Title: Climate Change Resiliency Fund for America Act of 2021
Policy area: Environmental Protection

Summary:
Climate Change Resiliency Fund for America Act of 2021
This bill provides support to address the impacts of climate change.
Specifically, the bill authorizes the Department of the Treasury to issue up to $1 billion in climate change obligations (e.g., bonds) in a fiscal year, with bond proceeds going into the Climate Change Resiliency Fund established by this bill. The fund must be used for a program that finances projects that reduce the economic, social, and environmental impact of the adverse effects of climate change. A percentage of those funds must be used to benefit communities that experience disproportionate impacts from climate change.
The Climate Change Advisory Commission, established by this bill, must provide recommendations and guidelines for the program and identify categories of the most cost-effective investments and projects that emphasize multiple benefits to commerce, human health, and ecosystems.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 873 Introduced in Senate (IS)]

<DOC>






117th CONGRESS
  1st Session
                                 S. 873

    To establish the Climate Change Advisory Commission to develop 
recommendations, frameworks, and guidelines for projects to respond to 
   the impacts of climate change, to issue Federal obligations, the 
proceeds of which shall be used to fund projects that aid in adaptation 
               to climate change, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 18, 2021

  Mr. Durbin introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
    To establish the Climate Change Advisory Commission to develop 
recommendations, frameworks, and guidelines for projects to respond to 
   the impacts of climate change, to issue Federal obligations, the 
proceeds of which shall be used to fund projects that aid in adaptation 
               to climate change, and for other purposes.

    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.

    (a) Short Title.--This Act may be cited as the ``Climate Change 
Resiliency Fund for America Act of 2021''.
    (b) Table of Contents.--

Sec. 1. Short title; table of contents.
Sec. 2. Definitions.
              TITLE I--CLIMATE CHANGE ADVISORY COMMISSION

Sec. 101. Establishment of Climate Change Advisory Commission.
Sec. 102. Duties.
Sec. 103. Commission personnel matters.
Sec. 104. Funding.
Sec. 105. Termination.
                TITLE II--CLIMATE CHANGE RESILIENCY FUND

Sec. 201. Climate Change Resiliency Fund.
Sec. 202. Compliance with Davis-Bacon Act.
Sec. 203. Funding.
                           TITLE III--REVENUE

Sec. 301. Climate Change Obligations.
Sec. 302. Promotion.

SEC. 2. DEFINITIONS.

    In this Act:
            (1) Commission.--The term ``Commission'' means the Climate 
        Change Advisory Commission established by section 101(a).
            (2) Community of color.--The term ``community of color'' 
        means a geographically distinct area in which the population of 
        any of the following categories of individuals is higher than 
        the average populations of that category for the State in which 
        the community is located:
                    (A) Black.
                    (B) African American.
                    (C) Asian.
                    (D) Pacific Islander.
                    (E) Other non-White race.
                    (F) Hispanic.
                    (G) Latino.
                    (H) Linguistically isolated.
            (3) Eligible entity.--The term ``eligible entity'' 
        includes--
                    (A) a Federal agency;
                    (B) a State or group of States;
                    (C) a unit of local government or a group of local 
                governments;
                    (D) a utility district;
                    (E) a Tribal government or a consortium of Tribal 
                governments;
                    (F) a State or regional transit agency or a group 
                of State or regional transit agencies;
                    (G) a nonprofit organization;
                    (H) a special purpose district or public authority, 
                including a port authority; and
                    (I) any other entity, as determined by the 
                Secretary.
            (4) Environmental justice community.--The term 
        ``environmental justice community'' means a community with 
        significant representation of communities of color, low-income 
        communities, or Tribal and indigenous communities that 
        experiences, or is at risk of experiencing, higher or more 
        adverse human health or environmental effects.
            (5) Frontline community.--The term ``frontline community'' 
        means a low-income community, a community of color, or a Tribal 
        community that is disproportionately impacted or burdened by 
        climate change or a phenomenon associated with climate change, 
        including such a community that was or is at risk of being 
        disproportionately impacted or burdened by climate change or a 
        phenomenon associated with climate change earlier than other 
        such communities.
            (6) Fund.--The term ``Fund'' means the Climate Change 
        Resiliency Fund established by section 201(a)(1).
            (7) Low-income community.--The term ``low-income 
        community'' means any census block group in which 30 percent or 
        more of the population are individuals with an annual household 
        income equal to, or less than, the greater of--
                    (A) an amount equal to 80 percent of the median 
                household income of the area in which the household is 
                located, as reported by the Department of Housing and 
                Urban Development; and
                    (B) 200 percent of the Federal poverty line.
            (8) Project.--The term ``project'' means a project for a 
        qualified climate change adaptation purpose performed by an 
        eligible entity under section 201(b).
            (9) Qualified climate change adaptation purpose.--
                    (A) In general.--The term ``qualified climate 
                change adaptation purpose'' means an objective with a 
                demonstrated intent to reduce the economic, social, and 
                environmental impact of the adverse effects of climate 
                change.
                    (B) Inclusions.--The term ``qualified climate 
                change adaptation purpose'' includes infrastructure 
                resiliency and mitigation, improved disaster response, 
                and ecosystem protection, which may be accomplished 
                through activities or projects with objectives such 
                as--
                            (i) reducing risks or enhancing resilience 
                        to sea level rise, extreme weather events, 
                        fires, drought, flooding, heat island impacts, 
                        or worsened indoor or outdoor air quality;
                            (ii) protecting farms and the food supply 
                        from climate impacts;
                            (iii) reducing risks of food insecurity 
                        that would otherwise result from climate 
                        change;
                            (iv) ensuring that disaster and public 
                        health plans account for more severe weather;
                            (v) reducing risks from geographical change 
                        to disease vectors, pathogens, invasive 
                        species, and the distribution of pests; and
                            (vi) other projects or activities, as 
                        determined to be appropriate by the Commission.
            (10) Secretary.--The term ``Secretary'' means the Secretary 
        of Commerce.
            (11) State.--The term ``State'' means a State, the District 
        of Columbia, the Commonwealth of Puerto Rico, and any other 
        territory or possession of the United States.

