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planning organization, or nonprofit organization seeking 
financing for the acquisition of zero-emissions vehicle 
fleets or associated infrastructure to support zero-emis-
sions vehicle fleets. 
‘‘SEC. 1627. PROJECT PRIORITIZATION AND REQUIRE-
MENTS. 
‘‘(a) EMISSIONS REDUCTION MANDATE.—In invest-
ing in projects that mitigate greenhouse gas emissions, the 
Accelerator shall maximize the reduction of emissions in 
the United States for every dollar deployed by the Accel-
erator. 
‘‘(b) ENVIRONMENTAL JUSTICE PRIORITIZATION.— 
‘‘(1) IN GENERAL.—In order to address envi-
ronmental justice needs, the Accelerator shall, as ap-
plicable, prioritize the provision of program benefits 
and investment activity that are expected to directly 
or indirectly result in the deployment of projects to 
serve, as a matter of official policy, climate-impacted 
communities. 
‘‘(2) MINIMUM PERCENTAGE.—The Accelerator 
shall ensure that over the 30-year period of its char-
ter 20 percent of its investment activity is directed 
to serve climate-impacted communities. 
‘‘(c) CONSUMER PROTECTION.— 
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‘‘(1) PRIORITIZATION.—Consistent with man-
date under section 1623 to maximize the reduction 
of emissions in the United States for every dollar de-
ployed by the Accelerator, the Accelerator shall 
prioritize qualified projects according to benefits 
conferred on consumers and affected communities. 
‘‘(2) CONSUMER
CREDIT
PROTECTION.—The 
Accelerator shall ensure that any residential energy 
efficiency or distributed clean energy project in 
which the Accelerator invests directly or indirectly 
complies with the requirements of the Consumer 
Credit Protection Act (15 U.S.C. 1601 et seq.), in-
cluding, in the case of a financial product that is a 
residential mortgage loan, any requirements of title 
I of that Act relating to residential mortgage loans 
(including any regulations promulgated by the Bu-
reau of Consumer Financial Protection under sec-
tion 
129C(b)(3)(C) 
of 
that 
Act 
(15 
U.S.C. 
1639c(b)(3)(C))). 
‘‘(d) LABOR.— 
‘‘(1) IN GENERAL.—The Accelerator shall en-
sure that laborers and mechanics employed by con-
tractors and subcontractors in construction work fi-
nanced directly by the Accelerator will be paid wages 
not less than those prevailing on similar construction 
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in the locality, as determined by the Secretary of 
Labor under sections 3141 through 3144, 3146, and 
3147 of title 40, United States Code. 
‘‘(2) PROJECT LABOR AGREEMENT.—The Accel-
erator shall ensure that projects financed directly by 
the 
Accelerator 
with 
total 
capital 
costs 
of 
$100,000,000 or greater utilize a project labor 
agreement. 
‘‘SEC. 1628. BOARD OF DIRECTORS. 
‘‘(a) IN GENERAL.—The Accelerator shall operate 
under the direction of a Board of Directors, which shall 
be composed of seven members. 
‘‘(b) INITIAL COMPOSITION AND TERMS.— 
‘‘(1) SELECTION.—The initial members of the 
Board shall be selected as follows: 
‘‘(A) APPOINTED MEMBERS.—Three mem-
bers shall be appointed by the President, with 
the advice and consent of the Senate, of whom 
no more than two shall belong to the same po-
litical party. 
‘‘(B) ELECTED MEMBERS.—Four members 
shall be elected unanimously by the three mem-
bers appointed and confirmed pursuant to sub-
paragraph (A). 
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‘‘(2) TERMS.—The terms of the initial members 
of the Board shall be as follows: 
‘‘(A) The three members appointed and 
confirmed under paragraph (1)(A) shall have 
initial 5-year terms. 
‘‘(B) Of the four members elected under 
paragraph (1)(B), two shall have initial 3-year 
terms, and two shall have initial 4-year terms. 
‘‘(c) SUBSEQUENT COMPOSITION AND TERMS.— 
‘‘(1) SELECTION.—Except for the selection of 
the initial members of the Board for their initial 
terms under subsection (b), the members of the 
Board shall be elected by the members of the Board. 
‘‘(2) DISQUALIFICATION.—A member of the 
Board shall be disqualified from voting for any posi-
tion on the Board for which such member is a can-
didate. 
