Title: Clean Energy Victory Bond Act of 2019
Policy area: Energy

Summary:
Clean Energy Victory Bond Act of 2019
This bill directs the Department of the Treasury to issue Clean Energy Victory Bonds for investment in clean energy projects at the federal, state, and local level.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4041 Introduced in House (IH)]

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116th CONGRESS
  1st Session
                                H. R. 4041

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 25, 2019

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.

    This Act may be cited as the ``Clean Energy Victory Bond Act of 
2019''.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) Potential exists for increasing clean and renewable 
        energy production and energy efficiency installation in the 
        United States.
            (2) 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.
            (3) Climate change represents an existential threat to 
        American safety, security, and the economy. Rapid and robust 
        deployment of clean energy will reduce greenhouse gas emissions 
        and mitigate the effects of climate change on American 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 Renewable Energy 
        (EERE) of the Department of Energy (DOE) 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.
            (6) Investments in renewable energy and energy efficiency 
        projects in the United States create green jobs across the 
        United States. New and innovative jobs could be created through 
        expanded government support for clean energy and energy 
        efficiency.
            (7) As Americans choose energy efficiency and clean energy 
        and transportation, it reduces our dependence on foreign oils 
        and improves our energy security.
            (8) 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.
            (9) Bonds are voluntary measures that allow Americans to 
        contribute financially at whatever means they have available to 
        them.
            (10) 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) Issuance.--Not later than 6 months after the date of the 
enactment of this Act, the Secretary of the Treasury, in consultation 
with the Secretary of Energy and the Secretary of Defense, shall issue 
bonds to be known as ``Clean Energy 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.
    (b) Savings Bond.--Any Clean Energy Victory Bond issued under this 
section shall be issued by the Secretary of the Treasury--
            (1) as a savings bond of Series EE, or as administered by 
        the Bureau of the Fiscal Service of the Department of the 
        Treasury, in a manner consistent 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 Secretary, and shall mature 
        within such periods as determined by the Secretary.
    (c) Limitation.--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 determined by the Secretary which is based on 
the valuation 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 guaranteed 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 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 may 
                identify.
    (g) Definition.--For purposes of this section--
            (1) Clean energy project.--The term ``clean energy 
        project'' means a technology that provides--
                    (A) performance-based energy efficiency 
                improvements; or
                    (B) clean energy improvements, including--
                            (i) electricity generated from solar, wind, 
                        geothermal, small scale or micro hydropower, 
                        and hydrokinetic energy sources;
                            (ii) fuel cells using non-fossil fuel 
                        sources;
                            (iii) advanced storage technologies;
                            (iv) next generation biofuels from 
                        sustainable non-food feedstocks; and
                            (v) electric vehicle infrastructure.
            (2) Secretary.--Any reference to the Secretary of the 
        Treasury shall include any delegate of the Secretary.

SEC. 4. 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 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--
            ``(1) revenue from the issuance of Clean Energy Victory 
        Bonds under section 3 of the Clean Energy Victory Bond Act of 
        2019;
            ``(2) any gifts of 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 Funds.--Amounts in the Trust Fund 
shall be available, without further appropriation, to finance clean 
energy projects 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 deployment;
            ``(2) providing funding for clean energy investments by 
        Federal agencies;
            ``(3) providing funding for electric grid enhancements and 
        connections that enable clean energy deployment;
            ``(4) providing funding to renovate existing inefficient 
        buildings or building new energy efficient buildings;
            ``(5) providing tax incentives and tax credits for clean 
        energy technologies;
            ``(6) providing funding for new innovation research, 
        including ARPA-E, public competitions similar to those designed 
        by the X Prize Foundation, the Office of Energy Efficiency and 
        Renewable Energy at 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 finance clean energy 
        projects (as defined in section 3(g) of the Clean Energy 
        Victory Bond Act of 2019); and
            ``(8) providing additional support for zero-emission 
        vehicle infrastructure and manufacturing.''.
    (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.''.
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