I 
111TH CONGRESS 
1ST SESSION H. R. 1698 
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 
MARCH 24, 2009 
Mr. VAN
HOLLEN
(for himself, Mr. LOEBSACK, Ms. GIFFORDS, Mr. 
BLUMENAUER, and Ms. BORDALLO) introduced 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 provi-
sions 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.—The Secretary of 
the Treasury may issue additional 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 outstanding at any one time. 
‘‘(c) 
DENOMINATIONS
AND
MATURITY.—Green 
Bonds shall be in such forms and denominations, and shall 
mature within such periods, as determined by the Sec-
retary of the Treasury. 
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‘‘(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 2009’. 
‘‘(b) PURPOSES.—The purposes of this section are as 
follows: 
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‘‘(vi) fostering long-term domestic 
manufacturing capacity in the clean energy 
and energy efficiency industries; and 
‘‘(vii) complementing and supplement-
ing other clean energy and energy effi-
ciency legislation at the Federal or State 
level. 
‘‘(c) DEFINITIONS.—In this section: 
‘‘(1) CLEAN
ENERGY
PROJECT.—The term 
‘clean energy project’ means any electricity genera-
tion, transmission, storage, heating, cooling, indus-
trial process, or manufacturing project whose pri-
mary purpose is the deployment, development, or 
production of an energy system or technology that 
avoids, reduces, or sequesters air pollutants or an-
thropogenic greenhouse gases, including the fol-
lowing: 
‘‘(A) Solar. 
‘‘(B) Wind. 
‘‘(C) Geothermal. 
‘‘(D) Biomass. 
‘‘(E) Hydropower. 
‘‘(F) Ocean. 
‘‘(G) Fuel cell. 
‘‘(H) Advanced battery. 
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‘‘(I) Carbon capture and sequestration. 
‘‘(J) Next generation biofuels. 
‘‘(K) Nuclear. 
‘‘(2) 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. 
‘‘(3) 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 
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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. 
‘‘(4) 
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— 
‘‘(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. 
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‘‘(5) GREEN BOND.—The term ‘Green Bond’ 
means a bond issued pursuant to section 3102A of 
this title. 
‘‘(6) BANK.—The term ‘Bank’ means the Green 
Bank established under subsection (d). 
‘‘(7) BOARD.—The term ‘Board’ means the 
Board of Directors of the Bank. 
‘‘(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.— 
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‘‘(i) IN GENERAL.—The Bank shall be 
under the direction of a Board of Direc-
tors. 
‘‘(ii) MEMBERSHIP.—The Board shall 
consist of 8 members, as follows: 
‘‘(I) The Secretary of the Energy 
or his designee. 
‘‘(II) The Secretary of the Treas-
ury or his designee. 
‘‘(III) The Secretary of the Inte-
rior or his designee. 
‘‘(IV) The Secretary of Agri-
culture or his designee. 
‘‘(V) Four 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 electric utilities, and 1 
member with expertise regarding con-
sumer affairs. 
‘‘(iii) QUORUM.—5 members of the 
Board shall constitute a quorum. 
‘‘(iv) 
BYLAWS.—The 
Board 
shall 
adopt, and may amend, such bylaws as are 
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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. 
‘‘(viii) 
REAPPOINTMENT.—Members 
of the Board may be reappointed for addi-
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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 
‘‘(ii) shall at other times perform such 
functions as the Chief Executive Officer 
may prescribe. 
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‘‘(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. 
‘‘(B) HIRING.—Notwithstanding any oth-
erwise applicable Federal rules and regulations, 
the Bank may employ and otherwise contract 
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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; 
‘‘(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-
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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) GUARANTEED.—Loan guarantees provided 
by the Bank shall be guaranteed by the United 
States. 
‘‘(3) REQUIREMENTS.—The Bank may only 
provide financing support (including loans, loan 
guarantees, debt securitization, insurance, portfolio 
insurance, and other forms of financing support or 
risk management under paragraph (1)) if— 
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‘‘(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; and 
‘‘(iii) such financing support would 
stimulate, aid, or otherwise support domes-
tic manufacturing of finished products or 
component parts used in clean energy 
projects or energy efficiency projects. 
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‘‘(4) FINANCING ACTIVITIES.—The Bank may 
facilitate 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 de-
termines such financing activity is appropriate and 
consistent with carrying out the terms of this sec-
tion. 
‘‘(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.—The Bank shall assess reasonable 
fees on its activities, including loans, loan guaran-
tees, insurance, portfolio insurance, and other forms 
of financing support or risk management it provides 
so as to cover its reasonable costs and expenses, as 
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determined by the Board, provided the Bank oper-
ates as a not-for-profit entity. 
‘‘(7) 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). 
‘‘(8) 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 
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‘‘(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. 
‘‘(9) 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. 
‘‘(10) 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, 
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or proceeding from a State court to a United States 
district court or to the United States District Court 
for the District of Columbia. 
‘‘(11) 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-
suant to this section to report quarterly, in 
a format specified by the Chief Executive 
Officer, on such entity’s use of such sup-
port and its progress fulfilling the objec-
tives for which such support 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 
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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 
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 a loan, loan guarantee, in-
surance, portfolio insurance, or other 
forms of financing support or risk 
management under this section; 
‘‘(II) a description of each appli-
cation; 
‘‘(III) the status of each such ap-
plication; 
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‘‘(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 
‘‘(VII) such other information 
sufficient to allow the public to under-
stand and monitor loans, loan guaran-
tees, insurance, portfolio insurance, 
and other forms of financing support 
or risk management provided under 
this section; 
‘‘(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 
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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-
plicants and borrowers to protect confidential 
business information.’’. 
SEC. 3. CONFORMING AMENDMENTS. 
(a) TAX EXEMPT STATUS.—Subsection (l) of section 
501 of the Internal Revenue Code of 1986 is amended by 
adding at the end the following: 
‘‘(4) The Green Bank established under 
section 9801 of title 31, United States Code.’’. 
(b) WHOLLY
OWNED
GOVERNMENT
CORPORA-
TION.—Paragraph (3) of section 9101 of title 31, United 
States Code, is amended by adding at the end the fol-
lowing: 
‘‘(S) the Green Bank.’’. 
(c) CLERICAL AMENDMENTS.— 
(1) The table of sections for chapter 31 of title 
31, United States Code, is amended by inserting 
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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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