Title: Clean Energy and Sustainability Accelerator Act
Policy area: Energy

Summary:
Clean Energy and Sustainability Accelerator Act
This bill establishes and capitalizes a Clean Energy and Sustainability Accelerator. The independent, nonprofit accelerator must invest in clean energy technologies and infrastructure to reduce greenhouse gas emissions.
The accelerator must make capital available to state, territorial, or local green banks. The banks must be public or nonprofit specialized finance entities that use finance tools to mitigate climate change. The accelerator may also provide technical assistance and funding to states and other political subdivisions that do not have green banks to establish such banks.
When investing in projects that mitigate greenhouse gas emissions, the accelerator must prioritize investments that serve climate-impacted communities (e.g., communities of color or low-income communities).
In addition, the accelerator must explore the establishment of a program to provide low-interest 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 associated infrastructure.
Finally, the accelerator must explore the establishment of an accelerated clean energy transition program to (1) expedite the transition within the power sector to zero-emissions power generation facilities or assets, and (2) invest in local economic development in communities affected by this transition away from carbon-intensive facilities or assets.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 806 Introduced in House (IH)]

<DOC>






117th CONGRESS
  1st Session
                                H. R. 806

  To establish a Clean Energy and Sustainability Accelerator, and for 
                            other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 4, 2021

 Mrs. Dingell introduced the following bill; which was referred to the 
Committee on Energy and Commerce, and in addition to the Committees on 
Financial Services, Transportation and Infrastructure, and Agriculture, 
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 establish a Clean Energy and Sustainability Accelerator, 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.

    This Act may be cited as the ``Clean Energy and Sustainability 
Accelerator Act''.

SEC. 2. TABLE OF CONTENTS.

    The table of contents for this Act is as follows:

Sec. 1. Short title.
Sec. 2. Table of contents.
Sec. 3. Clean Energy and Sustainability Accelerator.
       ``Subtitle C--Clean Energy and Sustainability Accelerator

        ``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 program.
        ``Sec. 1627. Project prioritization and requirements.
        ``Sec. 1628. Exploration of accelerated clean energy transition 
                            program.
        ``Sec. 1629. Board of Directors.
        ``Sec. 1630. Administration.
        ``Sec. 1631. Establishment of risk management committee and 
                            audit committee.
        ``Sec. 1632. Oversight.

SEC. 3. CLEAN ENERGY AND SUSTAINABILITY ACCELERATOR.

    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--Clean Energy and Sustainability Accelerator

``SEC. 1621. DEFINITIONS.

