Title: A bill to amend title 31, United States Code, to provide for the issuance of Green Bonds and to establish the United States Green Bank, and for other purposes.
Policy area: Energy

Summary:
This bill establishes a U.S. Green Bank to finance climate change mitigation and adaptation projects at the state and local level by capitalizing regional, state, and municipal green banks.
The Department of the Treasury must issue green bonds to provide the bank with (1) an initial capitalization of $10 billion; and (2) additional capitalization, upon the bank's request, of no more than $50 billion in aggregate at any one time.
The bill also establishes in the Treasury a revolving Green Bank Establishment Fund.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 1208 Introduced in Senate (IS)]

<DOC>






117th CONGRESS
  1st Session
                                S. 1208

 To amend title 31, United States Code, to provide for the issuance of 
  Green Bonds and to establish the United States Green Bank, and for 
                            other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 19, 2021

 Mr. Murphy (for himself and Mr. Blumenthal) introduced the following 
  bill; which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To amend title 31, United States Code, to provide for the issuance of 
  Green Bonds and to establish the United States Green Bank, 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. CAPITALIZATION, METHOD OF CAPITAL STOCK PAYMENTS, ISSUANCE 
              OF GREEN BONDS.

    Chapter 31 of title 31, United States Code, is amended by adding 
after section 3102 the following new section:
``Sec. 3102A. Green Bonds
    ``(a) Initial Capitalization.--The Secretary of the Treasury shall 
issue bonds (in this section referred to as `Green Bonds') in the 
amount of $10,000,000,000 on the credit of the United States to acquire 
capital stock of the United States Green Bank (established under 
section 9801 of this title). Stock certificates evidencing ownership in 
the United States Green Bank shall be issued by the Green Bank to the 
Secretary of the Treasury, to the extent of payments made for the 
capital stock of the Green Bank.
    ``(b) Future Capitalization.--Upon the request of the United States 
Green Bank, the Secretary of the Treasury shall issue additional Green 
Bonds on the credit of the United States to acquire additional capital 
stock of the United States Green Bank in an aggregate amount not to 
exceed $50,000,000,000 outstanding at any one time.
    ``(c) Denominations and Maturity.--Green Bonds shall be in such 
forms and denominations, and shall mature within such periods, as 
determined by the Secretary of the Treasury.
    ``(d) Interest.--Green Bonds shall bear interest at a rate not less 
than the current average yield on outstanding market obligations of the 
United States of comparable maturity during the month preceding the 
issuance of the obligation as determined by the Secretary of the 
Treasury.
    ``(e) Guaranteed.--Green Bonds shall be fully and unconditionally 
guaranteed both as to interest and principal by the United States, and 
such guaranty shall be expressed on the face of each bond.
    ``(f) Lawful Investments.--Green Bonds shall be lawful investments, 
and may be accepted as security for all fiduciary, trust, and public 
funds, the investment or deposit of which shall be under the authority 
or control of the United States or any officer or officers thereof.''.

SEC. 2. GREEN BANK.

    Title 31, United States Code, is amended by adding the following 
new chapter at the end thereof:

                        ``CHAPTER 98--GREEN BANK

``Sec. 9801. United States Green Bank
    ``(a) Short Title.--This section may be cited as the `United States 
Green Bank Act of 2021'.
    ``(b) Purposes.--The purposes of this section are as follows:
            ``(1) To significantly increase the pace and amount of 
        investment in clean energy, energy efficiency, and other 
        climate change mitigation and adaptation projects at the State 
        and local level.
            ``(2) To improve the standard of living for Americans by 
        delivering clean electricity more efficiently and at lower cost 
        and by funding projects that will create high-paying, long-term 
        jobs and make affordable financing available to low- and 
        moderate-income families.
            ``(3) To address the main impediment to investment at the 
        State and local level--limited capital and tight balance 
        sheets--by establishing a national Green Bank to capitalize 
        legitimate Regional, State, and Municipal Green Banks.
            ``(4) To facilitate--
                    ``(A) efficient tax equity markets for qualified 
                clean energy projects; and
                    ``(B) the financing of long-term clean energy 
                purchasing by governmental and nongovernmental not-for-
                profit entities.
            ``(5) To foster--
                    ``(A) the development and consistent application of 
                transparent underwriting standards, standard 
                contractual terms, and measurement and verification 
                protocols for qualified clean energy projects, 
                qualified energy efficiency projects, and qualified 
                climate change mitigation or adaptation projects;
                    ``(B) the creation of performance data that enables 
                effective underwriting, risk management, and pro forma 
                modeling of financial performance of qualified clean 
                energy projects and qualified energy efficiency 
                projects to support primary financing markets and 
                stimulate development of secondary investment markets 
                for clean energy projects, energy efficiency projects, 
                and climate change mitigation or adaptation projects; 
                and
                    ``(C) the level of financing support for qualified 
                clean energy projects, qualified energy efficiency 
                projects, and qualified climate mitigation and 
                adaptation projects necessary to advance vital national 
                objectives, including--
                            ``(i) achieving energy independence from 
                        foreign energy sources;
                            ``(ii) abating climate change by increasing 
                        zero or low carbon electricity generation and 
                        transportation capabilities;
                            ``(iii) adapting to the impacts resulting 
                        from climate change;
                            ``(iv) realizing energy efficiency 
                        potential in existing infrastructure;
                            ``(v) easing the economic effects of 
                        transitioning from a carbon-based economy to a 
                        clean energy economy;
                            ``(vi) achieving job creation through the 
                        construction and operation of qualified clean 
                        energy projects, qualified energy efficiency 
                        projects, and qualified climate change 
                        mitigation or adaptation projects;
                            ``(vii) fostering long-term domestic 
                        manufacturing capacity in the clean energy, 
                        energy efficiency, and climate change 
                        mitigation or adaptation industries; and
                            ``(viii) complementing and supplementing 
                        other clean energy, energy efficiency, and 
                        climate change mitigation and adaptation 
                        legislation at the regional, State, municipal, 
                        and county level.
    ``(c) Definitions.--In this section:
            ``(1) Bank.--The term `Bank' means the United States Green 
        Bank established under subsection (d).
            ``(2) Board.--The term `Board' means the Board of Directors 
        of the Bank.
            ``(3) Clean energy project.--The term `clean energy 
        project' means any electricity generation, transmission, 
        storage, heating, cooling, transportation, distribution, 
        industrial process, or manufacturing project whose primary 
        purpose is the deployment, development, or production of an 
        energy system or technology that avoids, reduces, or sequesters 
        air pollutants or anthropogenic greenhouse gases, including the 
        following:
                    ``(A) Solar.
                    ``(B) Wind.
                    ``(C) Geothermal.
                    ``(D) Biomass.
                    ``(E) Hydropower.
                    ``(F) Ocean and hydrokinetic.
                    ``(G) Fuel cell.
                    ``(H) Advanced battery.
                    ``(I) Carbon capture and sequestration.
                    ``(J) Next generation biofuels from nonfood 
                feedstocks.
                    ``(K) Alternative fuel vehicle infrastructure.
                    ``(L) Alternative fuel vehicles.
            ``(4) Climate change mitigation or adaptation project.--The 
        term `climate change mitigation or adaptation project' means 
