I 
117TH CONGRESS 
1ST SESSION H. R. 2656 
To amend title 31, United States Code, to provide for the issuance of 
Green Bonds and to establish the United States Green Bank, and for 
other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 19, 2021 
Mr. HIMES (for himself, Mr. CARTWRIGHT, Ms. MATSUI, Ms. BROWNLEY, Mr. 
TONKO, Ms. ESHOO, Mr. CONNOLLY, Mr. MEEKS, and Mr. CROW) intro-
duced 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 provisions as fall within the jurisdiction of the 
committee concerned 
A BILL 
To amend title 31, United States Code, to provide for the 
issuance of Green Bonds and to establish the United 
States Green Bank, and for other purposes. 
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 
United States Green Bank (established under section 
9801 of this title). Stock certificates evidencing ownership 
in the United States Green Bank shall be issued by the 
Green Bank to the Secretary of the Treasury, to the ex-
tent of payments made for the capital stock of the Green 
Bank. 
‘‘(b) FUTURE CAPITALIZATION.—Upon the request 
of the United States Green Bank, the Secretary of the 
Treasury shall issue additional Green Bonds on the credit 
of the United States to acquire additional capital stock 
of the United States 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. 
‘‘(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 
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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 
‘‘§ 9801. United States Green Bank 
‘‘(a) SHORT TITLE.—This section may be cited as the 
‘United States Green Bank Act of 2021’. 
‘‘(b) PURPOSES.—The purposes of this section are as 
follows: 
‘‘(1) To significantly increase the pace and 
amount of investment in clean energy, energy effi-
ciency, and other climate change mitigation and ad-
aptation projects at the State and local level. 
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‘‘(2) To improve the standard of living for 
Americans by delivering clean electricity more effi-
ciently and at lower cost and by funding projects 
that will create high-paying, long-term jobs and 
make affordable financing available to low- and mod-
erate-income families. 
‘‘(3) To address the main impediment to invest-
ment at the State and local level—limited capital 
and tight balance sheets—by establishing a national 
Green Bank to capitalize legitimate Regional, State, 
and Municipal Green Banks. 
‘‘(4) To facilitate— 
‘‘(A) efficient tax equity markets for quali-
fied clean energy projects; and 
‘‘(B) the financing of long-term clean en-
ergy purchasing by governmental and non-
governmental not-for-profit entities. 
‘‘(5) To foster— 
‘‘(A) the development and consistent appli-
cation of transparent underwriting standards, 
standard contractual terms, and measurement 
and verification protocols for qualified clean en-
ergy 
projects, 
qualified 
energy 
efficiency 
projects, and qualified climate change mitiga-
tion or adaptation projects; 
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‘‘(B) the creation of performance data that 
enables effective underwriting, risk manage-
ment, and pro forma modeling of financial per-
formance of qualified clean energy projects and 
qualified energy efficiency projects to support 
primary financing markets and stimulate devel-
opment of secondary investment markets for 
clean energy projects, energy efficiency projects, 
and climate change mitigation or adaptation 
projects; and 
‘‘(C) the level of financing support for 
qualified clean energy projects, qualified energy 
efficiency projects, and qualified climate mitiga-
tion and adaptation projects necessary to ad-
vance vital national objectives, including— 
‘‘(i) achieving energy independence 
from foreign energy sources; 
‘‘(ii) abating climate change by in-
creasing zero or low carbon electricity gen-
eration and transportation capabilities; 
‘‘(iii) adapting to the impacts result-
ing from climate change; 
‘‘(iv) realizing energy efficiency poten-
tial in existing infrastructure; 
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‘‘(v) easing the economic effects of 
transitioning from a carbon-based economy 
to a clean energy economy; 
‘‘(vi) achieving job creation through 
the construction and operation of qualified 
clean energy projects, qualified energy effi-
ciency projects, and qualified climate 
change mitigation or adaptation projects; 
‘‘(vii) fostering long-term domestic 
manufacturing capacity in the clean en-
ergy, energy efficiency, and climate change 
mitigation or adaptation industries; and 
‘‘(viii) complementing and supple-
menting other clean energy, energy effi-
ciency, and climate change mitigation and 
adaptation legislation at the regional, 
State, municipal, and county level. 
