or subsequent to 
the date of the expiration of its charter, 
for purchase by the Secretary of the Treas-
ury or any other purchasers, its notes, de-
bentures, bonds, or other obligations which 
mature subsequent to such date; or 
‘‘(iv) continuing as a corporation and 
exercising any of its functions subsequent 
to the date of the expiration of its charter 
for purposes of orderly liquidation, includ-
ing the administration of its assets and the 
collection of any obligations held by the 
Bank. 
‘‘(e) LENDING, FINANCING, EXPENDITURES.— 
‘‘(1) IN GENERAL.—The Bank shall establish a 
program to provide on a competitive basis loans, 
loan guarantees, debt securitization, insurance, port-
folio insurance, and other forms of financing support 
or risk management, as the Bank determines appro-
priate, for any qualifying clean energy project or 
qualifying energy efficiency project. 
‘‘(2) REQUIREMENTS.—The Bank may only 
provide financing support (including loans, loan 
guarantees, debt securitization, insurance, portfolio 
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insurance, and other forms of financing support or 
risk management under paragraph (1)) if— 
‘‘(A) such support is commercially reason-
able and does not exceed 80 percent of the cap-
italization of the qualified clean energy project 
or qualified energy efficiency project; 
‘‘(B) is secured by the underlying project 
or such other collateral as the Chief Executive 
Officer of the Bank determines appropriate; 
and 
‘‘(C) in the judgment of the Chief Execu-
tive Officer— 
‘‘(i) the private credit market is not 
providing adequately low-priced financing 
to enable otherwise credit worthy entities 
to carry out qualified clean energy projects 
and qualified energy efficiency projects; 
‘‘(ii) such financing support would fa-
cilitate construction or expansion of a 
qualified clean energy project or qualified 
energy efficiency project at an accelerated 
rate; or 
‘‘(iii) such financing support would 
stimulate, aid, or otherwise support domes-
tic manufacturing of finished products or 
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component parts used in clean energy 
projects or energy efficiency projects. 
‘‘(3) STATE CLEAN ENERGY FINANCING INSTI-
TUTIONS.— 
‘‘(A) CO-FUNDING.—The Bank may co- 
fund a qualified clean energy project or quali-
fied energy efficiency project with a State clean 
energy financing institution. 
‘‘(B) ESTABLISHMENT.—The Bank may 
make up to $500,000,000 available through a 
low-interest loan for the establishment of a 
State clean energy financing institution if the 
clean energy financing institution— 
‘‘(i) provides at least an equal amount 
for establishing such institution; and 
‘‘(ii) uses funding from the Bank only 
for the purposes described in this section. 
‘‘(4) FINANCING ACTIVITIES.— 
‘‘(A) IN GENERAL.—The Bank may facili-
tate financing transactions in tax equity mar-
kets and long-term purchasing of clean energy 
by governmental and non-governmental not-for- 
profit entities, to the degree and extent that the 
Bank determines such financing activity is ap-
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propriate and consistent with carrying out the 
terms of this section. 
‘‘(B) SECURITIZATION.— 
‘‘(i) AUTHORITY.—The Bank may, 
upon such terms and conditions as the 
Bank considers appropriate, guarantee the 
timely payment of principal of and interest 
on securities that are— 
‘‘(I) issued by any issuer ap-
proved for the purposes of this sub-
paragraph by the Bank; and 
‘‘(II) based on and backed by a 
trust or pool composed of loans made 
pursuant to this section. 
‘‘(ii) FEES.—The Bank may collect 
from the issuer of a security guaranteed 
under this subparagraph a reasonable fee 
for the guarantee under this subparagraph. 
‘‘(iii) PAYMENTS.—If an issuer fails 
to make any payment of principal of or in-
terest on any security guaranteed under 
this subparagraph, the Bank shall make 
such payment as and when due, and upon 
such payment shall be subrogated fully to 
the rights satisfied by such payment. 
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‘‘(iv) DEFAULT.—The Bank may, in 
connection with any guaranty under this 
subparagraph, whether before or after any 
default, provide by contract with the issuer 
for the extinguishment, upon default by 
the issuer, of any redemption, equitable, 
legal, or other right, title, or interest of the 
issuer in any loan or loans constituting the 
trust or pool against which the guaranteed 
securities are issued, and with respect to 
any issue of guaranteed securities, in the 
event of default and pursuant otherwise to 
the terms of the contract, the loans that 
constitute such trust or pool shall become 
the absolute property of the Bank subject 
only to the unsatisfied rights of the holders 
of the securities based on and backed by 
such trust or pool. 
