I 
116TH CONGRESS 
1ST SESSION H. R. 5416 
To establish a National Climate Bank. 
IN THE HOUSE OF REPRESENTATIVES 
DECEMBER 12, 2019 
Mrs. DINGELL (for herself, Mr. TONKO, Ms. BLUNT ROCHESTER, and Mrs. 
AXNE) introduced the following bill; which was referred to the Committee 
on Energy and Commerce, and in addition to the Committees on Finan-
cial Services, Ways and Means, Agriculture, and Transportation and In-
frastructure, for a period to be subsequently determined by the Speaker, 
in each case for consideration of such provisions as fall within the juris-
diction of the committee concerned 
A BILL 
To establish a National Climate Bank. 
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 ‘‘National Climate Bank 
Act’’. 
SEC. 2. TABLE OF CONTENTS. 
The table of contents of this Act is as follows: 
Sec. 1. Short title. 
Sec. 2. Table of contents. 
Sec. 3. National Climate Bank. 
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‘‘Subtitle C—National Climate Bank 
‘‘Sec. 1621. Definitions. 
‘‘Sec. 1622. Establishment. 
‘‘Sec. 1623. Mandate. 
‘‘Sec. 1624. Finance and investment division. 
‘‘Sec. 1625. Start-up Division. 
‘‘Sec. 1626. Zero-emissions fleet and related infrastructure financing pro-
gram. 
‘‘Sec. 1627. Project prioritization and requirements. 
‘‘Sec. 1628. Board of Directors. 
‘‘Sec. 1629. Administration. 
‘‘Sec. 1630. Establishment of risk management committee and audit com-
mittee. 
‘‘Sec. 1631. Oversight. 
‘‘Sec. 1632. Maximum contingent liability. 
SEC. 3. NATIONAL CLIMATE BANK. 
Title XVI of the Energy Policy Act of 2005 (Public 
Law 109–58, as amended) is amended by adding at the 
end the following new subtitle: 
‘‘Subtitle C—National Climate 
Bank 
‘‘SEC. 1621. DEFINITIONS. 
‘‘In this subtitle: 
‘‘(1) BANK.—The term ‘Bank’ means the Na-
tional Climate Bank established under section 1622. 
‘‘(2) BOARD.—The term ‘Board’ means the 
Board of Directors of the Bank. 
‘‘(3) CHIEF
EXECUTIVE
OFFICER.—The term 
‘chief executive officer’ means the chief executive of-
ficer of the Bank. 
‘‘(4) CLIMATE-IMPACTED
COMMUNITIES.—The 
term ‘climate-impacted communities’ includes— 
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‘‘(A) communities of color, which include 
any geographically distinct area the population 
of color of which is higher than the average 
population of color of the State in which the 
community is located; 
‘‘(B) communities that are already or are 
likely to be the first communities to feel the di-
rect negative effects of climate change; 
‘‘(C) 
distressed 
neighborhoods, 
dem-
onstrated by indicators of need, including pov-
erty, childhood obesity rates, academic failure, 
and rates of juvenile delinquency, adjudication, 
or incarceration; 
‘‘(D) low-income communities, defined as 
any census block group in which 30 percent or 
more of the population are individuals with low 
income; 
‘‘(E) low-income households, defined as a 
household with annual income equal to, or less 
than, the greater of— 
‘‘(i) an amount equal to 80 percent of 
the median income of the area in which the 
household is located, as reported by the 
Department of Housing and Urban Devel-
opment; and 
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‘‘(ii) 200 percent of the Federal pov-
erty line; and 
‘‘(F) rural areas, which include any area 
other than— 
‘‘(i) a city or town that has a popu-
lation of greater than 50,000 inhabitants; 
and 
‘‘(ii) any urbanized area contiguous 
and adjacent to a city or town described in 
clause (i). 
