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. 
‘‘(3) 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-
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fication or law of any State relating to incorpo-
ration. 
‘‘(4) TAXATION.— 
‘‘(A) IN
GENERAL.—Subject to subpara-
graph (B), the Bank (including its activities, 
capital, reserves, surplus and income) shall be 
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. 
‘‘(5) POWER TO REMOVE; JURISDICTION.—Not-
withstanding any other provision of law, any civil ac-
tion, 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. 
‘‘(6) SPENDING SAFEGUARDS.— 
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‘‘(A) IN GENERAL.—The Chief Executive 
Officer of the Bank— 
‘‘(i) shall require any Eligible Clean 
Energy Financing Institution receiving fi-
nancial support pursuant to this section to 
report quarterly, in a format specified by 
the Chief Executive Officer, on such enti-
ty’s use of such support and its progress 
fulfilling the objectives for which such sup-
port was granted, and the Chief Executive 
Officer shall make these reports available 
to the public; 
‘‘(ii) may establish additional report-
ing and information requirements for any 
recipient of financing support made avail-
able pursuant to this section; 
‘‘(iii) shall establish appropriate mech-
anisms to ensure appropriate use and com-
pliance with all terms of any financing 
support made available pursuant to this 
section; 
‘‘(iv) may, in addition to and con-
sistent with any other authority under ap-
plicable law, deobligate financing support 
made available pursuant to this section to 
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entities that demonstrate an insufficient 
level of performance, or wasteful or fraud-
ulent spending, as defined in advance by 
the Chief Executive Officer, and award 
these funds competitively to new or exist-
ing applicants consistent with this section; 
‘‘(v) shall create and maintain a fully 
searchable database, accessible on the 
Internet (or successor protocol) at no cost 
to the public, that contains at least— 
‘‘(I) a list of each entity that has 
applied for loans, loan guarantees or 
credit buy downs under this section; 
‘‘(II) a description of each appli-
cation; 
‘‘(III) the status of each such ap-
plication; 
‘‘(IV) the name of each entity re-
ceiving funds made available pursuant 
to this section; 
‘‘(V) the purpose for which such 
entity is receiving such funds; 
‘‘(VI) each quarterly report sub-
mitted by the entity pursuant to this 
section; and 
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‘‘(VII) information related to 
Qualifying Clean Energy Projects and 
Qualifying Energy Efficiency Projects 
funded by Eligible Clean Energy Fi-
nancing Institutions using funding re-
ceived from the Bank; 
‘‘(vi) to the extent practicable, data 
maintained under clause (v) shall be used 
to inform private capital markets, includ-
ing the development of underwriting stand-
ards for the financing of clean energy 
projects and energy efficiency projects; 
‘‘(vii) shall make all financing trans-
actions available for public inspection, in-
cluding formal annual reviews by both a 
private auditor and the Comptroller Gen-
eral; and 
‘‘(viii) shall at all times be available to 
receive public comment in writing on the 
activities of the Bank. 
‘‘(B) 
PROTECTION
OF
CONFIDENTIAL 
BUSINESS INFORMATION.—To the extent nec-
essary and appropriate, the Chief Executive Of-
ficer may redact any information regarding ap-
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plicants and borrowers to protect confidential 
business information. 
‘‘(7) GUARANTEE.—Except as provided in sec-
tion 3102A(e) with respect to Green Bonds, finan-
cial support provided by the Bank shall not be fully 
and unconditionally guaranteed by the United 
States. 
‘‘(h) NEW BANK DIVISION.— 
‘‘(1) IN GENERAL.—The Bank shall establish a 
New Bank Division to provide technical assistance to 
States, group of States, the District of Columbia, 
territories of the United States, or Eligible State Po-
litical Subdivisions seeking to establish green banks. 
‘‘(2) AUTHORIZATION
OF
APPROPRIATIONS.— 
There are authorized to be appropriated to the New 
Bank Division such sums as are necessary to carry 
out this subsection.’’. 
SEC. 3. CONFORMING AMENDMENTS. 
(a) TAX EXEMPT STATUS.—Section 501(l) of the In-
ternal Revenue Code of 1986 is amended by adding at the 
end the following: 
‘‘(5) The Green Bank established under section 
9801 of title 31, United States Code.’’. 
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(b) WHOLLY
OWNED
GOVERNMENT
CORPORA-
TION.—Section 9101(3) of title 31, United States Code, 
is amended by adding at the end the following: 
‘‘(Q) the Green Bank.’’. 
(c) CLERICAL AMENDMENTS.— 
(1) The table of sections for chapter 31 of title 
31, United States Code, is amended by inserting 
after the item relating to section 3102 the following 
new item: 
‘‘3102A. Green Bonds.’’. 
(2) The table of chapters for subtitle VI of title 
31, United States Code, is amended by adding at 
the end the following new item: 
‘‘98. Green Bank ................................................................................ 9801’’. 
Æ 
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