              TITLE I--CLIMATE CHANGE ADVISORY COMMISSION

SEC. 101. ESTABLISHMENT OF CLIMATE CHANGE ADVISORY COMMISSION.

    (a) In General.--There is established a commission to be known as 
the ``Climate Change Advisory Commission''.
    (b) Membership.--The Commission shall be composed of 11 members--
            (1) who shall be selected from the public and private 
        sectors and institutions of higher education; and
            (2) of whom--
                    (A) 3 shall be appointed by the President, in 
                consultation with the National Climate Task Force;
                    (B) 2 shall be appointed by the Speaker of the 
                House of Representatives;
                    (C) 2 shall be appointed by the minority leader of 
                the House of Representatives;
                    (D) 2 shall be appointed by the majority leader of 
                the Senate; and
                    (E) 2 shall be appointed by the minority leader of 
                the Senate.
    (c) Terms.--Each member of the Commission shall be appointed for 
the life of the Commission.
    (d) Initial Appointments.--Each member of the Commission shall be 
appointed not later than 90 days after the date of enactment of this 
Act.
    (e) Vacancies.--A vacancy on the Commission--
            (1) shall not affect the powers of the Commission; and
            (2) shall be filled in the manner in which the original 
        appointment was made.
    (f) Initial Meeting.--Not later than 30 days after the date on 
which all members of the Commission have been appointed, the Commission 
shall hold the initial meeting of the Commission.
    (g) Meetings.--The Commission shall meet at the call of the 
Chairperson.
    (h) Quorum.--A majority of the members of the Commission shall 
constitute a quorum, but a lesser number of members may hold hearings.
    (i) Chairperson and Vice Chairperson.--The Commission shall select 
a Chairperson and Vice Chairperson from among the members of the 
Commission.

SEC. 102. DUTIES.

    The Commission shall--
            (1) establish recommendations, frameworks, and guidelines 
        for a Federal investment program funded by revenue from climate 
        change obligations issued under section 301 for eligible 
        entities that--
                    (A) improve and adapt energy, transportation, 
                water, and general infrastructure impacted or expected 
                to be impacted due to climate variability; and
                    (B) integrate best available science, data, 
                standards, models, and trends that improve the 
                resiliency of infrastructure systems described in 
                subparagraph (A); and
            (2) in consultation with the Council on Environmental 
        Quality and the White House Environmental Justice Interagency 
        Council, identify categories of the most cost-effective 
        investments and projects that emphasize multiple benefits to 
        human health, commerce, and ecosystems while ensuring that the 
        Commission engages in early and meaningful community 
        stakeholder involvement opportunities during the development of 
        the recommendations, frameworks, and guidelines established 
        under paragraph (1).