    ``In this subtitle:
            ``(1) Accelerator.--The term `Accelerator' means the Clean 
        Energy and Sustainability Accelerator established under section 
        1622.
            ``(2) Board.--The term `Board' means the Board of Directors 
        of the Accelerator.
            ``(3) Chief executive officer.--The term `chief executive 
        officer' means the chief executive officer of the Accelerator.
            ``(4) Climate-impacted communities.--The term `climate-
        impacted communities' includes--
                    ``(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 direct negative 
                effects of climate change;
                    ``(C) distressed neighborhoods, demonstrated by 
                indicators of need, including poverty, 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 Development; 
                        and
                            ``(ii) 200 percent of the Federal poverty 
                        line;
                    ``(F) Tribal communities;
                    ``(G) persistent poverty counties, defined as any 
                county that has had a poverty rate of 20 percent or 
                more for the past 30 years as measured by the 2000, 
                2010, and 2020 decennial censuses;
                    ``(H) communities disproportionately affected by 
                environmental pollution and other hazards that can lead 
                to negative public health effects; and
                    ``(I) communities that are economically reliant on 
                fossil fuel-based industries.
            ``(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 recover 
                rapidly from disruptions caused by these climate 
                conditions.
            ``(6) Electrification.--The term `electrification' means 
        the installation, construction, or use of end-use electric 
        technology that replaces existing fossil-fuel-based technology.
            ``(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, technology, function, or measure, or 
        substantially reduces 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 switching' means any 
        project that replaces a fossil-fuel-based heating system with 
        an electric-powered system or one powered by biomass-generated 
        heat.
            ``(9) Green bank.--The term `green bank' means a dedicated 
        public or nonprofit specialized finance 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, private, or 
                charitable contributions; and
                    ``(E) invests or finances projects--
                            ``(i) alone; or
                            ``(ii) in conjunction with other investors.
            ``(10) Qualified projects.--The terms `qualified projects' 
        means the following kinds of technologies and activities that 
        are eligible for financing and investment from the Clean Energy 
        and Sustainability Accelerator, either directly or through 
        State, Territorial, and local green banks funded by the Clean 
        Energy and Sustainability Accelerator:
                    ``(A) Renewable energy generation, including 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 transmission, 
                distribution, and storage to support clean energy 
                distribution, including smart-grid applications.
                    ``(E) Agriculture and forestry projects that reduce 
                net greenhouse gas emissions.
                    ``(F) Clean transportation, including the 
                following:
                            ``(i) Battery electric vehicles.
                            ``(ii) Plug-in hybrid electric vehicles.
                            ``(iii) Hydrogen vehicles.
                            ``(iv) Other zero-emissions fueled 
                        vehicles.
                            ``(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 Accelerator as 
                described in section 1623.
            ``(11) Renewable energy generation.--The term `renewable 
        energy generation' means electricity created by sources that 
        are continually replenished 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 established a nonprofit 
corporation to be known as the Clean Energy and Sustainability 
Accelerator.
    ``(b) Limitation.--The Accelerator 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 Accelerator.
    ``(d) Nonprofit Status.--The Accelerator shall maintain its status 
as an organization exempt from taxation under the Internal Revenue Code 
of 1986 (26 U.S.C. 1 et seq.).

``SEC. 1623. MANDATE.

    ``The Accelerator shall make the United States a world leader in 
combating the causes and effects of climate change through the rapid 
deployment of mature technologies and scaling of new technologies by 
maximizing the reduction of emissions in the United States for every 
dollar deployed by the Accelerator, including by--
            ``(1) providing financing support for investments in the 
        United States in low- and zero-emissions 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 avoiding 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 communities 
        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 energy 
        economy without raising energy costs to end users and seeking 
        to lower costs where possible.

``SEC. 1624. FINANCE AND INVESTMENT DIVISION.

    ``(a) In General.--There shall be within the Accelerator a finance 
and investment division, which shall be responsible for--
            ``(1) the Accelerator's greenhouse gas emissions mitigation 
        efforts by directly financing qualifying projects or doing so 
        indirectly by providing capital to State, Territorial, and 
        local green banks;
            ``(2) originating, evaluating, underwriting, and closing 
        the Accelerator's financing and investment transactions 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 increase the efficiency of private 
        capital markets with respect to investing in greenhouse gas 
        reduction projects, and to increase total investment caused by 
        the Accelerator;
            ``(4) managing the Accelerator's portfolio of assets to 
        ensure performance and monitor risk;
            ``(5) ensuring appropriate debt and risk mitigation 
        products are offered; and
            ``(6) overseeing prudent, noncontrolling equity 
        investments.
    ``(b) Products and Investment Types.--The finance and investment 
division of the Accelerator may provide capital to qualified projects 
in the form of--
            ``(1) senior, mezzanine, and subordinated debt;
            ``(2) credit enhancements including loan loss reserves and 
        loan guarantees;
            ``(3) aggregation and warehousing;
            ``(4) equity capital; and
            ``(5) any other financial product approved by the Board.
    ``(c) State, Territorial, and Local Green Bank Capitalization.--The 
finance and investment division of the Accelerator shall make capital 
available to State, Territorial, and local green banks to enable such 
banks to finance qualifying projects in their markets that are better 
served by a locally based entity, rather than through direct investment 
by the Accelerator.
    ``(d) Investment Committee.--The debt, risk mitigation, and equity 
investments made by the Accelerator shall be--
            ``(1) approved by the 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.

``SEC. 1625. START-UP DIVISION.

    ``There shall be within the Accelerator a Start-up Division, which 
shall be responsible for providing technical assistance 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, including by working with relevant stakeholders in those 
States and political subdivisions.

