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 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. 
This Act may be cited as the ‘‘Clean Energy Victory 
Bond Act of 2019’’. 
SEC. 2. FINDINGS. 
Congress finds the following: 
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(1) Potential exists for increasing clean and re-
newable energy production and energy efficiency in-
stallation in the United States. 
(2) 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. 
(3) Climate change represents an existential 
threat to American safety, security, and the econ-
omy. Rapid and robust deployment of clean energy 
will reduce greenhouse gas emissions and mitigate 
the effects of climate change on American society. 
(4) Many segments of the American public 
want to take charge of efforts to combat the effects 
of climate change and practice responsible consumer 
behavior. 
(5) The Office of Energy Efficiency and Renew-
able Energy (EERE) of the Department of Energy 
(DOE) 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. 
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(6) Investments in renewable energy and energy 
efficiency projects in the United States create green 
jobs across the United States. New and innovative 
jobs could be created through expanded government 
support for clean energy and energy efficiency. 
(7) As Americans choose energy efficiency and 
clean energy and transportation, it reduces our de-
pendence on foreign oils and improves our energy se-
curity. 
(8) 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. 
(9) Bonds are voluntary measures that allow 
Americans to contribute financially at whatever 
means they have available to them. 
(10) 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. 
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SEC. 3. CLEAN ENERGY VICTORY BONDS. 
(a) ISSUANCE.—Not later than 6 months after the 
date of the enactment of this Act, the Secretary of the 
Treasury, in consultation with the Secretary of Energy 
and the Secretary of Defense, shall issue bonds to be 
known as ‘‘Clean Energy Victory Bonds’’, the proceeds 
from which shall be used to carry out the purposes de-
scribed in section 9512(c) of the Internal Revenue Code 
of 1986. 
(b) SAVINGS BOND.—Any Clean Energy Victory 
Bond issued under this section shall be issued by the Sec-
retary of the Treasury— 
(1) as a savings bond of Series EE, or as ad-
ministered by the Bureau of the Fiscal Service of 
the Department of the Treasury, in a manner con-
sistent with the provisions of section 3105 of title 
31, United States Code; and 
(2) in denominations of $25, and such other 
amounts as are determined appropriate by the Sec-
retary, and shall mature within such periods as de-
termined by the Secretary. 
(c) LIMITATION.—The aggregate face amount of the 
Clean Energy Victory Bonds issued annually under this 
section shall be not greater than $50,000,000,000. 
(d) INTEREST.—Clean Energy Victory Bonds shall 
bear interest at the rate the Secretary sets for Savings 
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Bonds of Series EE and Series I, plus a rate of return 
determined by the Secretary which is based on the valu-
ation of— 
(1) savings achieved through reduced energy 
spending by the Federal Government resulting from 
clean energy projects funded from the proceeds of 
such bonds; and 
(2) interest collected on loans financed or guar-
anteed from the proceeds of such bonds. 
(e) FULL FAITH AND CREDIT.—Payment of interest 
and principal with respect to any Clean Energy Victory 
Bond issued under this section shall be made from the 
general fund of the Treasury of the United States and 
shall be backed by the full faith and credit of the United 
States. 
(f) PROMOTION.— 
(1) IN
GENERAL.—The Secretary 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 purchasing Clean En-
ergy Victory Bonds. 
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(2) 
PROMOTIONAL
ACTIVITIES.—Such 
pro-
motional activities may include advertisements, pam-
phlets, or other promotional materials— 
(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 may identify. 
(g) DEFINITION.—For purposes of this section— 
(1) CLEAN
ENERGY
PROJECT.—The term 
‘‘clean energy project’’ means a technology that pro-
vides— 
(A) performance-based energy efficiency 
improvements; or 
(B) clean energy improvements, includ-
ing— 
(i) electricity generated from solar, 
wind, geothermal, small scale or micro hy-
dropower, and hydrokinetic energy sources; 
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(ii) fuel cells using non-fossil fuel 
sources; 
(iii) advanced storage technologies; 
(iv) next generation biofuels from sus-
tainable non-food feedstocks; and 
(v) electric vehicle infrastructure. 
(2) SECRETARY.—Any reference to the Sec-
retary of the Treasury shall include any delegate of 
the Secretary. 
SEC. 4. CLEAN ENERGY VICTORY BONDS TRUST FUND. 
(a) IN GENERAL.—Subchapter A of 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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‘‘(1) revenue from the issuance of Clean Energy 
Victory Bonds under section 3 of the Clean Energy 
Victory Bond Act of 2019; 
‘‘(2) any gifts of bequests made to the Trust 
Fund which are accepted by the Secretary for the 
benefit of such Fund or any activity financed 
through such Fund. 
‘‘(c) 
EXPENDITURES
FROM
TRUST
FUNDS.— 
Amounts in the Trust Fund shall be available, without 
further appropriation, to finance clean energy projects at 
the Federal, State, and local level, which may include— 
‘‘(1) providing additional support to existing 
Federal financing programs available to States for 
energy efficiency upgrades and clean energy deploy-
ment; 
‘‘(2) providing funding for clean energy invest-
ments by Federal agencies; 
‘‘(3) providing funding for electric grid en-
hancements and connections that enable clean en-
ergy deployment; 
‘‘(4) providing funding to renovate existing inef-
ficient buildings or building new energy efficient 
buildings; 
‘‘(5) providing tax incentives and tax credits for 
clean energy technologies; 
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‘‘(6) providing funding for new innovation re-
search, including ARPA–E, public competitions simi-
lar to those designed by the X Prize Foundation, the 
Office of Energy Efficiency and Renewable Energy 
at the Department of Energy, or other mechanisms 
to fund revolutionary clean energy technology; 
‘‘(7) providing additional support to existing 
Federal, State, and local grant programs that fi-
nance clean energy projects (as defined in section 
3(g) of the Clean Energy Victory Bond Act of 
2019); and 
‘‘(8) providing additional support for zero-emis-
sion vehicle infrastructure and manufacturing.’’. 
(b) CLERICAL AMENDMENT.—The table of sections 
for subchapter A of chapter 98 of such Code is amended 
by adding at the end the following new item: 
‘‘Sec. 9512. Clean Energy Victory Bonds Trust Fund.’’. 
Æ 
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