[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 2730 Introduced in Senate (IS)]







110th CONGRESS
  2d Session
                                S. 2730

 To facilitate the participation of private capital and skills in the 
    strategic, economic, and environmental development of a diverse 
portfolio of clean energy and energy efficiency technologies within the 
     United States, to facilitate the commercialization and market 
        penetration of the technologies, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 6, 2008

 Mr. Domenici (for himself, Ms. Landrieu, Ms. Murkowski, Mr. Martinez, 
 Mr. Bunning, Mr. Craig, Mr. Alexander, and Mrs. Dole) introduced the 
 following bill; which was read twice and referred to the Committee on 
                      Energy and Natural Resources

_______________________________________________________________________

                                 A BILL


 
 To facilitate the participation of private capital and skills in the 
    strategic, economic, and environmental development of a diverse 
portfolio of clean energy and energy efficiency technologies within the 
     United States, to facilitate the commercialization and market 
        penetration of the technologies, 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 Investment Bank Act of 
2008''.

SEC. 2. DEFINITIONS.

    In this Act:
            (1) Bank.--The term ``Bank'' means the Clean Energy 
        Investment Bank of the United States established by section 
        3(a).
            (2) Board.--The term ``Board'' means the Board of Directors 
        of the Bank established under section 4(b).
            (3) Clean energy investment bank fund.--The term ``Clean 
        Energy Investment Bank Fund'' means the revolving fund account 
        established under section 6(b).
            (4) Commercial technology.--The term ``commercial 
        technology'' means a technology in general use in the 
        commercial marketplace.
            (5) Eligible project.--The term ``eligible project'' means 
        a project in a State related to the production or use of energy 
        that uses a commercial technology that the Bank determines 
        avoids, reduces, or sequesters 1 or more air pollutants or 
        anthropogenic emissions of greenhouse gases more effectively 
        than other technology options available to the project 
        developer.
            (6) Investment.--The term ``investment'' includes any 
        contribution or commitment to an eligible project in the form 
        of--
                    (A) loans or loan guarantees;
                    (B) the purchase of equity shares in the project;
                    (C) participation in royalties, earnings, or 
                profits; or
                    (D) furnishing commodities, services or other 
                rights under a lease or other contract.
            (7) State.--The term ``State'' means--
                    (A) a State;
                    (B) the District of Columbia;
                    (C) the Commonwealth of Puerto Rico; and
                    (D) any other territory or possession of the United 
                States.

SEC. 3. ESTABLISHMENT OF BANK.

    (a) Establishment.--
            (1) In general.--There is established in the Executive 
        branch a bank to be known as the ``Clean Energy Investment Bank 
        of the United States,'' which shall be an agency of the United 
        States.
            (2) Government corporation.--The Bank shall be--
                    (A) a Government corporation (as defined in section 
                103 of title 5, United States Code); and
                    (B) subject to chapter 91 of title 31, United 
                States Code, except as expressly provided in this Act.
    (b) Authority.--
            (1) In general.--The Bank shall assist in the financing, 
        and facilitate the commercial use, of clean energy and energy 
        efficient technologies within the United States.
            (2) Assistance for eligible projects.--The Bank may make 
        investments--
                    (A) in eligible projects on such terms and 
                conditions as the Bank considers appropriate in 
                accordance with this Act; or
                    (B) under title XVII of the Energy Policy Act of 
                2005 (42 U.S.C. 16511 et seq.), and any of the 
                regulations promulgated under that Act, as the Bank 
                considers appropriate.
            (3) Repayment.--No loan or loan guarantee shall be made 
        under this subsection unless the Bank determines that there is 
        a reasonable prospect of repayment of the principal and 
        interest by the borrower.
            (4) Project diversity.--The Bank shall ensure that a 
        reasonable diversity of projects, technologies, and energy 
        sectors receive assistance under this subsection.
    (c) Powers.--In carrying out this Act, the Bank may--
            (1) conduct a general banking business (other than currency 
        circulation), including--
                    (A) borrowing and lending money;
                    (B) issuing letters of credit;
                    (C) accepting bills and drafts drawn upon the Bank;
                    (D) purchasing, discounting, rediscounting, 
                selling, and negotiating, with or without endorsement 
                or guaranty, and guaranteeing, notes, drafts, checks, 
                bills of exchange, acceptances (including bankers' 
                acceptances), cable transfers, and other evidences of 
                indebtedness;
                    (E) issuing guarantees, insurance, coinsurance, and 
                reinsurance;
                    (F) purchasing and selling securities; and
                    (G) receiving deposits;
            (2) make investments in eligible projects on a self-
        sustaining basis, taking into account the financing operations 
        of the Bank and the economic and financial soundness of 
        projects;
            (3) use private credit, investment institutions, and the 
        guarantee authority of the Bank as the principal means of 
        mobilizing capital investment funds;
            (4) broaden private participation and revolve the funds of 
        the Bank through selling the direct investments of the Bank to 
        private investors whenever the Bank can appropriately do so on 
        satisfactory terms;
            (5) conduct the insurance operations of the Bank with due 
        regard to principles of risk management, including efforts to 
        share the insurance risks of the Bank;
            (6) foster private initiative and competition and 
        discourage monopolistic practices; and
            (7) advise and assist interested agencies of the United 
        States and other organizations, public and private and national 
        and international, with respect to projects and programs 
        relating to the development of private enterprise in the market 
        sector in accordance with this Act.