        any project that reduces the emissions of greenhouse gases by 
        sources or enhance their removal from the atmosphere by sinks, 
        or reduce the vulnerability of social and biological systems to 
        relatively sudden change and thus offset the effects of global 
        warming, including--
                    ``(A) afforestation, reforestation, and land 
                conservation;
                    ``(B) regenerative agriculture;
                    ``(C) transit-oriented development and mass transit 
                infrastructure;
                    ``(D) waste and recycling;
                    ``(E) water treatment; and
                    ``(F) wetland protection.''.
            ``(5) Eligible clean energy financing institution.--The 
        term `Eligible Clean Energy Financing Institution' means a not-
        for-profit, independent entity, quasi-independent entity, or a 
        governmental entity within an agency or financing authority, 
        established or designated by a State, group of States, the 
        District of Columbia, a territory of the United States, an 
        Eligible State Political Subdivision, a Federal regional 
        commission or authority, a federally-owned corporation, an 
        interstate compact, or an independent or quasi-independent 
        Federal entity that--
                    ``(A) provides low-cost or long-term financing 
                support or credit enhancements, including loan 
                guarantees and loan loss reserves, for Qualified Clean 
                Energy Projects, Qualified Energy Efficiency Projects, 
                or Qualified Mitigation or Adaptation Projects;
                    ``(B) creates liquid markets for these projects 
                including warehousing and securitization, or take other 
                steps to reduce financial barriers to the deployment of 
                existing and innovative clean energy, energy efficiency 
                projects, and climate change mitigation or adaptation 
                projects. Eligible Clean Energy Financing Institutions 
                may enter into partnerships with private entities; and
                    ``(C) coordinates and consults with other Federal 
                agencies, organizations, and entities to maximize the 
                net impact of climate mitigation and adaptation 
                programming and investments.
            ``(6) Eligible state political subdivision.--The term 
        `Eligible State Political Subdivision' means--
                    ``(A) any municipality, county or other political 
                subdivision within a State that, based on the 
                population data from the most recent U.S. Census 
                Bureau--
                            ``(i) with respect to a municipality, has a 
                        population of not fewer than 200,000 people;
                            ``(ii) with respect to a county, parish or 
                        borough, has a population of not fewer than 
                        800,000 people; or
                            ``(iii) with respect to a municipality, 
                        county, parish, or borough, has a population--
                                    ``(I) of not fewer than 84,000 
                                people; and
                                    ``(II) that constitutes not less 
                                than 5 percent of the total population 
                                of the State in which the municipality, 
                                county, parish, or borough is located; 
                                and
                    ``(B) any political subdivision that--
                            ``(i) is located in a State that 
                        collaborates as 1 region for the purposes of 
                        this Act; or
                            ``(ii)(I) collaborates with another 
                        political subdivision; and
                            ``(II) when combined with the political 
                        subdivision described in subclause (I), meets 
                        the requirements described in subparagraph (A).
            ``(7) Energy efficiency project.--The term `energy 
        efficiency project' 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) Green bond.--The term `Green Bond' means a bond 
        issued pursuant to section 3102A of this title.
            ``(9) Qualified clean energy project.--The term `qualified 
        clean energy project' means a clean energy project, including 
        smart grid technologies and functions characterized in section 
        1301 of the Energy Independence and Security Act of 2007 (42 
        U.S.C. 17381) and end-use technologies for efficiency gains in 
        new construction and across existing infrastructure, that--
                    ``(A) is a Clean Energy Project carried out 
                domestically within the territorial borders of the 
                United States;
                    ``(B) to the extent otherwise required by law, pays 
                wages in accordance with subchapter IV of chapter 31 of 
                title 40, United States Code (commonly referred to as 
                the Davis-Bacon Act);
                    ``(C) if for nuclear power, is funded by the Bank 
                only after all other existing Federal financial support 
                has been expended;
                    ``(D) if for alternative fuel vehicles, is for the 
                purchase or lease of eligible vehicles and not the 
                design or manufacture thereof; and
                    ``(E) satisfies any other conditions established by 
                the Bank and published in the Federal Register.
    ``(d) Green Bank.--
