[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.
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