SEC. 4. ORGANIZATION AND MANAGEMENT.

    (a) Structure of Bank.--The Bank shall have--
            (1) a Board of Directors;
            (2) a President;
            (3) an Executive Vice President; and
            (4) such other officers and staff as the Board may 
        determine.
    (b) Board of Directors.--
            (1) Establishment.--There is established a Board of 
        Directors of the Bank to exercise all powers of the Bank.
            (2) Composition.--
                    (A) In general.--The Board shall be composed of 7 
                members, of whom--
                            (i) 5 members shall be independent 
                        directors appointed by the President of the 
                        United States, by and with the advice and 
                        consent of the Senate (referred to in this 
                        subsection as ``independent directors''; and
                            (ii) 2 members shall be the President of 
                        the Bank and the Executive Vice President of 
                        the Bank, appointed by the independent 
                        directors.
                    (B) Federal employment.--An independent director 
                shall not be an officer or employee of the Federal 
                Government at the time of appointment.
                    (C) Political party.--Not more than 3 of the 
                independent directors shall be members of the same 
                political party.
            (3) Term; vacancies.--
                    (A) Term.--
                            (i) In general.--Subject to clause (ii), 
                        the independent directors shall be appointed 
                        for a term of 5 years and may be reappointed.
                            (ii) Staggered terms.--The terms of not 
                        more than 2 independent directors shall expire 
                        in any year.
                    (B) Vacancies.--A vacancy on the Board--
                            (i) shall not affect the powers of the 
                        Board; and
                            (ii) shall be filled in the same manner as 
                        the original appointment was made.
            (4) Meetings.--
                    (A) Initial meeting.--Not later than 30 days after 
                the date on which all members of the Board have been 
                appointed, the Board shall hold the initial meeting of 
                the Board.
                    (B) Meetings.--The Board shall meet at the call of 
                the Chairman of the Board.
                    (C) Quorum.--Four members of the Board shall 
                constitute a quorum, but a lesser number of members may 
                hold hearings.
            (5) Chairman and vice chairman.--
                    (A) In general.--The Board shall select a Chairman 
                and Vice Chairman from among the members of the Board.
                    (B) Eligibility.--The Chairman of the Board shall 
                not be an Executive Director of the Board.
            (6) Compensation of members.--An independent director 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 
        Board.
            (7) Travel expenses.--An independent director 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 Board.
    (c) President of the Bank.--
            (1) Appointment.--The President of the Bank shall be 
        appointed by the Board.
            (2) Duties.--The President of the Bank shall--
                    (A) be the Chief Executive Officer of the Bank;
                    (B) be responsible for the operations and 
                management of the Bank, subject to bylaws and policies 
                established by the Board; and
                    (C) serve as an Executive Director on the Board.
    (d) Executive Vice President.--
            (1) Appointment.--The Executive Vice President of the Bank 
        shall be appointed by the Board.
            (2) Duties.--The Executive Vice President of the Bank 
        shall--
                    (A) serve as the President of the Bank during the 
                absence or disability, or in the event of a vacancy in 
                the office, of the President of the Bank;
                    (B) at other times, perform such functions as the 
                President of the Bank may from time to time prescribe; 
                and
                    (C) serve as an Executive Director on the Board.
    (e) Staff.--
            (1) In general.--The Board may--
                    (A) appoint and terminate such officers, attorneys, 
                employees, and agents as are necessary to carry out 
                this Act; and
                    (B) vest the personnel with such powers and duties 
                as the Board may determine.
            (2) Civil service laws.--Persons employed by the Bank may 
        be appointed, compensated, or removed without regard to civil 
        service laws (including regulations).
            (3) Reappointment.--Under such regulations as the President 
        of the United States may promulgate, an officer or employee of 
        the Federal Government who is appointed to a position under 
        this subsection may be entitled, on removal from the position, 
        except for cause, to reinstatement to the position occupied at 
        the time of appointment or to a position of comparable grade 
        and salary.
            (4) Additional positions.--Positions authorized under this 
        subsection shall be in addition to other positions otherwise 
        authorized by law, including positions authorized by section 
        5108 of title 5, United States Code.

