[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4041 Introduced in House (IH)]
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116th CONGRESS
1st Session
H. R. 4041
To promote the domestic development and deployment of clean energy
technologies required for the 21st century.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 25, 2019
Ms. Lofgren (for herself and Ms. Matsui) introduced the following bill;
which was referred to the Committee on Ways and Means, and in addition
to the Committees on Energy and Commerce, and Science, Space, and
Technology, for a period to be subsequently determined by the Speaker,
in each case for consideration of such provisions as fall within the
jurisdiction of the committee concerned
_______________________________________________________________________
A BILL
To promote the domestic development and deployment of clean energy
technologies required for the 21st century.
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 the United States
invented many of these technologies.
(3) Climate change represents an existential threat to
American safety, security, and the economy. 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
(EERE) of the Department of Energy (DOE) estimates that
taxpayer investment of $12 billion into EERE research and
development portfolio has already yielded an estimated net
economic benefit to the United States of more than $230
billion, 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 across the
United States. 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 oils
and improves our energy security.
(8) Bonds are a low-cost method for encouraging clean
energy, not requiring 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
health and environmental costs incurred by the Federal
Government nationwide.
(9) Bonds are voluntary measures that allow Americans to
contribute financially at whatever means they have available to
them.
(10) In World War II, over 80 percent of American
households purchased Victory Bonds to support the war effort,
raising over $185 billion, or over $2 trillion in today's
dollars.
SEC. 3. CLEAN ENERGY VICTORY BONDS.
(a) Issuance.--Not later than 6 months after the date of the
enactment of this Act, the Secretary of the Treasury, 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 section
9512(c) of the Internal Revenue Code of 1986.
(b) Savings Bond.--Any Clean Energy Victory Bond issued under this
section shall be issued by the Secretary of the Treasury--
(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) Limitation.--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.--Such 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 that offer Clean
Energy Victory Bonds; or
(G) any other venues or outlets the Secretary may
identify.
(g) Definition.--For purposes of this section--
(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 or micro 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.--Any reference to the Secretary of the
Treasury shall include any delegate of the Secretary.
SEC. 4. 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 amounts equivalent to--
``(1) revenue from the issuance of Clean Energy Victory
Bonds under section 3 of the Clean Energy Victory Bond Act of
2019;
``(2) any gifts of 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 Funds.--Amounts in the Trust Fund
shall be available, without further appropriation, to finance clean
energy projects 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
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, the Office of Energy Efficiency and
Renewable Energy at 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 (as defined in section 3(g) of the Clean Energy
Victory Bond Act of 2019); and
``(8) providing additional support 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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