‘‘(5) CLIMATE RESILIENT INFRASTRUCTURE.— 
The term ‘climate resilient infrastructure’ means 
any project that builds or enhances infrastructure so 
that such infrastructure— 
‘‘(A) is planned, designed, and operated in 
a way that anticipates, prepares for, and adapts 
to changing climate conditions; and 
‘‘(B) can withstand, respond to, and re-
cover rapidly from disruptions caused by these 
climate conditions. 
‘‘(6) ELECTRIFICATION.—The term ‘electrifica-
tion’ means the installation, construction, or use of 
end-use electric technology that replaces existing fos-
sil-fuel-based technology. 
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‘‘(7) ENERGY EFFICIENCY.—The term ‘energy 
efficiency’ means any project, technology, function, 
or measure that results in the reduction of energy 
use required to achieve the same level of service or 
output prior to the application of such project, tech-
nology, function, or measure, or substantially re-
duces greenhouse gas emissions relative to emissions 
that would have occurred prior to the application of 
such project, technology, function, or measure. 
‘‘(8) FUEL SWITCHING.—The term ‘fuel switch-
ing’ means any project that replaces a fossil-fuel- 
based heating system with an electric-powered sys-
tem or one powered by biomass-generated heat. 
‘‘(9) GREEN
BANK.—The term ‘green bank’ 
means a dedicated public or nonprofit specialized fi-
nance entity that— 
‘‘(A) is designed to drive private capital 
into market gaps for low- and zero-emission 
goods and services; 
‘‘(B) uses finance tools to mitigate climate 
change; 
‘‘(C) does not take deposits; 
‘‘(D) is funded by government, public, pri-
vate, or charitable contributions; and 
‘‘(E) invests or finances projects— 
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‘‘(i) alone; or 
‘‘(ii) in conjunction with other inves-
tors. 
‘‘(10) 
QUALIFIED
PROJECTS.—The 
terms 
‘qualified projects’ means the following kinds of 
technologies and activities that are eligible for fi-
nancing and investment from the National Climate 
Bank, either directly or through State and local 
green banks funded by the National Climate Bank: 
‘‘(A) Renewable energy generation, includ-
ing the following: 
‘‘(i) Solar. 
‘‘(ii) Wind. 
‘‘(iii) Geothermal. 
‘‘(iv) Hydropower. 
‘‘(v) Ocean and hydrokinetic. 
‘‘(vi) Fuel cell. 
‘‘(B) 
Building 
energy 
efficiency, 
fuel 
switching, and electrification. 
‘‘(C) Industrial decarbonization. 
‘‘(D) Grid technology such as trans-
mission, distribution, and storage to support 
clean energy distribution, including smart-grid 
applications. 
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‘‘(E) Agriculture projects that reduce net 
greenhouse gas emissions including reforest-
ation, afforestation, forestry management, and 
regenerative agriculture. 
‘‘(F) Clean transportation, including the 
following: 
‘‘(i) Battery electric vehicles. 
‘‘(ii) Plug-in hybrid electric vehicles. 
‘‘(iii) Hydrogen vehicles. 
‘‘(iv) Other zero-emissions fueled vehi-
cles. 
‘‘(v) Related vehicle charging and 
fueling infrastructure. 
‘‘(G) Climate resilient infrastructure. 
‘‘(H) Any other key areas identified by the 
Board as consistent with the mandate of the 
Bank as described in section 1623. 
‘‘(11) RENEWABLE
ENERGY
GENERATION.— 
The term ‘renewable energy generation’ means elec-
tricity created by sources that are continually replen-
ished by nature, such as the sun, wind, and water. 
‘‘SEC. 1622. ESTABLISHMENT. 
‘‘(a) IN GENERAL.—Not later than 1 year after the 
date of enactment of this subtitle, there shall be estab-
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lished a nonprofit corporation to be known as the ‘Na-
tional Climate Bank’. 
‘‘(b) LIMITATION.—The Bank shall not be an agency 
or instrumentality of the Federal Government. 
