Title: National Climate Bank Act
Policy area: Environmental Protection

Summary:
National Climate Bank Act
This bill establishes and capitalizes a National Climate Bank. The independent, nonprofit bank must invest in clean energy technologies and infrastructure to reduce greenhouse gas emissions.
The national bank's investments and procurements division must seek to facilitate affordable investment and procurement, including in low-income communities and communities of color, in key project areas (e.g., renewable energy or climate resiliency measures).
The national bank's start-up division must support the creation of new green banks by states or other political subdivisions. The new banks must be public or nonprofit specialized finance entities that use finance tools to mitigate climate change. The national bank may provide financing for such entities.
In addition, the bank must explore the establishment of a cash for carbon program to remove greenhouse gas emissions from the power system. The program may use market mechanisms to expedite the retirement of carbon-intensive power generation facilities (e.g., coal-fired power generation facilities), acquire carbon assets for the purpose of reducing emissions, and invest in communities negatively affected by the loss of those facilities or assets.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 283 Introduced in Senate (IS)]

<DOC>






117th CONGRESS
  1st Session
                                 S. 283

                 To establish a National Climate Bank.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            February 8, 2021

 Mr. Markey (for himself, Mr. Van Hollen, Mr. Blumenthal, Mr. Schatz, 
 and Mr. Heinrich) introduced the following bill; which was read twice 
     and referred to the Committee on Environment and Public Works

_______________________________________________________________________

                                 A BILL


 
                 To establish a National Climate Bank.

    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 ``National Climate Bank Act''.

SEC. 2. NATIONAL CLIMATE BANK.

    (a) In General.--Title LXII of the Revised Statutes (12 U.S.C. 21 
et seq.) is amended by adding at the end the following:

                 ``CHAPTER FIVE--NATIONAL CLIMATE BANK

``Sec.
``5245. Findings.
``5245A. Definitions.
``5245B. Establishment.
``5245C. Purpose.
``5245D. Investments and procurements division.
``5245E. Start-up division.
``5245F. Project types.
``5245G. Cash for carbon program.
``5245H. Project and Investment attributes.
``5245I. Board of Directors.
``5245J. Administration.
``5245K. Establishment of risk and audit committees.
``5245L. External oversight.
``5245M. Maximum contingent liability.

``SEC. 5245. FINDINGS.