‘‘(c) DEFINITIONS.—In this section: 
‘‘(1) BANK.—The term ‘Bank’ means the 
United States Green Bank established under sub-
section (d). 
‘‘(2) BOARD.—The term ‘Board’ means the 
Board of Directors of the Bank. 
‘‘(3) CLEAN
ENERGY
PROJECT.—The term 
‘clean energy project’ means any electricity genera-
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tion, transmission, storage, heating, cooling, trans-
portation, distribution, industrial process, or manu-
facturing project whose primary purpose is the de-
ployment, development, or production of an energy 
system or technology that avoids, reduces, or seques-
ters air pollutants or anthropogenic greenhouse 
gases, including the following: 
‘‘(A) Solar. 
‘‘(B) Wind. 
‘‘(C) Geothermal. 
‘‘(D) Biomass. 
‘‘(E) Hydropower. 
‘‘(F) Ocean and hydrokinetic. 
‘‘(G) Fuel cell. 
‘‘(H) Advanced battery. 
‘‘(I) Carbon capture and sequestration. 
‘‘(J) 
Next 
generation 
biofuels 
from 
nonfood feedstocks. 
‘‘(K) Alternative fuel vehicle infrastruc-
ture. 
‘‘(L) Alternative fuel vehicles. 
‘‘(4) CLIMATE CHANGE MITIGATION OR ADAP-
TATION PROJECT.—The term ‘climate change miti-
gation or adaptation project’ means any project that 
reduces the emissions of greenhouse gases by 
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sources or enhance their removal from the atmos-
phere by sinks, or reduce the vulnerability of social 
and biological systems to relatively sudden change 
and thus offset the effects of global warming, includ-
ing— 
‘‘(A) afforestation, reforestation, and land 
conservation; 
‘‘(B) regenerative agriculture; 
‘‘(C) 
transit-oriented 
development 
and 
mass transit infrastructure; 
‘‘(D) waste and recycling; 
‘‘(E) water treatment; and 
‘‘(F) wetland protection.’’. 
‘‘(5) ELIGIBLE CLEAN ENERGY FINANCING IN-
STITUTION.—The term ‘Eligible Clean Energy Fi-
nancing Institution’ means a not-for-profit, inde-
pendent entity, quasi-independent entity, or a gov-
ernmental entity within an agency or financing au-
thority, established or designated by a State, group 
of States, the District of Columbia, a territory of the 
United States, an Eligible State Political Subdivi-
sion, a Federal regional commission or authority, a 
federally-owned corporation, an interstate compact, 
or an independent or quasi-independent Federal en-
tity that— 
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‘‘(A) provides low-cost or long-term financ-
ing support or credit enhancements, including 
loan guarantees and loan loss reserves, for 
Qualified Clean Energy Projects, Qualified En-
ergy Efficiency Projects, or Qualified Mitigation 
or Adaptation Projects; 
‘‘(B) creates liquid markets for these 
projects 
including 
warehousing 
and 
securitization, or take other steps to reduce fi-
nancial barriers to the deployment of existing 
and innovative clean energy, energy efficiency 
projects, and climate change mitigation or ad-
aptation projects. Eligible Clean Energy Fi-
nancing Institutions may enter into partner-
ships with private entities; and 
‘‘(C) coordinates and consults with other 
Federal agencies, organizations, and entities to 
maximize the net impact of climate mitigation 
and adaptation programming and investments. 
‘‘(6) ELIGIBLE
STATE
POLITICAL
SUBDIVI-
SION.—The term ‘Eligible State Political Subdivi-
sion’ means— 
‘‘(A) any municipality, county or other po-
litical subdivision within a State that, based on 
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the population data from the most recent U.S. 
Census Bureau— 
‘‘(i) with respect to a municipality, 
has a population of not fewer than 
200,000 people; 
‘‘(ii) with respect to a county, parish 
or borough, has a population of not fewer 
than 800,000 people; or 
‘‘(iii) with respect to a municipality, 
county, parish, or borough, has a popu-
lation— 
‘‘(I) of not fewer than 84,000 
people; and 
‘‘(II) that constitutes not less 
than 5 percent of the total population 
of the State in which the municipality, 
county, parish, or borough is located; 
and 
‘‘(B) any political subdivision that— 
‘‘(i) is located in a State that collabo-
rates as 1 region for the purposes of this 
Act; or 
‘‘(ii)(I) collaborates with another po-
litical subdivision; and 
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‘‘(II) when combined with the political 
subdivision described in subclause (I), 
meets the requirements described in sub-
paragraph (A). 
