[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 2261 Introduced in Senate (IS)]
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116th CONGRESS
1st Session
S. 2261
To direct the Secretary of the Treasury to issue Clean Energy Victory
Bonds.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
July 25, 2019
Mr. Udall introduced the following bill; which was read twice and
referred to the Committee on Finance
_______________________________________________________________________
A BILL
To direct the Secretary of the Treasury to issue Clean Energy Victory
Bonds.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Clean Energy Victory Bond Act of
2019''.
SEC. 2. FINDINGS.
Congress finds the following:
(1) Potential exists for increasing clean and renewable
energy production and energy efficiency installation in the
United States.
(2) Other nations, including China and Germany, are ahead
of the United States in manufacturing and deploying various
clean energy technologies, even though many of these
technologies were invented in the United States.
(3) Climate change represents an existential threat to the
safety, security, and economy of the United States. Rapid and
robust deployment of clean energy will reduce greenhouse gas
emissions and mitigate the effects of climate change on
American society.
(4) Many segments of the American public want to take
charge of efforts to combat the effects of climate change and
practice responsible consumer behavior.
(5) The Office of Energy Efficiency and Renewable Energy of
the Department of Energy (referred to in this section as the
``EERE'') estimates that taxpayer investment of $12,000,000,000
into the EERE research and development portfolio has already
yielded an estimated net economic benefit to the United States
of more than $230,000,000,000, with an overall annual return on
investment of more than 20 percent.
(6) Investments in renewable energy and energy efficiency
projects in the United States create green jobs throughout the
Nation. New and innovative jobs could be created through
expanded government support for clean energy and energy
efficiency.
(7) As Americans choose energy efficiency and clean energy
and transportation, it reduces our dependence on foreign oil
and improves our energy security.
(8) Bonds are a low-cost method for encouraging clean
energy, as they do not require direct budget allocations or
expenditures. The projects supported through Clean Energy
Victory Bonds will create jobs and business revenues that will
increase Federal tax revenues, while simultaneously reducing
nationwide health and environmental costs incurred by the
Federal Government.
(9) Bonds are voluntary measures that allow Americans to
contribute financially in whatever amount is available to them.
(10) During World War II, over 80 percent of American
households purchased Victory Bonds to support the war effort,
raising over $185,000,000,000, or over $2,000,000,000,000 in
today's dollars.
SEC. 3. DEFINITIONS.
For purposes of this Act:
(1) Clean energy project.--The term ``clean energy
project'' means a technology that provides--
(A) performance-based energy efficiency
improvements; or
(B) clean energy improvements, including--
(i) electricity generated from solar, wind,
geothermal, small-scale hydropower, and
hydrokinetic energy sources;
(ii) fuel cells using non-fossil fuel
sources;
(iii) advanced storage technologies;
(iv) next generation biofuels from
sustainable non-food feedstocks; and
(v) electric vehicle infrastructure.
(2) Secretary.--The term ``Secretary'' means the Secretary
of the Treasury or the Secretary's delegate.
SEC. 4. CLEAN ENERGY VICTORY BONDS.
(a) In General.--Not later than 6 months after the date of the
enactment of this Act, the Secretary, in consultation with the
Secretary of Energy and the Secretary of Defense, shall issue bonds to
be known as ``Clean Energy Victory Bonds'', the proceeds from which
shall be used to carry out the purposes described in subsection (c) of
section 9512 of the Internal Revenue Code of 1986 (as added by section
5).
(b) Savings Bond.--Any Clean Energy Victory Bond issued under this
section shall be issued by the Secretary--
(1) as a savings bond of series EE, or as administered by
the Bureau of the Fiscal Service of the Department of the
Treasury, in a manner consistent with the provisions of section
3105 of title 31, United States Code; and
(2) in denominations of $25 and such other amounts as are
determined appropriate by the Secretary, and shall mature
within such periods as determined by the Secretary.
(c) Amount of Clean Energy Victory Bonds.--The aggregate face
amount of the Clean Energy Victory Bonds issued annually under this
section shall be not greater than $50,000,000,000.
(d) Interest.--Clean Energy Victory Bonds shall bear interest at
the rate the Secretary sets for Savings Bonds of Series EE and Series
I, plus a rate of return determined by the Secretary which is based on
the valuation of--
(1) savings achieved through reduced energy spending by the
Federal Government resulting from clean energy projects funded
from the proceeds of such bonds; and
(2) interest collected on loans financed or guaranteed from
the proceeds of such bonds.
(e) Full Faith and Credit.--Payment of interest and principal with
respect to any Clean Energy Victory Bond issued under this section
shall be made from the general fund of the Treasury of the United
States and shall be backed by the full faith and credit of the United
States.
(f) Promotion.--
(1) In general.--The Secretary shall take such actions,
independently and in conjunction with financial institutions
offering Clean Energy Victory Bonds, to promote the purchase of
Clean Energy Victory Bonds, including campaigns describing the
financial and social benefits of purchasing Clean Energy
Victory Bonds.
(2) Promotional activities.--For purposes of paragraph (1),
promotional activities may include advertisements, pamphlets,
or other promotional materials--
(A) in periodicals;
(B) on billboards and other outdoor venues;
(C) on television;
(D) on radio;
(E) on the internet;
(F) within financial institutions; or
(G) any other venues or outlets the Secretary may
identify.
SEC. 5. CLEAN ENERGY VICTORY BONDS TRUST FUND.
(a) In General.--Subchapter A of chapter 98 of the Internal Revenue
Code of 1986 is amended by adding at the end the following new section:
``SEC. 9512. CLEAN ENERGY VICTORY BONDS TRUST FUND.
``(a) Creation of Trust Fund.--There is established in the Treasury
of the United States a trust fund to be known as the `Clean Energy
Victory Bonds Trust Fund', consisting of such amounts as may be
apportioned or credited to such Trust Fund as provided in this section
or section 9602(b).
``(b) Transfers to Trust Fund.--There are hereby appropriated to
the Trust Fund--
``(1) amounts equivalent to revenue from the issuance of
Clean Energy Victory Bonds under section 4 of the Clean Energy
Victory Bond Act of 2019, and
``(2) any gifts or bequests made to the Trust Fund which
are accepted by the Secretary for the benefit of such Fund or
any activity financed through such Fund.
``(c) Expenditures From Trust Fund.--Amounts in the Trust Fund
shall be available, without further appropriation, to finance clean
energy projects (as defined in section 3 of the Clean Energy Victory
Bond Act of 2019) at the Federal, State, and local level, which may
include--
``(1) providing additional support to existing Federal
financing programs available to States for energy efficiency
upgrades and clean energy deployment,
``(2) providing funding for clean energy investments by all
Federal agencies,
``(3) providing funding for electric grid enhancements and
connections that enable clean energy deployment,
``(4) providing funding to renovate existing inefficient
buildings or building new energy efficient buildings,
``(5) providing tax incentives and tax credits for clean
energy technologies,
``(6) providing funding for new innovation research,
including ARPA-E, public competitions similar to those designed
by the X Prize Foundation, grants provided through the Office
of Energy Efficiency and Renewable Energy of the Department of
Energy, or other mechanisms to fund revolutionary clean energy
technology,
``(7) providing additional support to existing Federal,
State, and local grant programs that finance clean energy
projects, and
``(8) providing funding for zero-emission vehicle
infrastructure and manufacturing.''.
(b) Clerical Amendment.--The table of sections for subchapter A of
chapter 98 of such Code is amended by adding at the end the following
new item:
``Sec. 9512. Clean Energy Victory Bonds Trust Fund.''.
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