    ``Congress finds that--
            ``(1) the October 2018 report entitled `Special Report on 
        Global Warming of 1.5C' by the Intergovernmental Panel on 
        Climate Change and the November 2018 Fourth National Climate 
        Assessment report found that--
                    ``(A) human activity is the dominant cause of 
                observed climate change over the past century;
                    ``(B) a changing climate is causing sea levels to 
                rise and an increase in wildfires, severe storms, 
                droughts, and other extreme weather events that 
                threaten human life, healthy communities, and critical 
                infrastructure;
                    ``(C) global warming at or above 2 degrees Celsius 
                beyond pre-industrialized levels will cause--
                            ``(i) mass migration from the regions most 
                        affected by climate change;
                            ``(ii) more than $500,000,000,000 in lost 
                        annual economic output in the United States by 
                        the year 2100;
                            ``(iii) wildfires that, by 2050, will 
                        annually burn at least twice as much forest 
                        area in the western United States than was 
                        typically burned by wildfires in the years 
                        preceding 2019;
                            ``(iv) a loss of more than 99 percent of 
                        all coral reefs on Earth;
                            ``(v) more than 350,000,000 more people to 
                        be exposed globally to deadly heat stress by 
                        2050; and
                            ``(vi) a risk of damage to 
                        $1,000,000,000,000 of public infrastructure and 
                        coastal real estate in the United States; and
                    ``(D) global temperatures must be kept below 1.5 
                degrees Celsius above pre-industrialized levels to 
                avoid the most severe impacts of a changing climate, 
                which will require--
                            ``(i) global reductions in greenhouse gas 
                        emissions from human sources of 40 to 60 
                        percent from 2010 levels by 2030; and
                            ``(ii) net-zero global emissions by 2050;
            ``(2)(A) according to Bloomberg New Energy Finance, in 
        2018, approximately $64,000,000,000 was invested in renewable 
        energy in the United States; and
            ``(B) according to the International Energy Agency, in 
        2018, approximately $42,000,000,000 was invested in energy 
        efficiency in North America;
            ``(3) investments in renewable energy and energy efficiency 
        have a demonstrated track record of increasing jobs while 
        lowering the cost of new renewable energy investments, which 
        benefits the clean energy economy;
            ``(4) green banks can be used to accelerate investment in--
                    ``(A) new and emerging technologies; and
                    ``(B) new and innovative financing products to 
                leverage private sector financing;
            ``(5) green banking has a demonstrated track record of 
        success at increasing investment in the clean energy economy;
            ``(6) green banks have led to $3,670,000,000 of investment 
        in cost-effective clean energy projects across the United 
        States, lowering energy costs for end-users, with that 
        investment total composed of--
                    ``(A) $1,079,000,000 in public funds; and
                    ``(B) $2,591,000,000 in private and philanthropic 
                capital;
            ``(7) in 2018, green banks were operating in a number of 
        States and other jurisdictions, including--
                    ``(A) the District of Columbia; and
                    ``(B) the States of--
                            ``(i) Colorado;
                            ``(ii) Connecticut;
                            ``(iii) Florida;
                            ``(iv) Hawaii;
                            ``(v) Maryland;
                            ``(vi) Michigan;
                            ``(vii) Nevada;
                            ``(viii) New York; and
                            ``(ix) Rhode Island;
            ``(8) in the many different types of electricity markets 
        around the country, achieving 100 percent market penetration of 
        clean energy will require delivery of clean electric energy 
        that is cheaper than alternative fossil-fuel based electricity;
            ``(9) market-based clean energy financing tools, such as 
        those used by existing State and local green banks, can be 
        used--
                    ``(A) to accelerate the deployment of clean energy;
                    ``(B) to reduce greenhouse gas emissions in the 
                United States by substituting fossil-fuel based energy 
                with lower-cost clean energy;
                    ``(C) to unlock private investment by offering 
                complementary capital that can change the dynamics of a 
                capital stack and make new projects worth investing in 
                for private sector capital providers; and
                    ``(D) to open new markets for greater investment 
                and increase opportunities for communities and the 
                private sector; and
            ``(10) the Federal Government can accelerate and rapidly 
        expand the deployment of clean energy technologies by creating 
        a dedicated financial institution that can support the work of 
        existing green banks and provide greater capital for efforts to 
        reduce emissions, increasing the overall scale of clean energy 
        investment and the pace of substitution of clean energy 
        technologies for fossil-fuel based technologies.

``SEC. 5245A. DEFINITIONS.

    ``In this chapter:
    ``(a) Bank.--The term `Bank' means the National Climate Bank 
established under section 5245B.
    ``(b) Board.--The term `Board' means the Board of Directors of the 
National Climate Bank established under section 5245I.
    ``(c) Chief Executive Officer.--The term `Chief Executive Officer' 
means the Chief Executive Officer of the Board appointed under section 
5245I(i).
    ``(d) Green Bank.--The term `green bank' means a dedicated public 
or nonprofit specialized finance entity that--
            ``(1) is designed to drive private capital into market gaps 
        for low- and zero-emission goods and services;
            ``(2) uses finance tools to mitigate climate change;
            ``(3) does not take deposits;
            ``(4) is funded by government, public, private, or 
        charitable contributions; and
            ``(5) invests--
                    ``(A) alone; or
                    ``(B) in conjunction with other investors.
    ``(e) Procurement.--The term `procurement' means the purchase, 
lease, or acquisition of real or personal property on a bid, 
negotiated, or open-market basis, including through a sole-source 
procurement or in such other manner as the Board and Chief Executive 
Officer determine to be appropriate and in the best interests of 
reducing emissions.

``SEC. 5245B. ESTABLISHMENT.

    ``(a) In General.--Not later than 1 year after the date of 
enactment of this chapter, there shall be established in the District 
of Columbia a bank, to be known as the `National Climate Bank', in 
accordance with this chapter.
    ``(b) Legal Status.--The Bank shall be an independent, nonprofit 
entity outside of the Federal Government.
    ``(c) Full Faith and Credit.--The full faith and credit of the 
United States shall not extend to the Bank.