‘‘(7) 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 
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. 
‘‘(8) GREEN BOND.—The term ‘Green Bond’ 
means a bond issued pursuant to section 3102A of 
this title. 
‘‘(9) QUALIFIED
CLEAN
ENERGY
PROJECT.— 
The term ‘qualified clean energy project’ means a 
clean energy project, including smart grid tech-
nologies and functions characterized in section 1301 
of the Energy Independence and Security Act of 
2007 (42 U.S.C. 17381) and end-use technologies 
for efficiency gains in new construction and across 
existing infrastructure, that— 
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‘‘(A) is a Clean Energy Project carried out 
domestically within the territorial borders of the 
United States; 
‘‘(B) to the extent otherwise required by 
law, pays wages in accordance with subchapter 
IV of chapter 31 of title 40, United States Code 
(commonly referred to as the Davis-Bacon Act); 
‘‘(C) if for nuclear power, is funded by the 
Bank only after all other existing Federal fi-
nancial support has been expended; 
‘‘(D) if for Alternative fuel vehicles, is for 
the purchase or lease of eligible vehicles and not 
the design or manufacture thereof; and 
‘‘(E) satisfies any other conditions estab-
lished by the Bank and published in the Fed-
eral Register. 
‘‘(d) GREEN BANK.— 
‘‘(1) ESTABLISHMENT
OF
CORPORATION.— 
There is established a corporation to be known as 
the United States Green Bank that shall be wholly 
owned by the United States. 
‘‘(2) OVERSIGHT.—The Bank shall be subject 
to the general supervision and direction of the Sec-
retary of the Treasury. The Bank shall be an instru-
mentality of the United States Government and shall 
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maintain such offices as may be necessary or appro-
priate in the conduct of its business. 
‘‘(3) CHARTER.—The Bank shall be chartered 
for 40 years from the date of enactment of this sec-
tion. 
‘‘(4) GOVERNANCE.— 
‘‘(A) BOARD
OF
DIRECTORS
OF
THE 
BANK.— 
‘‘(i) IN GENERAL.—The Bank shall be 
under the direction of a Board of Directors 
consisting of 9 members and be subject to 
the general supervision and direction of the 
Secretary of the Treasury as Chairman of 
the Board. 
‘‘(ii) MEMBERSHIP.—The Board shall 
consist of 9 members, as follows: 
‘‘(I) The Secretary of the Treas-
ury or the Secretary’s designee as 
Chairman of the Board. 
‘‘(II) The Secretary of Energy or 
the Secretary’s designee. 
‘‘(III) The Secretary of Trans-
portation or the Secretary’s designee. 
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‘‘(IV) The Administrator of the 
Environmental Protection Agency or 
the Administrator’s designee. 
‘‘(V) The Secretary of the De-
partment of Defense or the Sec-
retary’s designee. 
‘‘(VI) Four members appointed 
by the President of the United States 
including a Chief Executive Officer, 1 
member with expertise regarding re-
newable energy, 1 member with exper-
tise regarding energy efficiency, 1 
member with expertise regarding fi-
nance, 1 member with expertise re-
garding electric utilities, and 1 mem-
ber with expertise regarding sustain-
able transportation. 
‘‘(iii) QUORUM.—Five members of the 
Board shall constitute a quorum. 
‘‘(iv) 
BYLAWS.—The 
Board 
shall 
adopt, and may amend, such bylaws as are 
necessary for the proper management and 
functioning of the Bank, and shall, in such 
bylaws, designate the vice presidents and 
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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-
tional terms of service as members of the 
Board. 
‘‘(ix) CONTINUATION
OF
SERVICE.— 
Any member of the Board whose term has 
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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. 
‘‘(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. 
‘‘(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, 
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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 
with employees and provide compensation to 
such employees at prevailing rates for com-
pensation for similar positions in private indus-
try. 
‘‘(6) SUNSET.— 
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‘‘(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-
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 
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for purposes of orderly liquidation, includ-
ing the administration of its assets and the 
collection of any obligations held by the 
Bank. 
