Title: Clean Energy Victory Bond Act of 2018
Policy area: Energy

Summary:
Clean Energy Victory Bond Act of 2018
This bill requires the Department of the Treasury to issue Clean Energy Victory Bonds. The proceeds from the sale of the bonds must be deposited into the Clean Energy Victory Bonds Trust Fund and be used to carry activities of the Department of Energy's Office of Energy Efficiency and Renewable Energy.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5586 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 5586

  To promote the domestic development and deployment of clean energy 
              technologies required for the 21st century.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 23, 2018

Ms. Lofgren (for herself and Ms. Matsui) introduced the following bill; 
which was referred to the Committee on Ways and Means, and in addition 
   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 promote the domestic development and deployment of clean energy 
              technologies required for the 21st century.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    This Act may be cited as the ``Clean Energy Victory Bond Act of 
2018''.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) There is enormous potential for increasing renewable 
        energy production and energy efficiency installation in the 
        United States.
            (2) In order to expand renewable energy and energy 
        efficiency technologies in the United States, and maintain 
        United States leadership, the United States must invest in 
        research and development of these technologies. The Office of 
        Energy Efficiency and Renewable Energy of the Department of 
        Energy (EERE) estimates that taxpayer investment of $12 billion 
        into EERE research and development portfolio has already 
        yielded an estimated net economic benefit to the United States 
        of more than $230 billion, with an overall annual return on 
        investment of more than 20 percent.
            (3) Other nations, including China and Germany are ahead of 
        the United States in manufacturing and deploying various clean 
        energy technologies, even though the United States invented 
        many of these technologies.
            (4) Investments in renewable energy and energy efficiency 
        projects in the United States create green jobs for United 
        States citizens across the United States. Hundreds of thousands 
        of jobs could be created through expanded government support 
        for clean energy and energy efficiency.
            (5) As Americans choose energy efficiency and clean energy 
        and transportation, it reduces our dependence on foreign oil 
        and improves our energy security.
            (6) Bonds are a low-cost method for encouraging clean 
        energy, not requiring direct budget allocations or 
        expenditures. The projects supported through Clean Energy 
        Victory Bonds will create jobs and business revenues that will 
        increase Federal tax revenues, while simultaneously reducing 
        health and environmental costs incurred by the Federal 
        Government nationwide.
            (7) In World War II, over 80 percent of American households 
        purchased Victory Bonds to support the war effort, raising over 
        $185 billion, or over $2 trillion in today's dollars.

SEC. 3. CLEAN ENERGY VICTORY BONDS.

    (a) Initial Capitalization.--The Secretary of the Treasury shall 
issue Clean Energy Victory Bonds in an amount not to exceed 
$7,500,000,000 on the credit of the United States for purposes of 
raising revenue for transfer to the Clean Energy Victory Bonds Trust 
Fund under section 9512(b) of the Internal Revenue Code of 1986.
    (b) Denominations and Maturity.--Clean Energy Victory Bonds shall 
be in the form of United States Savings Bonds of Series EE or as 
administered by the Bureau of the Public Debt of the Department of the 
Treasury in denominations of $25, and shall mature within such periods 
as determined by the Secretary of the Treasury.
    (c) Interest.--Clean Energy Victory Bonds shall bear interest at 
the rate the Secretary of the Treasury sets for Savings Bonds of Series 
EE and Series I, plus a rate of return determined by the Secretary of 
the Treasury which is based on the economic benefit generated for the 
United States from the research and development portfolio of the Office 
of Energy Efficiency and Renewable Energy of the Department of Energy.
    (d) Promotion.--
            (1) In general.--The Secretary of the Treasury 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 Energy Victory Bonds.
            (2) Promotional activities.--Such promotional activities 
        may include advertisements, pamphlets, or other promotional 
        materials--
                    (A) in periodicals;
                    (B) on billboards and other outdoor venues;
                    (C) on television;
                    (D) on radio;
                    (E) on the Internet;
                    (F) within financial institutions that offer Clean 
                Energy Victory Bonds; or
                    (G) any other venues or outlets the Secretary of 
                the Treasury may identify.
            (3) Limitation.--There are authorized to be appropriated 
        for such promotional activities not more than--
                    (A) $10,000,000 in the first year after the date of 
                the enactment of this Act; and
                    (B) $2,000,000 in each year thereafter.
    (e) Future Capitalization.--
            (1) In general.--After the initial capitalization limit is 
        reached under subsection (a), the Secretary of the Treasury may 
        issue additional Clean Energy Victory Bonds on the credit of 
        the United States.
            (2) Single issue limitation.--No such additional issue may 
        exceed $7,500,000,000.
            (3) Aggregate limitations.--The aggregate of any such 
        additional issues during the 4-year period beginning on the day 
        after the initial capitalization limit is reached under 
        subsection (a) may not exceed $50,000,000,000. The aggregate of 
        any such additional issues after the expiration of such 4-year 
        period may not exceed $50,000,000,000.
    (f) Lawful Investments.--Clean Energy Victory 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. 4. CLEAN ENERGY VICTORY BONDS TRUST FUND.

    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 established 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 hereby appropriated to 
the Trust Fund amounts equivalent to revenue from the issuance of Clean 
Energy Victory Bonds under section 101 of the Clean Energy Victory Bond 
Act of 2018.
    ``(c) Expenditures From Trust Fund.--Amounts in the Trust Fund 
shall be available, without further appropriation, to carry out 
programs and other activities of the Office of Energy Efficiency and 
Renewable Energy of the Department of Energy.''.
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