SEC. 5. FINANCING, GUARANTIES, INSURANCE, CREDIT SUPPORT, AND OTHER 
              PROGRAMS.

    (a) Intergovernmental Agreements.--Subject to the other provisions 
of this section, the Bank may enter into arrangements with State and 
local governments (including agencies, instrumentalities, or political 
subdivisions of State and local governments) for sharing liabilities 
assumed by providing financial assistance for eligible projects under 
this Act.
    (b) Insurance.--
            (1) In general.--The Bank may issue insurance, on such 
        terms and conditions as the Bank may determine, to ensure 
        protection in whole or in part against any or all of the risks 
        with respect to eligible projects that the Bank has approved.
            (2) Duplication of assistance.--The Bank shall not offer 
        any insurance products under this subsection that duplicate or 
        augment any other similar Federal assistance.
    (c) Guarantees.--
            (1) In general.--The Bank may issue guarantees of loans and 
        other investments made by investors assuring against loss in 
        eligible projects on such terms and conditions as the Bank may 
        determine.
            (2) Budgetary treatment.--Any guarantee issued under this 
        subsection shall, for budgetary purposes, be considered a loan 
        guarantee (as defined in section 502 of the Federal Credit 
        Reform Act of 1990 (2 U.S.C. 661a)).
    (d) Loans and Credit Assistance.--
            (1) In general.--The Bank may make loans, provide letters 
        of credit, issue other credit enhancements, or provide other 
        financing for eligible projects on such terms and conditions as 
        the Bank may determine.
            (2) Budgetary treatment.--Any financial instrument issued 
        under this subsection shall, for budgetary purposes, be 
        considered a direct loan (as defined in section 502 of the 
        Federal Credit Reform Act of 1990 (2 U.S.C. 661a)).
    (e) Eligible Project Development Investment Encouragement.--The 
Bank may provide financial assistance under this section for 
development activities for eligible projects, under such terms and 
conditions as the Bank may determine, if the Board determines that the 
assistance is necessary to encourage private investment or accelerate 
project development.
    (f) Other Insurance Functions.--The Bank may--
            (1) using agreements and contracts that are consistent with 
        this Act--
                    (A) make and carry out contracts of insurance or 
                agreements to associate or share risks with insurance 
                companies, financial institutions, any other person or 
                group of persons; and
                    (B) employ entities described in subparagraph (A), 
                if appropriate, as the agent of the Bank in--
                            (i) the issuance and servicing of 
                        insurance;
                            (ii) the adjustment of claims;
                            (iii) the exercise of subrogation rights;
                            (iv) the ceding and acceptance of 
                        reinsurance; and
                            (v) any other matter incident to an 
                        insurance business; and
            (2) enter into pooling or other risk-sharing agreements 
        with other governmental insurance or financing agencies or 
        groups of those agencies.
    (g) Equity Finance Program.--
            (1) In general.--Subject to the other provisions of this 
        subsection, the Bank may establish an equity finance program 
        under which the Bank may, in accordance with this subsection, 
        purchase, invest in, or otherwise acquire equity or quasi-
        equity securities of any firm or entity, on such terms and 
        conditions as the Bank may determine, for the purpose of 
        providing capital for any project that is consistent with this 
        Act.
            (2) Total amount of equity investments.--
                    (A) Total amount of equity investment under equity 
                finance program.--
                            (i) In general.--Except as provided in 
                        clause (ii), the total amount of the equity 
                        investment of the Bank with respect to any 