``SEC. 5245C. PURPOSE.

    ``The purpose of the Bank is to make the United States a world 
leader in combating the causes and effects of climate change and 
reducing emissions in the United States for every dollar spent by the 
Bank, through the rapid deployment of mature technologies and the 
commercialization and scaling of new technologies, including by--
            ``(1) providing financing support for investments in the 
        United States in clean and low-emissions technologies and 
        processes;
            ``(2) conducting low-cost procurements in the United States 
        that will be used to lower emissions;
            ``(3) catalyzing and mobilizing private capital through 
        Federal investment and supporting a more robust marketplace for 
        clean technologies, while minimizing competition with private 
        investment;
            ``(4) enabling low- and moderate-income individuals and 
        communities to benefit from and afford projects and investments 
        that reduce emissions;
            ``(5) increasing the efficiency and effectiveness of 
        Federal financing programs that support positive climate 
        outcomes, such as reduced emissions; and
            ``(6) supporting the creation of green banks within the 
        United States where green banks do not exist.

``SEC. 5245D. INVESTMENTS AND PROCUREMENTS DIVISION.

    ``(a) In General.--There shall be within the Bank an investments 
and procurements division, which shall be responsible for--
            ``(1) equity investments in clean energy projects;
            ``(2) ensuring appropriate debt and risk mitigation 
        products are offered;
            ``(3) overseeing prudent, noncontrolling equity 
        investments;
            ``(4) procurements that will be used to reduce emissions 
        and the cost of emissions reductions through aggregation of 
        demand and other market-based approaches; and
            ``(5) greenhouse gas emissions mitigation efforts.
    ``(b) Investment Committee.--The suite of debt and risk mitigation 
products and equity investments made by the Bank shall be--
            ``(1) approved by an investment committee of the Board; and
            ``(2) consistent with an investment policy that has been 
        established by the investment committee of the Board in 
        consultation with the risk management committee of the Board.
    ``(c) Debt Products.--Debt products and investments by the Bank 
shall include direct lending, colending, and credit enhancements.

``SEC. 5245E. START-UP DIVISION.

    ``There shall be within the Bank a start-up division, which shall 
be responsible for providing technical assistance to States and other 
political subdivisions that do not have green banks to establish 
independent, nonprofit green banks in those States and political 
subdivisions, including by working with relevant stakeholders in those 
States and political subdivisions.

``SEC. 5245F. PROJECT TYPES.

    ``The Bank shall seek to facilitate affordable investment and 
procurement, including in low-income communities and communities of 
color, in the following key areas:
            ``(1) Renewable energy.
            ``(2) Energy storage.
            ``(3) Transportation, including--
                    ``(A) low- and zero-emission vehicle 
                infrastructure;
                    ``(B) transit-oriented development; and
                    ``(C) active transportation.
            ``(4) Transmission for clean energy.
            ``(5) Climate resiliency measures.
            ``(6) Energy and water efficiency, including residential, 
        commercial, and industrial efficiency.
            ``(7) Reforestation of degraded land.
            ``(8) Agricultural projects.
            ``(9) Electrification and decarbonization of industrial 
        processes.
            ``(10) Any other key area identified by the Board as 
        consistent with the purpose of the Bank described in section 
        5245C.

``SEC. 5245G. CASH FOR CARBON PROGRAM.

    ``(a) Establishment.--Pursuant to guidance and rules issued by the 
Board, the Bank shall explore the establishment of a cash for carbon 
program to remove greenhouse gas emissions from the power system.
    ``(b) Purpose.--Any program established under subsection (a) may 
use market mechanisms to expedite the retirement of carbon-intensive 
power generation facilities, such as coal-fired power generation 
facilities, acquire carbon assets for the purpose of reducing 
emissions, and invest in communities negatively affected by the loss of 
those facilities or assets, including market mechanisms such as--
            ``(1) reverse auctions;
            ``(2) securitization;
            ``(3) the offering of bidder's credits to facilities that 
        pose significant environmental justice or health concerns, 
        particularly in low-income, minority, and distressed 
        neighborhoods (within the meaning of section 910 of the Housing 
        and Community Development Act of 1992 (12 U.S.C. 2901 note; 
        Public Law 102-550)); and
            ``(4) the provision of investment and technical assistance 
        to the local community and site of a facility, including, where 
        necessary, in cooperation with--
                    ``(A) the Administrator of the Environmental 
                Protection Agency; or
                    ``(B) other Federal, State, or local authorities.
    ``(c) Expansion of Program.--The Board may expand any program 
established under subsection (a) to additional carbon-intensive 
economic sectors beyond power generation, as determined to be 
appropriate by the Board.