‘‘(e) GREEN BANK ESTABLISHMENT FUND.— 
‘‘(1) ESTABLISHMENT.—There is established in 
the Treasury of the United States a revolving fund, 
to be known as the ‘Green Bank Establishment 
Fund’ (hereinafter referred to as the ‘Fund’), con-
sisting of— 
‘‘(A) such amounts as are deposited in the 
Fund under this subtitle, including but not lim-
ited to proceeds from the Green Bonds issued 
under section 3102A; and 
‘‘(B) such sums as may be appropriated to 
supplement the Fund. 
‘‘(2) AUTHORIZATION
OF
APPROPRIATIONS.— 
There are authorized to be appropriated to the Fund 
such sums as are necessary to carry out this sub-
title. 
‘‘(3) EXPENDITURES
FROM
THE
FUND.— 
Amounts in the Fund shall be available to the Chief 
Executive for obligation without fiscal year limita-
tion, to remain available until expended. 
‘‘(f) LENDING, FINANCING, EXPENDITURES.— 
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‘‘(1) IN GENERAL.—The Bank shall establish a 
program to provide, on a competitive basis financing 
or financing support from the Fund, as the Bank 
determines appropriate, solely to provide capitaliza-
tion to an Eligible Clean Energy Financing Institu-
tion for the establishment or continuing operation of 
that entity. 
‘‘(2) TYPES OF FINANCING OR FINANCING SUP-
PORT.—The Bank may provide loans, loan guaran-
tees, credit buy downs, or other financing or financ-
ing support the Bank determines appropriate. 
‘‘(3) REQUIREMENTS.—The Bank may only 
provide loans, loan guarantees or credit buy downs 
under paragraph (1) if: 
‘‘(A) APPLICATION.—The applicant sub-
mits an application for loans, loan guarantees 
or credit buy downs in accordance with applica-
tion criteria established by the Bank. 
‘‘(B) ELIGIBLE CLEAN ENERGY FINANCING 
INSTITUTIONS.—An entity is eligible to receive 
loans, loan guarantees or credit buy downs 
under this section only if the entity— 
‘‘(i) meets the definition of Eligible 
Clean Energy Financing Institution; 
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‘‘(ii) uses the funding from the Bank 
solely for the purposes described in this 
section; and 
‘‘(iii) satisfies the capitalization and 
funding requirements as described in this 
section. 
‘‘(C) PROJECT FINANCE.—The Bank shall 
not directly lend or otherwise provide financial 
products to any individual projects, nor shall it 
be required to examine individual projects for 
the purposes of lending under paragraph (1) 
other than as necessary to determine whether 
an applicant meets the criteria for Eligible 
Clean Energy Financing Institutions. 
‘‘(D) 
CAPITALIZATION
AND
CO-FUND-
ING.—The Eligible Clean Energy Financing In-
stitution— 
‘‘(i) shall provide, at the time of re-
ceipt of any initial funding for capitaliza-
tion by the Bank, an amount from funding 
sources other than the Bank equivalent to 
no less than $1,000,000 and no less than 
20 percent of the total initial funding pro-
vided by the Bank; and 
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‘‘(ii) may not receive any subsequent 
funding for capitalization by the Bank, in 
addition to any initial funding for capital-
ization provided by the Bank in accordance 
with (i) above in, of amounts greater than 
two times the amount of capital committed 
for use by the Eligible Clean Energy Fi-
nancing Institution for Qualified Clean En-
ergy Projects and Qualified Energy Effi-
ciency Projects at the time of application. 
‘‘(4) REGULATIONS.—The Bank shall establish 
regulations to carry out the activities and operations 
set out in this chapter. 
‘‘(g) LENDING ACTIVITIES.— 
‘‘(1) FEES.—The Bank shall assess reasonable 
fees on its activities so as to cover its reasonable 
costs and expenses, consistent with the Federal 
Credit Reform Act of 1990 (2 U.S.C. 661 et seq.), 
provided the Bank operates as a not-for-profit enti-
ty. 
‘‘(2) APPROPRIATIONS AND RETENTION OF RE-
CEIPTS.—For purposes of the Federal Credit Re-
form Act, funds made available to the Green Bank 
pursuant to section 3102A for carrying out this sec-
tion are appropriated to the Green Bank for the 
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