                        project under this subsection shall not exceed 
                        30 percent of the aggregate amount of all 
                        equity investment made with respect to the 
                        project at the time at which the equity 
                        investment of the Bank is made.
                            (ii) Defaults.--Clause (i) shall not apply 
                        to a security acquired through the enforcement 
                        of any lien, pledge, or contractual arrangement 
                        as a result of a default by any party under any 
                        agreement relating to the terms of the 
                        investment of the Bank.
                    (B) Total amount of equity investment under 
                multiple programs.--
                            (i) In general.--The equity investment of 
                        the Bank under this subsection with respect to 
                        any project, when added to any other 
                        investments made or guaranteed by the Bank 
                        under subsection (c) or (d) with respect to the 
                        project, shall not cause the aggregate amount 
                        of all the investments to exceed, at the time 
                        any such investment is made or guaranteed by 
                        the Bank, 75 percent of the total investment 
                        committed to the project, as determined by the 
                        Bank.
                            (ii) Conclusive determination.--The 
                        determination of the Bank under this 
                        subparagraph shall be conclusive for purposes 
                        of the authority of the Bank to make or 
                        guarantee any investment described in clause 
                        (i).
            (3) Additional criteria.--In making investment decisions 
        under this subsection, the Bank shall consider the extent to 
        which the equity investment of the Bank will assist in 
        obtaining the financing required for the project.
            (4) Implementation.--
                    (A) In general.--The Bank may create such legal 
                vehicles as are necessary for implementation of this 
                subsection.
                    (B) Non-federal borrowers.--A borrower 
                participating in a legal vehicle created under this 
                paragraph shall be considered a non-Federal borrower 
                for purposes of the Federal Credit Reform Act of 1990 
                (2 U.S.C. 661 et seq.).
                    (C) Securities.--Income and proceeds of investments 
                made under this subsection may be used to purchase 
                equity or quasi-equity securities in accordance with 
                this section.
    (h) Relationship to Federal Credit Reform Act of 1990.--
            (1) In general.--Any liability assumed by the Bank under 
        subsections (c) and (d) shall be discharged pursuant to the 
        Federal Credit Reform Act of 1990 (2 U.S.C. 661 et seq.).
            (2) Specific appropriation or contribution.--
                    (A) In general.--No loan guaranteed under 
                subsection (c) or direct loan under subsection (d) 
                shall be made unless--
                            (i) an appropriation for the cost has been 
                        made; or
                            (ii) the Bank has received from the 
                        borrower a payment in full for the cost of the 
                        obligation.
                    (B) Budgetary treatment.--Section 504(b) of the 
                Federal Credit Reform Act of 1990 (2 U.S.C. 661c(b)) 
                shall not apply to a loan or loan guarantee made in 
                accordance with subparagraph (A)(ii).
            (3) Apportionment.--Receipts, proceeds, and recoveries 
        realized by the Bank and the obligations and expenditures made 
        by the Bank pursuant to this subsection shall be exempt from 
        apportionment under subchapter II of chapter 15 of title 31, 
        United States Code.

SEC. 6. ISSUING AUTHORITY; DIRECT INVESTMENT AUTHORITY AND RESERVES.