``SEC. 5245H. PROJECT AND INVESTMENT ATTRIBUTES.

    ``(a) In General.--The Bank may--
            ``(1) provide financing to regional, State, and local green 
        banks; and
            ``(2) invest directly in projects that reduce emissions 
        across the United States.
    ``(b) Priority.--In carrying out subsection (a), the Bank shall--
            ``(1) ensure that not less than 40 percent of the 
        investment activity of the Bank is directed towards 
        disadvantaged communities facing climate impacts, as determined 
        by the Board through a public engagement process;
            ``(2) give priority to projects that--
                    ``(A) provide jobs;
                    ``(B) mitigate greenhouse gas emissions; and
                    ``(C) serve--
                            ``(i) low-income, minority, and distressed 
                        neighborhoods (within the meaning of section 
                        910 of the Housing and Community Development 
                        Act of 1992 (12 U.S.C. 2901 note; Public Law 
                        102-550)); or
                            ``(ii) low-income, minority, and rural 
                        consumers (within the meaning of the final rule 
                        of the Bureau of Consumer Financial Protection 
                        entitled `Ability-to-Repay and Qualified 
                        Mortgage Standards Under the Truth in Lending 
                        Act (Regulation Z)' (78 Fed. Reg. 6408 (January 
                        30, 2013)));
            ``(3) ensure that projects provide access to low-carbon 
        infrastructure, including clean power, clean water, and 
        reliable, high-quality transportation, at affordable rates to 
        families in--
                    ``(A) low-income, minority, and distressed 
                neighborhoods (within the meaning of section 910 of the 
                Housing and Community Development Act of 1992 (12 
                U.S.C. 2901 note; Public Law 102-550)); or
                    ``(B) a rural area (as defined in section 343(a) of 
                the Consolidated Farm and Rural Development Act (7 
                U.S.C. 1991(a)));
            ``(4) ensure that any residential energy efficiency or 
        distributed clean energy project in which the Bank invests 
        directly under subsection (a)(2) and provides financing to a 
        consumer directly or through a program funded directly or 
        indirectly by the Bank 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 loan, any requirements of title I of that 
        Act relating to residential mortgage loans (including any 
        regulations promulgated by the Bureau of Consumer Financial 
        Protection under section 129C(b)(3)(C) of that Act (15 U.S.C. 
        1639(b)(3)(C))); and
            ``(5) ensure that projects financed directly by the Bank, 
        the total capital costs of which are not less than 
        $100,000,000, utilize a project-labor agreement.
    ``(c) Wage Rate Requirements.--
            ``(1) In general.--Notwithstanding any other provision of 
        law, all laborers and mechanics employed by contractors and 
        subcontractors on projects financed directly by the Bank shall 
        be paid wages at rates not less than those prevailing on 
        projects of a similar character in the locality, as determined 
        by the Secretary of Labor in accordance with subchapter IV of 
        chapter 31 of part A of subtitle II of title 40, United States 
        Code (commonly referred to as the `Davis-Bacon Act').
            ``(2) Authority.--With respect to the labor standards 
        specified in paragraph (1), the Secretary of Labor shall have 
        the authority and functions set forth in Reorganization Plan 
        Numbered 14 of 1950 (64 Stat. 1267; 5 U.S.C. App.) and section 
        3145 of title 40, United States Code.

``SEC. 5245I. BOARD OF DIRECTORS.