``SEC. 1626. ZERO-EMISSIONS FLEET AND RELATED INFRASTRUCTURE FINANCING 
              PROGRAM.

    ``Not later than 1 year after the date of establishment of the 
Accelerator, the Accelerator 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 associated infrastructure to support zero-emissions 
vehicle fleets.

``SEC. 1627. PROJECT PRIORITIZATION AND REQUIREMENTS.

    ``(a) Emissions Reduction Mandate.--In investing in projects that 
mitigate greenhouse gas emissions, the Accelerator shall maximize the 
reduction of emissions in the United States for every dollar deployed 
by the Accelerator.
    ``(b) Environmental Justice Prioritization.--
            ``(1) In general.--In order to address environmental 
        justice needs, the Accelerator shall, as applicable, 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 Accelerator shall ensure 
        that over the 30-year period of its charter 40 percent of its 
        investment activity is directed to serve climate-impacted 
        communities.
    ``(c) Consumer Protection.--
            ``(1) Prioritization.--Consistent with the mandate under 
        section 1623 to maximize the reduction of emissions in the 
        United States for every dollar deployed by the Accelerator, the 
        Accelerator shall prioritize qualified projects according to 
        benefits conferred on consumers and affected communities.
            ``(2) Consumer credit protection.--The Accelerator shall 
        ensure that any residential energy efficiency or distributed 
        clean energy project in which the Accelerator 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 
        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. 
        1639c(b)(3)(C))).
    ``(d) Labor.--
            ``(1) In general.--The Accelerator shall ensure that 
        laborers and mechanics employed by contractors and 
        subcontractors in construction work financed directly by the 
        Accelerator 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 Accelerator shall 
        ensure that projects financed directly by the Accelerator with 
        total capital costs of $100,000,000 or greater utilize a 
        project labor agreement.

``SEC. 1628. EXPLORATION OF ACCELERATED CLEAN ENERGY TRANSITION 
              PROGRAM.

    ``Not later than 1 year after the date on which the Accelerator is 
established, the Board shall explore the establishment of an 
accelerated clean energy transition program--
            ``(1) to expedite the transition within the power sector to 
        zero-emissions power generation facilities or assets; and
            ``(2) to simultaneously invest in local economic 
        development in communities affected by this transition away 
        from carbon-intensive facilities or assets.

``SEC. 1629. BOARD OF DIRECTORS.

    ``(a) In General.--The Accelerator shall operate under the 
direction of a Board of Directors, which shall be composed of 7 
members.
    ``(b) Initial Composition and Terms.--
            ``(1) Selection.--The initial members of the Board shall be 
        selected as follows:
                    ``(A) Appointed members.--Three members 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 political party.
                    ``(B) Elected members.--Four members shall be 
                elected unanimously by the 3 members appointed and 
                confirmed pursuant to subparagraph (A).
            ``(2) Terms.--The terms of the initial members of the Board 
        shall be as follows:
                    ``(A) The 3 members appointed and confirmed 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 position on the Board for 
        which such member is a candidate.
            ``(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, resiliency, 
        and 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 Accelerator.
            ``(2) Officers.--In the bylaws described in paragraph (1), 
        the Board shall--
                    ``(A) designate the officers of the Accelerator; 
                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 Accelerator;
            ``(2) establishing the 2 divisions of the Accelerator 
        described in sections 1624 and 1625; and
            ``(3) performing any other tasks necessary for the day-to-
        day operations of the Accelerator.
    ``(m) Advisory Committee.--
            ``(1) Establishment.--The Accelerator shall establish an 
        advisory committee (in this subsection referred to as the 
        `advisory committee'), which shall be composed of not more than 
        13 members appointed by the Board on the recommendation of the 
        president of the Accelerator.
            ``(2) Members.--Members of the advisory committee shall be 
        broadly representative of interests concerned with the 
        environment, production, commerce, finance, agriculture, 
        forestry, labor, services, and State Government. Of such 
        members--
                    ``(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;
                    ``(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; and
                    ``(F) not fewer than 2 shall be representatives of 
                the financial services industry with knowledge of and 
                experience in financing transactions for clean energy 
                and other sustainable infrastructure assets.
            ``(3) Meetings.--The advisory committee shall meet not less 
        frequently than once each quarter.
            ``(4) Duties.--The advisory committee shall--
                    ``(A) advise the Accelerator on the programs 
                undertaken by the Accelerator; and
                    ``(B) submit to the Congress an annual report with 
                comments from the advisory committee on the extent to 
                which the Accelerator is meeting the mandate described 
                in section 1623, including any suggestions for 
                improvement.
    ``(n) 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 risk management and audit committees established under 
        section 1632, shall develop, implement, and manage a 
        comprehensive process for identifying, assessing, monitoring, 
        and limiting risks to the Accelerator, including the overall 
        portfolio diversification of the Accelerator.