‘‘(3) TERMS.—All members elected pursuant to 
paragraph (1) shall have a term of 5 years. 
‘‘(d) QUALIFICATIONS.—The members of the Board 
shall collectively have expertise in— 
‘‘(1) the fields of clean energy, electric utilities, 
industrial decarbonization, clean transportation, re-
siliency, and agriculture and forestry practices; 
‘‘(2) climate change science; 
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‘‘(3) finance and investments; and 
‘‘(4) environmental justice and matters related 
to the energy and environmental needs of climate- 
impacted communities. 
‘‘(e) RESTRICTION ON MEMBERSHIP.—No officer or 
employee of the Federal or any other level of government 
may be appointed or elected as a member of the Board. 
‘‘(f) QUORUM.—Five members of the Board shall 
constitute a quorum. 
‘‘(g) BYLAWS.— 
‘‘(1) IN GENERAL.—The Board shall adopt, and 
may amend, such bylaws as are necessary for the 
proper management and functioning of the Accel-
erator. 
‘‘(2) OFFICERS.—In the bylaws described in 
paragraph (1), the Board shall— 
‘‘(A) designate the officers of the Accel-
erator; and 
‘‘(B) prescribe the duties of those officers. 
‘‘(h) VACANCIES.—Any vacancy on the Board shall 
be filled through election by the Board. 
‘‘(i) INTERIM APPOINTMENTS.—A member elected to 
fill a vacancy occurring before the expiration of the term 
for which the predecessor of that member was appointed 
or elected shall serve for the remainder of the term for 
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which the predecessor of that member was appointed or 
elected. 
‘‘(j) REAPPOINTMENT.—A member of the Board may 
be elected for not more than one additional term of service 
as a member of the Board. 
‘‘(k) CONTINUATION OF SERVICE.—A member of the 
Board whose term has expired may continue to serve on 
the Board until the date on which a successor member 
is elected. 
‘‘(l) CHIEF EXECUTIVE OFFICER.—The Board shall 
appoint a chief executive officer who shall be responsible 
for— 
‘‘(1) hiring employees of the Accelerator; 
‘‘(2) establishing the two divisions of the Accel-
erator described in sections 1624 and 1625; and 
‘‘(3) performing any other tasks necessary for 
the day-to-day operations of the Accelerator. 
‘‘(m) ADVISORY COMMITTEE.— 
‘‘(1) ESTABLISHMENT.—The Accelerator shall 
establish an advisory committee (in this subsection 
referred to as the ‘advisory committee’), which shall 
be composed of not more than 13 members ap-
pointed by the Board on the recommendation of the 
president of the Accelerator. 
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‘‘(2) MEMBERS.—Members of the advisory com-
mittee shall be broadly representative of interests 
concerned with the environment, production, com-
merce, finance, agriculture, forestry, labor, services, 
and State Government. Of such members— 
‘‘(A) not fewer than three shall be rep-
resentatives of the small business community; 
‘‘(B) not fewer than two shall be rep-
resentatives of the labor community, except that 
no two members may be from the same labor 
union; 
‘‘(C) not fewer than two shall be represent-
atives of the environmental nongovernmental 
organization community, except that no two 
members may be from the same environmental 
organization; 
‘‘(D) not fewer than two shall be rep-
resentatives of the environmental justice non-
governmental organization community, except 
that no two members may be from the same en-
vironmental organization; 
‘‘(E) not fewer than two shall be rep-
resentatives of the consumer protection and fair 
lending community, except that no two mem-
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bers may be from the same consumer protection 
or fair lending organization; and 
‘‘(F) not fewer than two shall be represent-
atives of the financial services industry with 
knowledge of and experience in financing trans-
actions for clean energy and other sustainable 
infrastructure assets. 
‘‘(3) MEETINGS.—The advisory committee shall 
meet not less frequently than once each quarter. 
‘‘(4) DUTIES.—The advisory committee shall— 
‘‘(A) advise the Accelerator on the pro-
grams undertaken by the Accelerator; and 
‘‘(B) submit to the Congress an annual re-
port with comments from the advisory com-
mittee on the extent to which the Accelerator is 
meeting the mandate described in section 1623, 
including any suggestions for improvement. 
‘‘(n) CHIEF RISK OFFICER.— 
‘‘(1) APPOINTMENT.—Subject to the approval 
of the Board, the chief executive officer shall appoint 
a chief risk officer from among individuals with ex-
perience at a senior level in financial risk manage-
ment, who— 
‘‘(A) shall report directly to the Board; 
and 
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‘‘(B) shall be removable only by a majority 
vote of the Board. 