‘‘(c) FULL FAITH AND CREDIT.—The full faith and 
credit of the United States shall not extend to the Bank. 
‘‘(d) NONPROFIT STATUS.—The Bank shall— 
‘‘(1) be an organization described in section 
501(c) of the Internal Revenue Code of 1986 and 
exempt from taxation under section 501(a) of that 
Code; 
‘‘(2) ensure that no part of the income or assets 
of the Bank shall inure to the benefit of any direc-
tor, officer, or employee, except as reasonable com-
pensation for services or reimbursement for ex-
penses; and 
‘‘(3) not contribute to or otherwise support any 
political party or candidate for elective office. 
‘‘SEC. 1623. MANDATE. 
‘‘The Bank shall make the United States a world 
leader in combating the causes and effects of climate 
change through the rapid deployment of mature tech-
nologies and the commercialization and scaling of new 
technologies by maximizing the reduction of emissions in 
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the United States for every dollar deployed by the Bank, 
including by— 
‘‘(1) providing financing support for invest-
ments in the United States in low- and zero-emis-
sions technologies and processes in order to rapidly 
accelerate market penetration; 
‘‘(2) catalyzing and mobilizing private capital 
through Federal investment and supporting a more 
robust marketplace for clean technologies, while 
minimizing competition with private investment; 
‘‘(3) enabling climate-impacted communities to 
benefit from and afford projects and investments 
that reduce emissions; 
‘‘(4) providing support for workers and commu-
nities impacted by the transition to a low-carbon 
economy; 
‘‘(5) supporting the creation of green banks 
within the United States where green banks do not 
exist; and 
‘‘(6) causing the rapid transition to a clean en-
ergy economy without raising energy costs to end 
users and seeking to lower costs where possible. 
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‘‘SEC. 1624. FINANCE AND INVESTMENT DIVISION. 
‘‘(a) IN GENERAL.—There shall be within the Bank 
a finance and investment division, which shall be respon-
sible for— 
‘‘(1) the Bank’s greenhouse gas emissions miti-
gation efforts by directly financing qualifying 
projects or doing so indirectly by providing capital to 
State and local green banks; 
‘‘(2) originating, evaluating, underwriting, and 
closing the Bank’s financing and investment trans-
actions in qualified projects; 
‘‘(3) partnering with private capital providers 
and capital markets to attract coinvestment from 
private banks, investors, and others in order to drive 
new investment into underpenetrated markets, to in-
crease the efficiency of private capital markets with 
respect to investing in greenhouse gas reduction 
projects, and to increase total investment caused by 
the Bank; 
‘‘(4) managing the Bank’s portfolio of assets to 
ensure performance and monitor risk; 
‘‘(5) ensuring appropriate debt and risk mitiga-
tion products are offered; and 
‘‘(6) overseeing prudent, noncontrolling equity 
investments. 
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‘‘SEC. 1625. START-UP DIVISION. 
‘‘There shall be within the Bank a Start-up Division, 
which shall be responsible for providing technical assist-
ance and start-up funding to States and other political 
subdivisions that do not have green banks to establish 
green banks in those States and political subdivisions, in-
cluding by working with relevant stakeholders in those 
States and political subdivisions. 
‘‘SEC. 1626. ZERO-EMISSIONS FLEET AND RELATED INFRA-
STRUCTURE FINANCING PROGRAM. 
‘‘Not later than 1 year after the date of establishment 
of the Bank, the Bank shall explore the establishment of 
a program to provide low- and zero-interest loans, up to 
30 years in length, to any school, metropolitan planning 
organization, or nonprofit organization seeking financing 
for the acquisition of zero-emissions vehicle fleets or asso-
ciated infrastructure to support zero-emissions vehicle 
fleets. 
‘‘SEC. 1627. PROJECT PRIORITIZATION AND REQUIRE-
MENTS. 
‘‘(a) EMISSIONS REDUCTION MANDATE.—In invest-
ing in projects that mitigate greenhouse gas emissions, the 
Bank shall maximize the reduction of emissions in the 
United States for every dollar deployed by the Bank. 