‘‘(v) EFFECT OF OTHER LAWS.—No 
State or local law, and no Federal law (ex-
cept Federal law enacted expressly in limi-
tation of this subparagraph after the effec-
tive date of this subparagraph), shall pre-
clude or limit the exercise by the Bank 
of— 
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‘‘(I) its power to contract with 
the issuer on the terms stated in 
clause (iv); 
‘‘(II) its rights to enforce any 
such contract with the issuer; or 
‘‘(III) its ownership rights, as 
provided in clause (iv), in the loans 
constituting the trust or pool against 
which the guaranteed securities are 
issued. 
‘‘(5) TRUSTS.—The Bank is authorized to cre-
ate, accept, execute, and otherwise administer in all 
respects trusts, receiverships, conservatorships, liqui-
dating or other agencies, or other fiduciary and rep-
resentative undertakings and activities, as appro-
priate for financing purposes. Instruments issued by 
the Bank pursuant to this section are, to the same 
extent as securities which are direct obligations of or 
obligations guaranteed as to principal or interest by 
the United States, exempt securities within the 
meaning of laws administered by the Securities and 
Exchange Commission. 
‘‘(6) FEES.—In addition to fees authorized 
under paragraph (4)(B)(ii), the Bank shall assess 
reasonable fees on its activities, including loans, loan 
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guarantees, insurance, portfolio insurance, and other 
forms of financing support or risk management it 
provides so as to cover its reasonable costs and ex-
penses, consistent with the Federal Credit Reform 
Act of 1990 (2 U.S.C. 661 et seq.), provided the 
Bank operates as a not-for-profit entity. 
‘‘(7) APPROPRIATIONS AND RETENTION OF RE-
CEIPTS.—For purposes of the Federal Credit Re-
form Act, funds made available to the Green Bank 
pursuant to section 3102A for carrying out this sec-
tion are appropriated to the Green Bank for the 
purposes described in the section. Receipts collected 
by the Green Bank, consistent with the Federal 
Credit Reform Act, shall be considered to have been 
provided in advance in an appropriations act, and 
shall remain available to the Green Bank until ex-
pended. 
‘‘(8) ENVIRONMENTAL REVIEW.—In providing 
any financing support under this section, the Bank 
may, with the concurrence of the Council on Envi-
ronmental Quality, adopt by reference and rely on 
any applicable categorical exclusion or environmental 
review promulgated by any other Federal Agency 
pursuant to the National Environmental Policy Act 
of 1969 (Public Law 91–190). 
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‘‘(9) IMMUNITY
FROM
IMPAIRMENT, LIMITA-
TION, OR RESTRICTION.— 
‘‘(A) IN GENERAL.—All rights and rem-
edies of the Bank shall be immune from impair-
ment, limitation, or restrictions by or under— 
‘‘(i) any law (other than a law enacted 
by Congress expressly in limitation of this 
paragraph) that becomes effective after the 
acquisition by the Bank of the subject or 
property on, under, or with respect to 
which the right or remedy arises or exists 
or would so arise or exist in the absence of 
the law; or 
‘‘(ii) any administrative or other ac-
tion that becomes effective after the acqui-
sition. 
‘‘(B) STATE LAW.—The Bank may con-
duct its business without regard to any quali-
fication or law of any State relating to incorpo-
ration. 
‘‘(10) TAXATION.— 
‘‘(A) IN
GENERAL.—Subject to subpara-
graph (B), the Bank (including its activities, 
capital, reserves, surplus and income) shall be 
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exempt from all taxation imposed by any State 
or local political subdivision of a State. 
‘‘(B) REAL PROPERTY.—Any real property 
of the Bank shall be subject to taxation by a 
State or political subdivision of a State to the 
same extent according to the value of the real 
property as other real property is taxed. 
‘‘(11) POWER
TO
REMOVE; JURISDICTION.— 
Notwithstanding any other provision of law, any civil 
action, suit, or proceeding to which the Bank is a 
party shall be deemed to arise under the laws of the 
United States, and the United States district courts 
shall have original jurisdiction. The Bank may, with-
out bond or security, remove any such action, suit, 
or proceeding from a State court to a United States 
district court or to the United States District Court 
for the District of Columbia. 
‘‘(12) SPENDING SAFEGUARDS.— 
‘‘(A) IN GENERAL.—The Chief Executive 
Officer of the Bank— 
‘‘(i) shall require any entity receiving 
financing support (including a loan, loan 
guarantee, debt securitization, insurance, 
portfolio insurance, and other forms of fi-
nancing support or risk management) pur-
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