SEC. 103. COMMISSION PERSONNEL MATTERS.

    (a) Compensation of Members.--
            (1) Non-federal employees.--A member of the Commission who 
        is not an officer or employee of the Federal Government shall 
        be compensated at a rate equal to the daily equivalent of the 
        annual rate of basic pay prescribed for level IV of the 
        Executive Schedule under section 5315 of title 5, United States 
        Code, for each day (including travel time) during which the 
        member is engaged in the performance of the duties of the 
        Commission.
            (2) Federal employees.--A member of the Commission who is 
        an officer or employee of the Federal Government shall serve 
        without compensation in addition to the compensation received 
        for the services of the member as an officer or employee of the 
        Federal Government.
    (b) Travel Expenses.--A member of the Commission shall be allowed 
travel expenses, including per diem in lieu of subsistence, at rates 
authorized for an employee of an agency under subchapter I of chapter 
57 of title 5, United States Code, while away from the home or regular 
place of business of the member in the performance of the duties of the 
Commission.
    (c) Staff.--
            (1) In general.--The Chairperson of the Commission may, 
        without regard to the civil service laws (including 
        regulations), appoint and terminate such personnel as are 
        necessary to enable the Commission to perform the duties of the 
        Commission.
            (2) Compensation.--
                    (A) In general.--Except as provided in subparagraph 
                (B), the Chairperson of the Commission may fix the 
                compensation of personnel without regard to the 
                provisions of chapter 51 and subchapter III of chapter 
                53 of title 5, United States Code, relating to 
                classification of positions and General Schedule pay 
                rates.
                    (B) Maximum rate of pay.--The rate of pay for 
                personnel shall not exceed the rate payable for level V 
                of the Executive Schedule under section 5316 of title 
                5, United States Code.

SEC. 104. FUNDING.

    The Commission shall use amounts in the Fund to pay for all 
administrative expenses of the Commission.

SEC. 105. TERMINATION.

    The Commission shall terminate on such date as the Commission 
determines after the Commission carries out the duties of the 
Commission under section 102.

                TITLE II--CLIMATE CHANGE RESILIENCY FUND

SEC. 201. CLIMATE CHANGE RESILIENCY FUND.

    (a) Establishment.--
            (1) In general.--There is established in the Treasury of 
        the United States the ``Climate Change Resiliency Fund''.
            (2) Use of amounts.--
                    (A) In general.--The Secretary shall use not less 
                than 40 percent of the amounts in the Fund to fund 
                projects that benefit communities that experience 
                disproportionate impacts from climate change, including 
                environmental justice communities, frontline 
                communities, and low-income communities.
                    (B) Maintenance of effort.--All amounts deposited 
                in the Fund in accordance with section 301(a) shall 
                only be used--
                            (i) to fund new projects in accordance with 
                        this section; and
                            (ii) for administrative expenses of the 
                        Commission authorized under section 104.
            (3) Responsibility of secretary.--The Secretary shall take 
        such action as the Secretary determines necessary to assist in 
        implementing the Fund in accordance with this section.
    (b) Climate Change Adaptation Projects.--The Secretary, in 
consultation with the Commission, shall carry out a program to provide 
funds to eligible entities to carry out projects for a qualified 
climate change adaptation purpose.
    (c) Applications.--
            (1) In general.--An eligible entity desiring funds under 
        subsection (b) shall, with respect to a project, submit to the 
        Secretary an application at such time, in such manner, and 
        containing such information as the Secretary may require.
            (2) Contents.--An application submitted by an eligible 
        entity under this subsection shall include data relating to any 
        benefits the eligible entity expects the project to provide to 
        the community in which the applicable project is performed, 
        such as--
                    (A) an economic impact; or
                    (B) improvements to public health.
            (3) Technical assistance.--The Secretary shall offer 
        technical assistance to eligible entities preparing 
        applications under this subsection.
    (d) Selection.--
            (1) In general.--The Secretary shall select eligible 
        entities to receive funds to carry out projects under this 
        section based on criteria and guidelines determined and 
        published by the Commission under section 102.
            (2) Priority.--In selecting eligible entities under 
        paragraph (1), the Secretary shall give priority to eligible 
        entities planning to perform projects that will serve areas 
        with the greatest need.
    (e) Non-Federal Funding Requirement.--
            (1) In general.--Subject to paragraphs (2) and (3), in 
        order to receive funds under this section, an eligible entity 
        shall provide funds for a project in an amount that is equal to 
        not less than 25 percent of the amount of funds provided under 
        this section.
            (2) Waiver.--The Secretary may waive all or part of the 
        matching requirement under paragraph (1) for an eligible 
        entity, especially an eligible entity performing a project 
        benefitting a low-income community or an environmental justice 
        community, if the Secretary determines that--
                    (A) there are no reasonable means available through 
                which the eligible entity can meet the matching 
                requirement; or
                    (B) the probable benefit of the project outweighs 
                the public interest of the matching requirement.
            (3) No-match projects.--
                    (A) In general.--The Secretary shall award not less 
                than 10 percent and not more than 40 percent of the 
                total funds awarded under this section to eligible 
                entities to which the matching requirement under 
                paragraph (1) shall not apply.
                    (B) Priority.--The Secretary shall give priority 
                for funding under subparagraph (A) to an eligible 
                entity performing a project in a community experiencing 
                a disproportionate impact of climate change, 
                including--
                            (i) an environmental justice community;
                            (ii) a low-income community; or
                            (iii) a community of color.
    (f) Applicability of Federal Law.--Nothing in this Act shall be 
construed to waive the requirements of any Federal law or regulation 
that would otherwise apply to a project that receives funds under this 
section.