‘‘(2) DUTIES.—The chief risk officer, in coordi-
nation with the risk management and audit commit-
tees established under section 1631, shall develop, 
implement, and manage a comprehensive process for 
identifying, assessing, monitoring, and limiting risks 
to the Accelerator, including the overall portfolio di-
versification of the Accelerator. 
‘‘SEC. 1629. ADMINISTRATION. 
‘‘(a) CAPITALIZATION.— 
‘‘(1) IN GENERAL.—To the extent and in the 
amounts provided in advance in appropriations Acts, 
the Secretary of Energy shall transfer to the Accel-
erator— 
‘‘(A) $10,000,000,000 on the date on 
which the Accelerator is established under sec-
tion 1622; and 
‘‘(B) $2,000,000,000 on October 1 of each 
of the 5 fiscal years following that date. 
‘‘(2) AUTHORIZATION
OF
APPROPRIATIONS.— 
For purposes of the transfers under paragraph (1), 
there are authorized to be appropriated— 
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‘‘(A) $10,000,000,000 for the fiscal year in 
which the Accelerator is established under sec-
tion 1622; and 
‘‘(B) $2,000,000,000 for each of the 5 suc-
ceeding fiscal years. 
‘‘(b) CHARTER.—The Accelerator shall establish a 
charter, the term of which shall be 30 years. 
‘‘(c) OPERATIONAL FUNDS.—To sustain operations, 
the Accelerator shall manage revenue from financing fees, 
interest, repaid loans, and other types of funding. 
‘‘(d) REPORT.—The Accelerator shall submit on a 
quarterly basis to the relevant committees of Congress a 
report that describes the financial activities, emissions re-
ductions, and private capital mobilization metrics of the 
Accelerator for the previous quarter. 
‘‘(e) RESTRICTION.—The Accelerator shall not accept 
deposits. 
‘‘(f) COMMITTEES.—The Board shall establish com-
mittees and subcommittees, including— 
‘‘(1) an investment committee; and 
‘‘(2) in accordance with section 1630— 
‘‘(A) a risk management committee; and 
‘‘(B) an audit committee. 
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‘‘SEC. 1630. ESTABLISHMENT OF RISK MANAGEMENT COM-
MITTEE AND AUDIT COMMITTEE. 
‘‘(a) IN GENERAL.—To assist the Board in fulfilling 
the duties and responsibilities of the Board under this sub-
title, the Board shall establish a risk management com-
mittee and an audit committee. 
‘‘(b) DUTIES AND RESPONSIBILITIES OF RISK MAN-
AGEMENT COMMITTEE.—Subject to the direction of the 
Board, the risk management committee established under 
subsection (a) shall establish policies for and have over-
sight responsibility for— 
‘‘(1) formulating the risk management policies 
of the operations of the Accelerator; 
‘‘(2) reviewing and providing guidance on oper-
ation of the global risk management framework of 
the Accelerator; 
‘‘(3) developing policies for— 
‘‘(A) investment; 
‘‘(B) enterprise risk management; 
‘‘(C) monitoring; and 
‘‘(D) 
management 
of 
strategic, 
reputational, regulatory, operational, develop-
mental, environmental, social, and financial 
risks; and 
‘‘(4) developing the risk profile of the Accel-
erator, including— 
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section, including in the determination of the 
amount of compensation with respect to each cat-
egory of employees or other personnel. 
‘‘(7) EXPERTS AND CONSULTANTS.— 
‘‘(A) IN
GENERAL.—Subject to subpara-
graph (B), the Chairman may— 
‘‘(i) obtain the services of experts and 
consultants in accordance with section 
3109 of title 5, United States Code; 
‘‘(ii) compensate those experts and 
consultants for each day (including travel 
time) at rates not in excess of the rate of 
pay for level IV of the Executive Schedule 
under section 5315 of that title; and 
‘‘(iii) pay to the experts and consult-
ants serving away from the homes or reg-
ular places of business of the experts and 
consultants travel expenses and per diem 
in lieu of subsistence at rates authorized 
by sections 5702 and 5703 of that title for 
persons in Government service employed 
intermittently. 
‘‘(B) 
LIMITATIONS.—The 
Chairman 
shall— 
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