``SEC. 1630. 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 Accelerator--
                    ``(A) $50,000,000,000 on the date on which the 
                Accelerator is established under section 1622; and
                    ``(B) $10,000,000,000 on October 1 of each of the 5 
                fiscal years following that date.
            ``(2) Authorization of appropriations.--For purposes of the 
        transfers under paragraph (1), there are authorized to be 
        appropriated--
                    ``(A) $50,000,000,000 for the fiscal year in which 
                the Accelerator is established under section 1622; and
                    ``(B) $10,000,000,000 for each of the 5 succeeding 
                fiscal years.
    ``(b) Charter.--The Accelerator shall establish a charter, the term 
of which shall be 30 years.
    ``(c) Use of Funds and Recycling.--To the extent and in the amounts 
provided in advance in appropriations Acts, the Accelerator--
            ``(1) may use funds transferred pursuant to subsection 
        (a)(1) to carry out this subtitle, including for operating 
        expenses; and
            ``(2) shall retain and manage all repayments and other 
        revenue received under this subtitle from financing fees, 
        interest, repaid loans, and other types of funding to carry out 
        this subtitle, including for--
                    ``(A) operating expenses; and
                    ``(B) recycling such payments and other revenue for 
                future lending and capital deployment in accordance 
                with this subtitle.
    ``(d) Report.--The Accelerator 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 Accelerator for the previous quarter.
    ``(e) Restriction.--The Accelerator shall not accept deposits.
    ``(f) Committees.--The Board shall establish committees and 
subcommittees, including--
            ``(1) an investment committee; and
            ``(2) in accordance with section 1631--
                    ``(A) a risk management committee; and
                    ``(B) an audit committee.

``SEC. 1631. 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 subtitle, 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 for--
            ``(1) formulating the risk management policies of the 
        operations of the Accelerator;
            ``(2) reviewing and providing guidance on operation of the 
        global risk management framework of the Accelerator;
            ``(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 Accelerator, 
        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 for--
            ``(1) the integrity of--
                    ``(A) the financial reporting of the Accelerator; 
                and
                    ``(B) the systems of internal controls regarding 
                finance and accounting;
            ``(2) the integrity of the financial statements of the 
        Accelerator;
            ``(3) the performance of the internal audit function of the 
        Accelerator; and
            ``(4) compliance with the legal and regulatory requirements 
        related to the finances of the Accelerator.

``SEC. 1632. OVERSIGHT.

    ``(a) External Oversight.--The inspector general of the Department 
of Energy shall have oversight responsibilities over the Accelerator.
    ``(b) Reports and Audit.--
            ``(1) Annual report.--The Accelerator shall publish an 
        annual report which shall be transmitted by the Accelerator to 
        the President and the Congress.
            ``(2) Annual audit of accounts.--The accounts of the 
        Accelerator shall be audited annually. Such audits shall be 
        conducted in accordance with generally accepted auditing 
        standards by independent certified public accountants who are 
        certified by a regulatory authority of the jurisdiction in 
        which the audit is undertaken.
            ``(3) Additional audits.--In addition to the annual audits 
        under paragraph (2), the financial transactions of the 
        Accelerator for any fiscal year during which Federal funds are 
        available to finance any portion of its operations may be 
        audited by the Government Accountability Office in accordance 
        with such rules and regulations as may be prescribed by the 
        Comptroller General of the United States.''.
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