    (a) Maximum Contingent Liability.--The maximum contingent liability 
outstanding at any time pursuant to actions taken by the Bank under 
section 5 shall not exceed a total amount of $100,000,000,000.
    (b) Clean Energy Investment Bank Fund.--
            (1) Establishment.--There is established in the Treasury of 
        the United States a revolving fund, to be known as the ``Clean 
        Energy Investment Bank Fund'' (referred to in this section as 
        the ``Fund'').
            (2) Use.--The Clean Energy Investment Bank Fund shall be 
        available for discharge of liabilities under section 5 (other 
        than subsections (c) and (d) of section 5) until the earlier 
        of--
                    (A) the date on which all liabilities of the Bank 
                have been discharged or expire; or
                    (B) the date on which all amounts in the Fund have 
                been expended in accordance with this section.
            (3) Apportionment.--Receipts, proceeds, and recoveries 
        realized by the Bank and the obligations and expenditures made 
        by the Bank pursuant to this subsection shall be exempt from 
        apportionment under subchapter II of chapter 15 of title 31, 
        United States Code.
    (c) Payments of Liabilities.--Any payment made to discharge 
liabilities arising from agreements under section 5 (other than 
subsections (c) and (d) of section 5) shall be paid out of the Clean 
Energy Investment Bank Fund.
    (d) Supplemental Borrowing Authority.--
            (1) In general.--In order to maintain sufficient liquidity 
        in the revolving loan fund, the Bank may issue from time to 
        time for purchase by the Secretary of the Treasury notes, 
        debentures, bonds, or other obligations.
            (2) Maximum total amount.--The total amount of obligations 
        issued under paragraph (1) that is outstanding at any time 
        shall not exceed $2,000,000,000.
            (3) Repayment.--Any obligation issued under paragraph (1) 
        shall be repaid to the Treasury not later than 1 year after the 
        date of issue of the obligation.
            (4) Interest rate.--Any obligation issued under paragraph 
        (1) shall bear interest at a rate determined by the Secretary 
        of the Treasury, taking into account the current average market 
        yield on outstanding marketable obligations of the United 
        States of comparable maturities during the month preceding the 
        issuance of any obligation authorized by this subsection.
            (5) Purchase of obligations.--
                    (A) In general.--The Secretary of the Treasury--
                            (i) shall purchase any obligation of the 
                        Bank issued under this subsection; and
                            (ii) for the purchase, may use as a public 
                        debt transaction the proceeds of the sale of 
                        any securities issued under chapter 31 of title 
                        31, United States Code.
                    (B) Purposes.--The purpose for which securities may 
                be issued under chapter 31 of title 31, United States 
                Code, shall include any purchase under this paragraph.

SEC. 7. ADMINISTRATION.

    (a) Protection of Interest of Bank.--The Bank shall ensure that 
suitable arrangements exist for protecting the interest of the Bank in 
connection with any agreement issued under this Act.
    (b) Full Faith and Credit.--
            (1) Obligation.--A loan guarantee issued by the Bank under 
        section 5(c) shall constitute an obligation, in accordance with 
        the terms of the guarantee, of the United States.
            (2) Payment.--The full faith and credit of the United 
        States is pledged for the full payment and performance of the 
        obligation.
    (c) Fees.--
            (1) In general.--The Bank shall establish and collect fees 
        for services under this Act in amounts to be determined by the 
        Bank.
            (2) Availability of fees.--Except as provided in paragraph 
        (3), fees collected by the Bank under paragraph (1) (including 
        fees collected for administrative expenses in carrying out 
        subsections (c) and (d) of section 5) may be retained by the 
        Bank and may remain available to the Bank, without further 
        appropriation or fiscal year limitation, for payment of 
        administrative expenses incurred in carrying out this Act.
            (3) Fee transfer authority.--Fees collected by the Bank for 
        the cost (as defined in section 502 of the Federal Credit 
        Reform Act of 1990 (2 U.S.C. 661a)) of a loan or loan guarantee 
        made under subsection (c) or (d) of section 5 shall be 
        transferred by the Bank to the respective credit program 
        accounts.

SEC. 8. GENERAL PROVISIONS AND POWERS.

