[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 2191 Introduced in Senate (IS)]

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115th CONGRESS
  1st Session
                                S. 2191

   To promote investments in renewable energy and consumer loans for 
                   residential solar energy systems.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            December 4, 2017

  Mr. Nelson introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
   To promote investments in renewable energy and consumer loans for 
                   residential solar energy systems.

    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 ``Green Banking Act''.

SEC. 2. DEFINITIONS.

    In this Act--
            (1) the term ``joint resolution of approval'' means only a 
        joint resolution of either House of Congress--
                    (A) the title of which is as follows: ``Approving 
                the permanent extension of section 3 of the Green 
                Banking Act relating to the special allowance for 
                financial institutions investing in renewable energy 
                companies.''; and
                    (B) the sole matter after the resolving clause of 
                which is the following : ``Congress approves the 
                permanent extension of section 3 of the Green Banking 
                Act effective as of ________.'', with the blank space 
                being filled with a date that is not more than 25 years 
                after the date of enactment of this Act; and
            (2) the term ``qualified renewable energy activities'' 
        means--
                    (A) the production of solar energy systems, as 
                defined in section 2(a) of the National Housing Act (12 
                U.S.C. 1703(a)), in the United States; or
                    (B) the production or storage of energy within the 
                United States that is solely derived from--
                            (i) solar radiation;
                            (ii) wind;
                            (iii) ocean thermal gradients;
                            (iv) ocean currents and waves;
                            (v) hydropower;
                            (vi) the photovoltaic effect (as defined in 
                        section 3 of the Solar Photovoltaic Energy 
                        Research, Development, and Demonstration Act of 
                        1978 (42 U.S.C. 5582));
                            (vii) geothermal deposits (as defined in 
                        section 613(e) of the Internal Revenue Code of 
                        1986);
                            (viii) biomass (as defined in section 203 
                        of the Biomass Energy and Alcohol Fuels Act of 
                        1980 (42 U.S.C. 8802)); or
                            (ix) fusion (as defined in section 3 of the 
                        Magnetic Fusion Energy Engineering Act of 1980 
                        (42 U.S.C. 9302)); and
                    (C) does not include any activity that facilitates 
                the production, use, transmission, or transportation of 
                energy derived from fossil fuels.

SEC. 3. SPECIAL ALLOWANCE FOR FINANCIAL INSTITUTIONS INVESTING IN 
              RENEWABLE ENERGY COMPANIES.

    (a) Interests in Nonbanking Organizations.--
            (1) In general.--Section 4 of the Bank Holding Company Act 
        of 1956 (12 U.S.C. 1843) is amended--
                    (A) in subsection (c)--
                            (i) in paragraph (13), by striking ``or'' 
                        at the end;
                            (ii) by redesignating paragraph (14) as 
                        paragraph (15); and
                            (iii) by inserting after paragraph (13) the 
                        following:
            ``(14) shares of any company engaged solely in qualified 
        renewable energy activities if such shares do not exceed 20 per 
        centum of the outstanding voting shares of such company; or''; 
        and
                    (B) in subsection (j)--
                            (i) in paragraph (1)(A), by inserting ``, 
                        (c)(14),'' after ``(c)(8)'';
                            (ii) in paragraph (2), by striking 
                        subparagraph (A) and inserting the following:
                    ``(A) Criteria.--
                            ``(i) In general.--In connection with a 
                        notice under this subsection, the Board shall 
                        consider whether performance of the activity by 
                        a bank holding company or a subsidiary of such 
                        company can reasonably be expected to produce 
                        benefits to the public, such as greater 
                        convenience, increased competition, or gains in 
                        efficiency, that outweigh possible adverse 
                        effects, such as undue concentration of 
                        resources, decreased or unfair competition, 
                        conflicts of interests, unsound banking 
                        practices, or risk to the stability of the 
                        United States banking or financial system.
                            ``(ii) Additional criteria.--In connection 
                        with a notice related to an exemption under 
                        subsection (c)(14), the Board shall, in 
                        addition to the criteria listed under clause 
                        (i), consider whether performance of the 
                        activity by a bank holding company or a 
                        subsidiary of such company can reasonably be 
                        expected to produce a positive outcome for 
                        environmental protection, ecological 
                        sustainability, or technology advancement.'';
                            (iii) in paragraph (4)--
                                    (I) in subparagraph (C)(i), by 
                                inserting ``or (c)(14)'' after 
                                ``(c)(8)''; and
                                    (II) in subparagraph (D)(i), by 
                                inserting ``(determined without regard 
                                to 50 percent of the value of any asset 
                                acquired under subsection (c)(14))'' 
                                before the period at the end; and
                            (iv) in paragraph (5)(A), by inserting ``or 
                        (c)(14)'' after ``(c)(8)''.
            (2) Technical and conforming amendment.--Section 206 of the 
        Bank Export Services Act (12 U.S.C. 635a-4) is amended, in the 
        matter preceding paragraph (1), by striking ``section 
        4(c)(14)(F)(i)'' and inserting ``section 4(c)(15)(F)(i)''.
            (3) Sunset.--The amendments made under this section shall 
        not apply after the date that is 30 years after the date of 
        enactment of this Act unless Congress enacts a joint resolution 
        of approval.

SEC. 4. UNDERWRITING STANDARDS FOR RESIDENTIAL SOLAR.

    Section 1335 of the Federal Housing Enterprises Financial Safety 
and Soundness Act of 1992 (12 U.S.C. 4565(b)) is amended--
            (1) in subsection (b)--
                    (A) paragraph (3), in the matter following 
                subparagraph (B), by striking ``and'' at the end;
                    (B) in paragraph (4), by striking the period at the 
                end and inserting ``; and''; and
                    (C) by adding at the end the following:
            ``(5) develop appropriate and prudent underwriting 
        guidelines relating to financing for residential solar energy 
        systems, as defined in section 2(a) of the National Housing Act 
        (12 U.S.C. 1703(a)), to facilitate the secondary market for 
        mortgages on housing with such systems for low- and moderate-
        income households, including systems not owned by the mortgagor 
        but subject to lease, power purchase, or other contractual 
        terms.''; and
            (2) by adding at the end the following:
    ``(e) Report to Congress.--
            ``(1) Review.--
                    ``(A) In general.--The Director shall conduct a 
                review to identify ways to increase the financing for 
                residential solar energy system property improvements 
                in underserved markets, including examining current 
                obstacles to such financing.
                    ``(B) Consultation.--In conducting the review under 
                subparagraph (A), the Director shall solicit the views 
                of, and consult with--
                            ``(i) Federal agencies supporting housing 
                        finance and financial markets;
                            ``(ii) representatives of State financial 
                        regulators; and
                            ``(iii) appropriate Federal and State 
                        energy agencies.
            ``(2) Report.--Not later than 18 months after the date of 
        enactment of this subsection, the Director shall submit to the 
        Committee on Banking, Housing, and Urban Affairs of the Senate 
        and the Committee on Financial Services of the House of 
        Representatives a report with--
                    ``(A) the results of the review conducted under 
                paragraph (1); and
                    ``(B) any legislative recommendations to promote 
                greater use of residential solar energy systems.''.
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