            ``(1) Establishment of corporation.--There is established a 
        corporation to be known as the United States Green Bank that 
        shall be wholly owned by the United States.
            ``(2) Oversight.--The Bank shall be subject to the general 
        supervision and direction of the Secretary of the Treasury. The 
        Bank shall be an instrumentality of the United States 
        Government and shall maintain such offices as may be necessary 
        or appropriate in the conduct of its business.
            ``(3) Charter.--The Bank shall be chartered for 40 years 
        from the date of enactment of this section.
            ``(4) Governance.--
                    ``(A) Board of directors of the bank.--
                            ``(i) In general.--The Bank shall be under 
                        the direction of a Board of Directors 
                        consisting of 9 members and be subject to the 
                        general supervision and direction of the 
                        Secretary of the Treasury as Chairman of the 
                        Board.
                            ``(ii) Membership.--The Board shall consist 
                        of 9 members, as follows:
                                    ``(I) The Secretary of the Treasury 
                                or the Secretary's designee as Chairman 
                                of the Board.
                                    ``(II) The Secretary of Energy or 
                                the Secretary's designee.
                                    ``(III) The Secretary of 
                                Transportation or the Secretary's 
                                designee.
                                    ``(IV) The Administrator of the 
                                Environmental Protection Agency or the 
                                Administrator's designee.
                                    ``(V) The Secretary of the 
                                Department of Defense or the 
                                Secretary's designee.
                                    ``(VI) Four members appointed by 
                                the President of the United States 
                                including a Chief Executive Officer, 1 
                                member with expertise regarding 
                                renewable energy, 1 member with 
                                expertise regarding energy efficiency, 
                                1 member with expertise regarding 
                                finance, 1 member with expertise 
                                regarding electric utilities, and 1 
                                member with expertise regarding 
                                sustainable transportation.
                            ``(iii) Quorum.--Five members of the Board 
                        shall constitute a quorum.
                            ``(iv) Bylaws.--The Board shall adopt, and 
                        may amend, such bylaws as are necessary for the 
                        proper management and functioning of the Bank, 
                        and shall, in such bylaws, designate the vice 
                        presidents and other officers of the Bank and 
                        prescribe their duties.
                            ``(v) Terms.--The initial terms of the 
                        members of the Board shall be 4 years. For 
                        terms beginning after the first 4 years 
                        following the date of the enactment of this 
                        section, the Board shall create staggered terms 
                        of 2, 3, and 4 years for members of the Board.
                            ``(vi) Vacancies.--Any vacancy on the Board 
                        shall be filled in the same manner in which the 
                        original appointment was made.
                            ``(vii) Interim appointments.--Any member 
                        appointed to fill a vacancy occurring before 
                        the expiration of the term for which such 
                        member's predecessor was appointed shall be 
                        appointed only for the remainder of such term.
                            ``(viii) Reappointment.--Members of the 
                        Board may be reappointed for additional terms 
                        of service as members of the Board.
                            ``(ix) Continuation of service.--Any member 
                        of the Board whose term has expired may 
                        continue to serve on the Board until the 
                        earlier of--
                                    ``(I) the date on which such 
                                member's successor is appointed; or
                                    ``(II) the end of the 6-month 
                                period beginning on the date such 
                                member's term expires.
                    ``(B) Executive vice president.--The Chief 
                Executive Officer shall appoint an Executive Vice 
                President who--
                            ``(i) shall serve as Chief Executive 
                        Officer of the Bank during the absence or 
                        disability of, or in the event of a vacancy in 
                        the office, of Chief Executive Officer; and
                            ``(ii) shall at other times perform such 
                        functions as the Chief Executive Officer may 
                        prescribe.
                    ``(C) Policies and procedures.--At the request of 
                any 2 members of the Board, the Chairman shall place an 