    (a) Principal Office.--The Bank shall--
            (1) maintain its principal office in the District of 
        Columbia; and
            (2) be considered, for purposes of venue in civil actions, 
        to be a resident of the District of Columbia.
    (b) Transfer of Functions and Authority.--
            (1) In general.--On appointment of a majority of the Board 
        by the President, all of the functions and authority of the 
        Secretary of Energy under predecessor programs and authorities 
        similar to those provided under subsections (c) and (d) of 
        section 5, including those under title XVII of the Energy 
        Policy Act of 2005 (42 U. S.C. 16511 et seq.), shall be 
        transferred to the Board
            (2) Continuation prior to transfer.--Until the transfer, 
        the Secretary of Energy shall continue to administer such 
        programs and activities, including programs and authorities 
        under title XVII of the Energy Policy Act of 2005 (42 U.S.C. 
        16511 et seq.).
            (3) Effect on existing rights and obligations.--The 
        transfer of functions and authority under this subsection shall 
        not affect the rights and obligations of any party that arise 
        under a predecessor program or authority prior to the transfer 
        under this subsection.
    (c) Audits.--
            (1) In general.--Except as otherwise provided in this Act, 
        the Bank shall be subject to the applicable provisions of 
        chapter 91 of title 31, United States Code.
            (2) Periodic audits by independent certified public 
        accountants.--
                    (A) In general.--Except as provided in paragraph 
                (3), an independent certified public accountant shall 
                perform a financial and compliance audit of the 
                financial statements of the Bank at least once every 3 
                years, in accordance with generally accepted Government 
                auditing standards for a financial and compliance 
                audit, as issued by the Comptroller General of the 
                United States.
                    (B) Report to board.--The independent certified 
                public accountant shall report the results of the audit 
                to the Board.
                    (C) Generally accepted accounting principles.--The 
                financial statements of the Bank shall be presented in 
                accordance with generally accepted accounting 
                principles.
                    (D) Reports.--
                            (i) In general.--The financial statements 
                        and the report of the accountant shall be 
                        included in a report that--
                                    (I) contains, to the extent 
                                applicable, the information identified 
                                in section 9106 of title 31, United 
                                States Code; and
                                    (II) the Bank shall submit to 
                                Congress not later than 210 days after 
                                the end of the last fiscal year covered 
                                by the audit.
                            (ii) Review.--The Comptroller General of 
                        the United States may review the audit 
                        conducted by the accountant and the report to 
                        Congress in such manner and at such times as 
                        the Comptroller General considers necessary.
            (3) Alternative audits by comptroller general of the united 
        states.--
                    (A) In general.--In lieu of the financial and 
                compliance audit required by paragraph (2), the 
                Comptroller General of the United States shall, if the 
                Comptroller General considers it necessary, audit the 
                financial statements of the Bank in the manner provided 
                under paragraph (2).
                    (B) Reimbursement.--The Bank shall reimburse the 
                Comptroller General of the United States for the full 
                cost of any audit conducted under this paragraph.
            (4) Availability of records.--All books, accounts, 
        financial records, reports, files, work papers, and property 
        belonging to or in use by the Bank and the accountant who 
        conducts the audit under paragraph (2), that are necessary for 
        purposes of this subsection, shall be made available to the 
        Comptroller General of the United States.

SEC. 9. REPORTS TO CONGRESS.

    As soon as practicable after the end of each fiscal year, the Bank 
shall submit to Congress a complete and detailed report describing the 
operations of the Bank during the fiscal year.

SEC. 10. MODIFICATION TO LOAN GUARANTEE PROGRAM.