    ``(a) In General.--The Bank shall operate under the direction of a 
Board of Directors, which shall be composed of 7 members from private, 
government, nonprofit, and other groups, of whom--
            ``(1) 1 shall be the Secretary of the Treasury (or a 
        designee);
            ``(2) 1 shall be the Secretary of Energy (or a designee);
            ``(3) 1 shall be the Director of the Bureau of Consumer 
        Financial Protection (or a designee); and
            ``(4) 4 shall be appointed by the President, with the 
        advice and consent of the Senate, of whom--
                    ``(A) 1 shall have expertise regarding renewable 
                energy or energy efficiency;
                    ``(B) 1 shall have expertise regarding finance;
                    ``(C) 1 shall have expertise in industrial 
                processes and manufacturing; and
                    ``(D) 1 shall have expertise regarding sustainable 
                transportation.
    ``(b) Quorum.--5 members of the Board shall constitute a quorum.
    ``(c) 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.
            ``(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.
    ``(d) Terms.--
            ``(1) Initial terms.--The initial terms of the members of 
        the Board shall be 5 years.
            ``(2) Subsequent terms.--For terms beginning after the date 
        that is 5 years after the date of enactment of this section, 
        the Board shall create staggered terms of 3, 4, and 5 years for 
        members of the Board.
    ``(e) Vacancies.--Any vacancy on the Board shall be filled in the 
same manner in which the original appointment was made.
    ``(f) Interim Appointments.--A member appointed to fill a vacancy 
occurring before the expiration of the term for which the predecessor 
of that member was appointed shall serve for the remainder of the term 
for which the predecessor of that member was appointed.
    ``(g) Reappointment.--A Member of the Board may be reappointed for 
not more than 1 additional term of service as a member of the Board.
    ``(h) 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 appointed and confirmed.
    ``(i) Chief Executive Officer.--The Board shall appoint a Chief 
Executive Officer who shall be responsible for--
            ``(1) hiring employees of the Bank;
            ``(2) establishing the 2 divisions of the Bank described in 
        sections 5245D and 5245E; and
            ``(3) performing any other tasks necessary for the day-to-
        day operations of the Bank.
    ``(j) Advisory Committee.--
            ``(1) Establishment.--The Bank shall establish an advisory 
        committee, which shall be composed of not more than 13 members 
        appointed by the Board on the recommendation of the president 
        of the Bank.
            ``(2) Members.--Members of the advisory committee shall be 
        broadly representative of interests concerned with the 
        environment, production, commerce, finance, agriculture, labor, 
        services, and State government, of whom--
                    ``(A) not fewer than 3 shall be representatives of 
                the small business community;
                    ``(B) not fewer than 2 shall be representatives of 
                the labor community, except that no 2 members may be 
                from the same labor union;
                    ``(C) not fewer than 2 shall be representatives of 
                the environmental nongovernmental organization 
                community, except that no 2 members may be from the 
                same environmental organization;
                    ``(D) not fewer than 2 shall be representatives of 
                the environmental justice nongovernmental organization 
                community, except that no 2 members may be from the 
                same environmental organization; and
                    ``(E) not fewer than 2 shall be representatives of 
                the consumer protection and fair lending 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 undertaken by 
                the Bank; and
                    ``(B) submit to Congress an annual report with 
                comments from the advisory committee on the extent to 
                which the Bank is meeting the mandate described in 
                section 5245C, including any suggestions for 
                improvement.
    ``(k) Chief Risk Officer.--
            ``(1) Appointment.--Subject to the approval of the Board, 
        the Chief Executive Officer shall appoint a Chief Risk Officer 
        from among individuals with experience at a senior level in 
        financial risk management, 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 coordination with 
        the audit and risk management committees established under 
        section 5245K, shall develop, implement, and manage a 
        comprehensive process for identifying, assessing, monitoring, 
        and limiting risks to the Bank, including the overall portfolio 
        diversification of the Bank.

``SEC. 5245J. ADMINISTRATION.