                item pertaining to the policies or procedures of the 
                Bank on the agenda for discussion by the Board. Not 
                later than 30 days after the date such a request is 
                made, the Chairman shall hold a meeting of the Board at 
                which such item shall be discussed.
                    ``(D) Conflicts of interest.--No director, officer, 
                attorney, agent, or employee of the Bank shall in any 
                manner, directly or indirectly, participate in the 
                deliberation upon, or the determination of, any 
                question affecting such individual's personal 
                interests, or the interests of any corporation, 
                partnership, or association in which such individual is 
                directly or indirectly personally interested.
            ``(5) Hiring and contracting authority.--
                    ``(A) Contracting.--The Bank may employ or 
                otherwise contract with banks, credit agencies, 
                attorneys, and other third parties at customary 
                commercial rates.
                    ``(B) Hiring.--Notwithstanding any otherwise 
                applicable Federal rules and regulations, the Bank may 
                employ and otherwise contract with employees and 
                provide compensation to such employees at prevailing 
                rates for compensation for similar positions in private 
                industry.
            ``(6) Sunset.--
                    ``(A) Expiration of charter.--The Bank shall 
                continue to exercise its functions until all 
                obligations and commitments of the Bank are discharged, 
                even after its charter has expired.
                    ``(B) Prior obligations.--No provisions of this 
                subsection shall be construed as preventing the Bank 
                from--
                            ``(i) acquiring obligations prior to the 
                        date of the expiration of its charter which 
                        mature subsequent to such date;
                            ``(ii) assuming, prior to the date of the 
                        expiration of its charter, liability as 
                        guarantor, endorser, or acceptor of obligations 
                        which mature subsequent to such date;
                            ``(iii) issuing, prior or subsequent to the 
                        date of the expiration of its charter, for 
                        purchase by the Secretary of the Treasury or 
                        any other purchasers, its notes, debentures, 
                        bonds, or other obligations which mature 
                        subsequent to such date; or
                            ``(iv) continuing as a corporation and 
                        exercising any of its functions subsequent to 
                        the date of the expiration of its charter for 
                        purposes of orderly liquidation, including the 
                        administration of its assets and the collection 
                        of any obligations held by the Bank.
    ``(e) Green Bank Establishment Fund.--
            ``(1) Establishment.--There is established in the Treasury 
        of the United States a revolving fund, to be known as the 
        `Green Bank Establishment Fund' (hereinafter referred to as the 
        `Fund'), consisting of--
                    ``(A) such amounts as are deposited in the Fund 
                under this subtitle, including but not limited to 
                proceeds from the Green Bonds issued under section 
                3102A; and
                    ``(B) such sums as may be appropriated to 
                supplement the Fund.
            ``(2) Authorization of appropriations.--There are 
        authorized to be appropriated to the Fund such sums as are 
        necessary to carry out this subtitle.
            ``(3) Expenditures from the fund.--Amounts in the Fund 
        shall be available to the Chief Executive for obligation 
        without fiscal year limitation, to remain available until 
        expended.
    ``(f) Lending, Financing, Expenditures.--
            ``(1) In general.--The Bank shall establish a program to 
        provide, on a competitive basis financing or financing support 
        from the Fund, as the Bank determines appropriate, solely to 
        provide capitalization to an Eligible Clean Energy Financing 
        Institution for the establishment or continuing operation of 
        that entity.
            ``(2) Types of financing or financing support.--The Bank 
        may provide loans, loan guarantees, credit buy downs, or other 
        financing or financing support the Bank determines appropriate.
            ``(3) Requirements.--The Bank may only provide loans, loan 
        guarantees or credit buy downs under paragraph (1) if:
                    ``(A) Application.--The applicant submits an 
                application for loans, loan guarantees or credit buy 
                downs in accordance with application criteria 
                established by the Bank.
                    ``(B) Eligible clean energy financing 
                institutions.--An entity is eligible to receive loans, 
                loan guarantees or credit buy downs under this section 
                only if the entity--
                            ``(i) meets the definition of Eligible 
                        Clean Energy Financing Institution;
                            ``(ii) uses the funding from the Bank 
                        solely for the purposes described in this 
                        section; and
                            ``(iii) satisfies the capitalization and 