    (a) Definition of Commercial Technology.--Section 1701(1) of the 
Energy Policy Act of 2005 (42 U.S.C. 16511(1)) is amended by striking 
subparagraph (B) and inserting the following:
                    ``(B) Exclusion.--The term `commercial technology' 
                does not include a technology if the sole use of the 
                technology is in connection with--
                            ``(i) a demonstration plant; or
                            ``(ii) a project for which the Secretary 
                        approved a loan guarantee.''.
    (b) Specific Appropriation or Contribution.--Section 1702 of the 
Energy Policy Act of 2005 (42 U.S.C. 16512) is amended by striking 
subsection (b) and inserting the following:
    ``(b) Specific Appropriation or Contribution.--
            ``(1) In general.--No guarantee shall be made unless--
                    ``(A) an appropriation for the cost has been made; 
                or
                    ``(B) the Secretary has received from the borrower 
                a payment in full for the cost of the obligation and 
                deposited the payment into the Treasury.
            ``(2) Limitation.--The source of payments received from a 
        borrower under paragraph (1)(B) shall not be a loan or other 
        debt obligation that is made or guaranteed by the Federal 
        Government.
            ``(3) Relation to other laws.--Section 504(b) of the 
        Federal Credit Reform Act of 1990 (2 U.S.C. 661c(b)) shall not 
        apply to a loan or loan guarantee made in accordance with 
        paragraph (1)(B).''.
    (c) Amount.--Section 1702 of the Energy Policy Act of 2005 (42 
U.S.C. 16512) is amended by striking subsection (c) and inserting the 
following:
    ``(c) Amount.--
            ``(1) In general.--Subject to paragraph (2), the Secretary 
        shall guarantee up to 100 percent of the principal and interest 
        due on 1 or more loans for a facility that are the subject of 
        the guarantee.
            ``(2) Limitation.--The total amount of loans guaranteed for 
        a facility by the Secretary shall not exceed 80 percent of the 
        total cost of the facility, as estimated at the time at which 
        the guarantee is issued.''.
    (d) Subrogation.--Section 1702(g)(2) of the Energy Policy Act of 
2005 (42 U.S.C. 16512(g)(2)) is amended--
            (1) by striking subparagraph (B); and
            (2) by redesignating subparagraph (C) as subparagraph (B).
    (e) Fees.--Section 1702(h) of the Energy Policy Act of 2005 (42 
U.S.C. 16512(h)) is amended by striking paragraph (2) and inserting the 
following:
            ``(2) Availability.--Fees collected under this subsection 
        shall--
                    ``(A) be deposited by the Secretary into a special 
                fund in the Treasury to be known as the `Incentives For 
                Innovative Technologies Fund'; and
                    ``(B) remain available to the Secretary for 
                expenditure, without further appropriation or fiscal 
                year limitation, for administrative expenses incurred 
                in carrying out this title.''.

SEC. 11. INTEGRATION OF LOAN GUARANTEE PROGRAMS.

    (a) Definition of Bank.--Section 1701 of the Energy Policy Act of 
2005 (42 U.S.C. 16511) is amended--
            (1) by redesignating paragraphs (1) through (5) as 
        paragraphs (2) through (6), respectively; and
            (2) by inserting before paragraph (2) (as so redesignated) 
        the following:
            ``(1) Bank.--The term `Bank' means the Clean Energy 
        Investment Bank of the United States established by section 
        3(a) of the Clean Energy Investment Bank Act of 2008.''.
    (b) Administration.--
            (1) In general.--Title XVII of the Energy Policy Act of 
        2005 (42 U.S.C. 16511 et seq.) is amended by striking 
        ``Secretary'' each place it appears (other than the last place 
        it appears in section 1702(a)) and inserting ``Board''.
            (2) Conforming amendments.--Section 1702(g) of the Energy 
        Policy Act of 2005 (42 U.S.C. 16512(g)) is amended--
                    (A) in the heading for paragraph (1), by striking 
                ``Secretary'' and inserting ``Bank''; and
                    (B) in the heading for paragraph (3), by striking 
                ``Secretary'' and inserting ``Bank''.
    (c) Application.--The amendments made by this section are effective 
on the date the President transfers to the Bank under section 9(b)(1) 
the authority to carry out title XVII of the Energy Policy Act of 2005 
(42 U.S.C. 16511 et seq.).

SEC. 12. AUTHORIZATION OF APPROPRIATIONS.

    (a) In General.--Subject to subsection (b), there are authorized to 
be appropriated to the Bank, to remain available until expended, such 
sums as are necessary to--
            (1) replenish or increase the Clean Energy Investment Bank 
        Fund; or
            (2) discharge obligations of the Bank purchased by the 
        Secretary of the Treasury under this Act.
    (b) Minimum Levels in the Clean Energy Investment Bank Fund.--No 
appropriations shall be made to augment the Clean Energy Investment 
Bank Fund unless the balance in the Clean Energy Investment Bank Fund 
is projected to be less than $50,000,000 during the fiscal year for 
which an appropriation is made.
                                 <all>