SEC. 202. COMPLIANCE WITH DAVIS-BACON ACT.

    (a) In General.--All laborers and mechanics employed by contractors 
and subcontractors on projects funded directly by, or assisted in whole 
or in part by and through, the Fund shall be paid wages at rates not 
less than those prevailing on projects of a character similar in the 
locality as determined by the Secretary of Labor in accordance with 
subchapter IV of chapter 31 of part A of title 40, United States Code.
    (b) Labor Standards.--With respect to the labor standards described 
in this section, 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. 203. FUNDING.

    To carry out the program under section 201(b), the Secretary, in 
addition to amounts in the Fund, may use amounts that have been made 
available to the Secretary and are not otherwise obligated.

                           TITLE III--REVENUE

SEC. 301. CLIMATE CHANGE OBLIGATIONS.

    (a) In General.--Not later than 6 months after the date of the 
enactment of this Act, the Secretary of the Treasury or the Secretary's 
delegate (referred to in this title as the ``Secretary'') shall issue 
obligations under chapter 31 of title 31, United States Code (referred 
to in this title as ``climate change obligations''), the proceeds from 
which shall be deposited in the Fund.
    (b) Full Faith and Credit.--Payment of interest and principal with 
respect to any climate change obligation 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.
    (c) Exemption From Local Taxation.--All climate change obligations 
issued by the Secretary, and the interest on or credits with respect to 
such obligations, shall not be subject to taxation by any State, 
county, municipality, or local taxing authority.
    (d) Amount of Climate Change Obligations.--
            (1) In general.--Except as provided in paragraph (2), the 
        aggregate face amount of the climate change obligations issued 
        annually under this section shall be $200,000,000.
            (2) Additional obligations.--For any calendar year in which 
        all of the obligations issued pursuant to paragraph (1) have 
        been purchased, the Secretary may issue additional climate 
        change obligations during such calendar year, provided that the 
        aggregate face amount of such additional obligations does not 
        exceed $800,000,000.
    (e) Funding.--The Secretary shall use funds made available to the 
Secretary and not otherwise obligated to carry out the purposes of this 
section.

SEC. 302. PROMOTION.

    (a) In General.--The Secretary shall promote the purchase of 
climate change obligations through such means as are determined 
appropriate by the Secretary, with the amount expended for such 
promotion not to exceed $10,000,000 for any fiscal year during the 
period of fiscal years 2022 through 2026.
    (b) Donated Advertising.--In addition to any advertising paid for 
with funds made available under subsection (c), the Secretary shall 
solicit and may accept the donation of advertising relating to the sale 
of climate change obligations.
    (c) Authorization of Appropriations.--For each fiscal year during 
the period of fiscal years 2022 through 2026, there is authorized to be 
appropriated $10,000,000 to carry out the purposes of this section.
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