                        funding requirements as described in this 
                        section.
                    ``(C) Project finance.--The Bank shall not directly 
                lend or otherwise provide financial products to any 
                individual projects, nor shall it be required to 
                examine individual projects for the purposes of lending 
                under paragraph (1) other than as necessary to 
                determine whether an applicant meets the criteria for 
                Eligible Clean Energy Financing Institutions.
                    ``(D) Capitalization and co-funding.--The Eligible 
                Clean Energy Financing Institution--
                            ``(i) shall provide, at the time of receipt 
                        of any initial funding for capitalization by 
                        the Bank, an amount from funding sources other 
                        than the Bank equivalent to no less than 
                        $1,000,000 and no less than 20 percent of the 
                        total initial funding provided by the Bank; and
                            ``(ii) may not receive any subsequent 
                        funding for capitalization by the Bank, in 
                        addition to any initial funding for 
                        capitalization provided by the Bank in 
                        accordance with (i) above in, of amounts 
                        greater than two times the amount of capital 
                        committed for use by the Eligible Clean Energy 
                        Financing Institution for Qualified Clean 
                        Energy Projects and Qualified Energy Efficiency 
                        Projects at the time of application.
            ``(4) Regulations.--The Bank shall establish regulations to 
        carry out the activities and operations set out in this 
        chapter.
    ``(g) Lending Activities.--
            ``(1) Fees.--The Bank shall assess reasonable fees on its 
        activities so as to cover its reasonable costs and expenses, 
        consistent with the Federal Credit Reform Act of 1990 (2 U.S.C. 
        661 et seq.), provided the Bank operates as a not-for-profit 
        entity.
            ``(2) Appropriations and retention of receipts.--For 
        purposes of the Federal Credit Reform Act, funds made available 
        to the Green Bank pursuant to section 3102A for carrying out 
        this section are appropriated to the Green Bank for the 
        purposes described in the section. Receipts collected by the 
        Green Bank, consistent with the Federal Credit Reform Act, 
        shall be considered to have been provided in advance in an 
        appropriations Act, and shall remain available to the Green 
        Bank until expended.
            ``(3) Immunity from impairment, limitation, or 
        restriction.--
                    ``(A) In general.--All rights and remedies of the 
                Bank shall be immune from impairment, limitation, or 
                restrictions by or under--
                            ``(i) any law (other than a law enacted by 
                        Congress expressly in limitation of this 
                        paragraph) that becomes effective after the 
                        acquisition by the Bank of the subject or 
                        property on, under, or with respect to which 
                        the right or remedy arises or exists or would 
                        so arise or exist in the absence of the law; or
                            ``(ii) any administrative or other action 
                        that becomes effective after the acquisition.
                    ``(B) State law.--The Bank may conduct its business 
                without regard to any qualification or law of any State 
                relating to incorporation.
            ``(4) Taxation.--
                    ``(A) In general.--Subject to subparagraph (B), the 
                Bank (including its activities, capital, reserves, 
                surplus and income) shall be exempt from all taxation 
                imposed by any State or local political subdivision of 
                a State.
                    ``(B) Real property.--Any real property of the Bank 
                shall be subject to taxation by a State or political 
                subdivision of a State to the same extent according to 
                the value of the real property as other real property 
                is taxed.
            ``(5) Power to remove; jurisdiction.--Notwithstanding any 
        other provision of law, any civil action, suit, or proceeding 
        to which the Bank is a party shall be deemed to arise under the 
        laws of the United States, and the United States district 
        courts shall have original jurisdiction. The Bank may, without 
        bond or security, remove any such action, suit, or proceeding 
        from a State court to a United States district court or to the 
        United States District Court for the District of Columbia.
            ``(6) Spending safeguards.--
                    ``(A) In general.--The Chief Executive Officer of 
                the Bank--
                            ``(i) shall require any Eligible Clean 
                        Energy Financing Institution receiving 
                        financial support pursuant to this section to 
                        report quarterly, in a format specified by the 
                        Chief Executive Officer, on such entity's use 
                        of such support and its progress fulfilling the 
                        objectives for which such support was granted, 
                        and the Chief Executive Officer shall make 
