I 
119TH CONGRESS 
1ST SESSION H. R. 2946 
To direct the Secretary of the Treasury to issue Clean Energy Victory 
Bonds. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 17, 2025 
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 direct the Secretary of the Treasury to issue Clean 
Energy Victory Bonds. 
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 2025’’. 
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 many of these technologies 
were invented in the United States. 
(3) Climate change represents an existential 
threat to the safety, security, and economy of the 
United States. Rapid and robust deployment of 
clean energy will reduce greenhouse gas emissions 
and mitigate the effects of climate change on Amer-
ican 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 of the Department of Energy (referred 
to in this section as the ‘‘EERE’’) estimates that 
taxpayer investment of $12,000,000,000 into the 
EERE research and development portfolio has al-
ready yielded an estimated net economic benefit to 
the United States of more than $230,000,000,000, 
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with an overall annual return on investment of more 
than 20 percent. 
(6) Investments in renewable energy and energy 
efficiency projects in the United States create green 
jobs throughout the Nation. New and innovative jobs 
could be created through expanded government sup-
port for clean energy and energy efficiency. 
(7) As Americans choose energy efficiency and 
clean energy and transportation, it reduces our de-
pendence on foreign oil and improves our energy se-
curity. 
(8) Bonds are a low-cost method for encour-
aging clean energy, as they do not require direct 
budget allocations or expenditures. The projects sup-
ported through Clean Energy Victory Bonds will cre-
ate jobs and business revenues that will increase 
Federal tax revenues, while simultaneously reducing 
nationwide health and environmental costs incurred 
by the Federal Government. 
(9) Bonds are voluntary measures that allow 
Americans to contribute financially in whatever 
amount is available to them. 
(10) During World War II, over 80 percent of 
American households purchased Victory Bonds to 
support 
the 
war 
effort, 
raising 
over 
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$185,000,000,000, or over $2,000,000,000,000 in 
today’s dollars. 
SEC. 3. DEFINITIONS. 
For purposes of this Act: 
(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 hydropower, 
and hydrokinetic energy sources; 
(ii) fuel cells using non-fossil fuel 
sources; 
(iii) advanced storage technologies; 
and 
(iv) electric vehicle infrastructure. 
(2) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of the Treasury or the Secretary’s del-
egate. 
SEC. 4. CLEAN ENERGY VICTORY BONDS. 
(a) IN GENERAL.—Not later than 6 months after the 
date of the enactment of this Act, the Secretary, in con-
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sultation with the Secretary of Energy and the Secretary 
of Defense, shall issue bonds to be known as ‘‘Clean En-
ergy Victory Bonds’’, the proceeds from which shall be 
used to carry out the purposes described in section 
9512(c) of the Internal Revenue Code of 1986 (as added 
by section 5). 
(b) SAVINGS BOND.—Any Clean Energy Victory 
Bond issued under this section shall be issued by the Sec-
retary— 
(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) AMOUNT OF CLEAN ENERGY VICTORY BONDS.— 
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 
Bonds of Series EE and Series I, plus a rate of return 
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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. 
(2) PROMOTIONAL ACTIVITIES.—For purposes 
of paragraph (1), promotional activities may include 
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advertisements, pamphlets, or other promotional ma-
terials— 
(A) in periodicals; 
(B) on billboards and other outdoor 
venues; 
(C) on television; 
(D) on radio; 
(E) on the internet; 
(F) within financial institutions; or 
(G) any other venues or outlets the Sec-
retary may identify. 
SEC. 5. 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— 
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‘‘(1) amounts equivalent to revenue from the 
issuance of Clean Energy Victory Bonds under sec-
tion 4 of the Clean Energy Victory Bond Act of 
2025, and 
‘‘(2) any gifts or 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 FUND.—Amounts 
in the Trust Fund shall be available, without further ap-
propriation, to finance clean energy projects (as defined 
in section 3 of the Clean Energy Victory Bond Act of 
2025) 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 all Federal agencies, 
‘‘(3) providing funding for electric grid en-
hancements and connections that enable clean en-
ergy deployment, 
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‘‘(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, 
‘‘(6) providing funding for new innovation re-
search, including ARPA–E, public competitions simi-
lar to those designed by the X Prize Foundation, 
grants provided through the Office of Energy Effi-
ciency and Renewable Energy of 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, and 
‘‘(8) providing funding for zero-emission vehicle 
infrastructure and manufacturing. 
‘‘(d) PROJECT PRIORITY.— 
‘‘(1) IN GENERAL.—The Secretary shall ensure 
that not less than 40 percent of the amounts ex-
pended under subsection (c) in each year are ex-
pended for clean energy projects which are located 
in and reduce energy rates in disadvantaged and vul-
nerable communities. 
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‘‘(2) DISADVANTAGED AND VULNERABLE COM-
MUNITIES.—For purposes of paragraph (1), the 
term ‘disadvantaged and vulnerable communities’ 
means communities— 
‘‘(A) which bear disproportionate burdens 
of negative public health effects, environmental 
pollution, or impacts of climate change, 
‘‘(B) have significant representation of 
people of color, low-wealth individuals, or Tribal 
and Indigenous members, or 
‘‘(C) which have a high concentration of 
low- and moderate-income households as com-
pared to other communities, 
as determined by the Secretary.’’. 
(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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