‘‘(b) ENVIRONMENTAL JUSTICE PRIORITIZATION.— 
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‘‘(1) IN GENERAL.—In order to address envi-
ronmental justice needs, the Bank shall, as applica-
ble, 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 Bank shall 
ensure that over the 30-year period of its charter 20 
percent of its investment activity is directed to serve 
climate-impacted communities. 
‘‘(c) CONSUMER PROTECTION.— 
‘‘(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 Bank, the Bank shall prioritize quali-
fied projects according to benefits conferred on con-
sumers and affected communities. 
‘‘(2) CONSUMER
CREDIT
PROTECTION.—The 
Bank shall ensure that any residential energy effi-
ciency or distributed clean energy project in which 
the Bank invests directly or indirectly complies with 
the requirements of the Consumer Credit Protection 
Act (15 U.S.C. 1601 et seq.), including, in the case 
of a financial product that is a residential mortgage 
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loan, any requirements of title I of that Act relating 
to residential mortgage loans (including any regula-
tions promulgated by the Bureau of Consumer Fi-
nancial Protection under section 129C(b)(3)(C) of 
that Act (15 U.S.C. 1639c(b)(3)(C))). 
‘‘(d) LABOR.— 
‘‘(1) IN GENERAL.—The Bank shall ensure that 
laborers and mechanics employed by contractors and 
subcontractors in construction work financed directly 
by the Bank will be paid wages not less than those 
prevailing on similar construction 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 Bank 
shall ensure that projects financed directly by the 
Bank with total capital costs of $100,000,000 or 
greater utilize a project labor agreement. 
‘‘SEC. 1628. BOARD OF DIRECTORS. 
‘‘(a) IN GENERAL.—The Bank shall operate under 
the direction of a Board of Directors, which shall be com-
posed of 7 members. 
‘‘(b) INITIAL COMPOSITION AND TERMS.— 
‘‘(1) SELECTION.—The initial members of the 
Board shall be selected as follows: 
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‘‘(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 3 members 
appointed and confirmed pursuant to subpara-
graph (A). 
‘‘(2) TERMS.—The terms of the initial members 
of the Board shall be as follows: 
‘‘(A) The 3 members appointed and con-
firmed under paragraph (1)(A) shall have initial 
5-year terms. 
‘‘(B) Of the 4 members elected under 
paragraph (1)(B), 2 shall have initial 3-year 
terms, and 2 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-
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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 sustainable agriculture and forestry 
practices; 
‘‘(2) climate change science; 
‘‘(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 Bank. 
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‘‘(2) OFFICERS.—In the bylaws described in 
paragraph (1), the Board shall— 
‘‘(A) designate the officers of the Bank; 
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 
which the predecessor of that member was appointed or 
elected. 
‘‘(j) REAPPOINTMENT.—A member of the Board may 
be elected for not more than 1 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 Bank; 
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‘‘(2) establishing the 2 divisions of the Bank 
described in sections 1624 and 1625; and 
‘‘(3) performing any other tasks necessary for 
the day-to-day operations of the Bank. 
‘‘(m) ADVISORY COMMITTEE.— 
‘‘(1) ESTABLISHMENT.—The Bank shall estab-
lish an advisory committee (in this subsection re-
ferred to as the ‘advisory committee’), which shall be 
composed of not more than 13 members appointed 
by the Board on the recommendation of the presi-
dent of the Bank. 