                        these reports available to the public;
                            ``(ii) may establish additional reporting 
                        and information requirements for any recipient 
                        of financing support made available pursuant to 
                        this section;
                            ``(iii) shall establish appropriate 
                        mechanisms to ensure appropriate use and 
                        compliance with all terms of any financing 
                        support made available pursuant to this 
                        section;
                            ``(iv) may, in addition to and consistent 
                        with any other authority under applicable law, 
                        deobligate financing support made available 
                        pursuant to this section to entities that 
                        demonstrate an insufficient level of 
                        performance, or wasteful or fraudulent 
                        spending, as defined in advance by the Chief 
                        Executive Officer, and award these funds 
                        competitively to new or existing applicants 
                        consistent with this section;
                            ``(v) shall create and maintain a fully 
                        searchable database, accessible on the internet 
                        (or successor protocol) at no cost to the 
                        public, that contains at least--
                                    ``(I) a list of each entity that 
                                has applied for loans, loan guarantees 
                                or credit buy downs under this section;
                                    ``(II) a description of each 
                                application;
                                    ``(III) the status of each such 
                                application;
                                    ``(IV) the name of each entity 
                                receiving funds made available pursuant 
                                to this section;
                                    ``(V) the purpose for which such 
                                entity is receiving such funds;
                                    ``(VI) each quarterly report 
                                submitted by the entity pursuant to 
                                this section; and
                                    ``(VII) information related to 
                                Qualifying Clean Energy Projects and 
                                Qualifying Energy Efficiency Projects 
                                funded by Eligible Clean Energy 
                                Financing Institutions using funding 
                                received from the Bank;
                            ``(vi) to the extent practicable, data 
                        maintained under clause (v) shall be used to 
                        inform private capital markets, including the 
                        development of underwriting standards for the 
                        financing of clean energy projects and energy 
                        efficiency projects;
                            ``(vii) shall make all financing 
                        transactions available for public inspection, 
                        including formal annual reviews by both a 
                        private auditor and the Comptroller General; 
                        and
                            ``(viii) shall at all times be available to 
                        receive public comment in writing on the 
                        activities of the Bank.
                    ``(B) Protection of confidential business 
                information.--To the extent necessary and appropriate, 
                the Chief Executive Officer may redact any information 
                regarding applicants and borrowers to protect 
                confidential business information.
            ``(7) Guarantee.--Except as provided in section 3102A(e) 
        with respect to Green Bonds, financial support provided by the 
        Bank shall not be fully and unconditionally guaranteed by the 
        United States.
    ``(h) New Bank Division.--
            ``(1) In general.--The Bank shall establish a New Bank 
        Division to provide technical assistance to States, group of 
        States, the District of Columbia, territories of the United 
        States, or Eligible State Political Subdivisions seeking to 
        establish green banks.
            ``(2) Authorization of appropriations.--There are 
        authorized to be appropriated to the New Bank Division such 
        sums as are necessary to carry out this subsection.''.

SEC. 3. CONFORMING AMENDMENTS.

    (a) Tax Exempt Status.--Section 501(l) of the Internal Revenue Code 
of 1986 is amended by adding at the end the following:
            ``(5) The Green Bank established under section 9801 of 
        title 31, United States Code.''.
    (b) Wholly Owned Government Corporation.--Section 9101(3) of title 
31, United States Code, is amended by adding at the end the following:
                    ``(Q) the Green Bank.''.
    (c) Clerical Amendments.--
            (1) The table of sections for chapter 31 of title 31, 
        United States Code, is amended by inserting after the item 
        relating to section 3102 the following new item:

``3102A. Green Bonds.''.
            (2) The table of chapters for subtitle VI of title 31, 
        United States Code, is amended by adding at the end the 
        following new item:

``98. Green Bank............................................    9801''.
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