    ``(a) Capitalization.--
            ``(1) In general.--The Bank shall be capitalized--
                    ``(A) with $50,000,000,000 on the date on which the 
                Bank is established under section 5245B; and
                    ``(B) with $10,000,000,000 for each of the 5 years 
                following that date.
            ``(2) Funding.--
                    ``(A) Initial capitalization.--On the date on which 
                the Bank is established under section 5245B, out of any 
                funds in the Treasury not otherwise appropriated, the 
                Secretary of the Treasury shall transfer to the Bank 
                the amount specified in paragraph (1)(A).
                    ``(B) Subsequent transfers.--On October 1 of each 
                fiscal year following the date on which the Bank is 
                established under section 5245B, out of any funds in 
                the Treasury not otherwise appropriated, the Secretary 
                of the Treasury shall transfer to the Bank the amount 
                specified in paragraph (1)(B).
    ``(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, interest, repaid loans, and other 
types of funding.
    ``(d) Report.--The Bank shall submit on a quarterly basis to the 
relevant committees of Congress a report that describes the financial 
activities, emissions reductions, and private capital mobilization 
metrics of the Bank for the previous quarter.
    ``(e) Restriction.--The Bank shall not accept deposits.
    ``(f) Committees.--The Board shall establish committees and 
subcommittees, including--
            ``(1) an investment committee; and
            ``(2) in accordance with section 5245K--
                    ``(A) a risk management committee; and
                    ``(B) an audit committee.
    ``(g) Private Contributions.--The Bank may accept and use 
philanthropic funds.

``SEC. 5245K. ESTABLISHMENT OF RISK MANAGEMENT COMMITTEE AND AUDIT 
              COMMITTEE.

    ``(a) In General.--To assist the Board in fulfilling the duties and 
responsibilities of the Board under this Chapter, the Board shall 
establish a risk management committee and an audit committee.
    ``(b) Duties and Responsibilities of Risk Management Committee.--
Subject to the direction of the Board, the risk management committee 
established under subsection (a) shall establish policies for and have 
oversight responsibility of--
            ``(1) formulating the risk management policies of the 
        operations of the Bank;
            ``(2) reviewing and providing guidance on operation 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, developmental, environmental, 
                social, and financial risks; and
            ``(4) developing the risk profile of the Bank, including--
                    ``(A) a risk management and compliance framework; 
                and
                    ``(B) a governance structure to support that 
                framework.
    ``(c) Duties and Responsibilities of Audit Committee.--Subject to 
the direction of the Board, the audit committee established under 
subsection (a) shall have oversight responsibility of--
            ``(1) the integrity of--
                    ``(A) the financial reporting of the Bank; and
                    ``(B) the systems of internal controls regarding 
                finance and accounting;
            ``(2) the integrity of the financial statements of the 
        Bank;
            ``(3) the performance of the internal audit function of the 
        Bank; and
            ``(4) compliance with the legal and regulatory requirements 
        related to the finances of the Bank.

``SEC. 5245L. EXTERNAL OVERSIGHT.

    ``The Bank shall be subject to the oversight of the Comptroller of 
the Currency in accordance with section 5169(c).

``SEC. 5245M. MAXIMUM CONTINGENT LIABILITY.

    ``The maximum contingent liability of the Bank that may be 
outstanding at any 1 time shall be not more than $70,000,000,000 in the 
aggregate.''.
    (b) External Oversight.--Section 5169 of the Revised Statutes (12 
U.S.C. 27) is amended by adding at the end the following:
    ``(c) National Climate Bank.--The Comptroller shall exempt, expand, 
or alter specific regulations applicable to the National Climate Bank 
to better suit the purpose and business model of the National Climate 
Bank as an independent, nonprofit, nondepository banking 
institution.''.
    (c) Inspector General of the National Climate Bank.--
            (1) In general.--Section 8G(a) of the Inspector General Act 
        of 1978 (5 U.S.C. App.) is amended--
                    (A) in paragraph (2), by inserting ``the National 
                Climate Bank,'' after ``the National Archives and 
                Records Administration,''; and
                    (B) in paragraph (4)--
                            (i) in subparagraph (I), by striking 
                        ``and'' at the end;
                            (ii) in subparagraph (J), by inserting 
                        ``and'' after ``Corporation;'' and
                            (iii) by adding at the end the following:
                    ``(K) with respect to the National Climate Bank, 
                such term means the Board of Directors of the National 
                Climate Bank;''.
            (2) Appointment.--Notwithstanding the first sentence of 
        section 8G(b) of the Inspector General Act of 1978 (5 U.S.C. 
        App.), not later than 180 days after the National Climate Bank 
        is established under chapter five of title LXII of the Revised 
        Statutes--
                    (A) the first Inspector General of the National 
                Climate Bank shall be appointed; and
                    (B) the Office of the Inspector General of the 
                National Climate Bank shall be established.
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