‘‘(2) MEMBERS.—Members of the advisory com-
mittee shall be broadly representative of interests 
concerned with the environment, production, com-
merce, finance, agriculture, labor, services, and 
State Government. Of such members— 
‘‘(A) not fewer than 3 shall be representa-
tives of the small business community; 
‘‘(B) not fewer than 2 shall be representa-
tives of the labor community, except that no 2 
members may be from the same labor union; 
‘‘(C) not fewer than 2 shall be representa-
tives of the environmental nongovernmental or-
ganization community, except that no 2 mem-
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bers may be from the same environmental orga-
nization; 
‘‘(D) not fewer than 2 shall be representa-
tives of the environmental justice nongovern-
mental organization community, except that no 
2 members may be from the same environ-
mental organization; and 
‘‘(E) not fewer than 2 shall be representa-
tives of the consumer protection and fair lend-
ing community, except that no 2 members may 
be from the same consumer protection or fair 
lending organization. 
‘‘(3) MEETINGS.—The advisory committee shall 
meet not less frequently than once each quarter. 
‘‘(4) DUTIES.—The advisory committee shall— 
‘‘(A) advise the Bank on the programs un-
dertaken by the Bank; and 
‘‘(B) submit to the Congress an annual re-
port with comments from the advisory com-
mittee on the extent to which the Bank is meet-
ing the mandate described in section 1623, in-
cluding any suggestions for improvement. 
‘‘(n) CHIEF RISK OFFICER.— 
‘‘(1) APPOINTMENT.—Subject to the approval 
of the Board, the chief executive officer shall appoint 
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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 
‘‘(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 Bank, including the overall portfolio diver-
sification of the Bank. 
‘‘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 
Bank— 
‘‘(A) $10,000,000,000 on the date on 
which the Bank is established under section 
1622; and 
‘‘(B) $5,000,000,000 on October 1 of each 
of the 5 fiscal years following that date. 
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‘‘(2) AUTHORIZATION
OF
APPROPRIATIONS.— 
For purposes of the transfers under paragraph (1), 
there are authorized to be appropriated— 
‘‘(A) $10,000,000,000 for the fiscal year in 
which the Bank is established under section 
1622; and 
‘‘(B) $5,000,000,000 for each of the 5 suc-
ceeding fiscal years. 
‘‘(b) CHARTER.—The Bank shall establish a charter, 
the term of which shall be 30 years. 
‘‘(c) OPERATIONAL FUNDS.—To sustain operations, 
the Bank shall manage revenue from financing fees, inter-
est, repaid loans, and other types of funding. 
‘‘(d) REPORT.—The Bank shall submit on a quar-
terly basis to the relevant committees of Congress a report 
that describes the financial activities, emissions reduc-
tions, and private capital mobilization metrics of the Bank 
for the previous quarter. 
‘‘(e) RESTRICTION.—The Bank shall not accept de-
posits. 
‘‘(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 
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‘‘(B) an audit committee. 
‘‘(g) PRIVATE CONTRIBUTIONS.—The Bank may ac-
cept and use philanthropic funds. 
‘‘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 Bank; 
‘‘(2) reviewing and providing guidance on oper-
ation of the global risk management framework of 
the Bank; 
‘‘(3) developing policies for— 
‘‘(A) investment; 
‘‘(B) enterprise risk management; 
‘‘(C) monitoring; and 
‘‘(D) 
management 
of 
strategic, 
reputational, regulatory, operational, develop-
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mental, environmental, social, and financial 
risks; and 
‘‘(4) developing the risk profile of the Bank, in-
cluding— 
‘‘(A) a risk management and compliance 
framework; and 
‘‘(B) a governance structure to support 
that framework. 
‘‘(c) DUTIES AND RESPONSIBILITIES OF AUDIT COM-
MITTEE.—Subject to the direction of the Board, the audit 
committee established under subsection (a) shall have 
oversight responsibility for— 
‘‘(1) the integrity of— 
‘‘(A) the financial reporting of the Bank; 
and 
‘‘(B) the systems of internal controls re-
garding finance and accounting; 
‘‘(2) the integrity of the financial statements of 
the Bank; 
‘‘(3) the performance of the internal audit func-
tion of the Bank; and 
‘‘(4) compliance with the legal and regulatory 
requirements related to the finances of the Bank. 
VerDate Sep 11 2014 
02:55 Dec 17, 2019
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