[Congressional Record Volume 166, Number 42 (Tuesday, March 3, 2020)]
[Senate]
[Pages S1313-S1314]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 1364. Mr. UDALL submitted an amendment intended to be proposed by
him to the bill S. 2657, to support innovation in advanced geothermal
research and development, and for other purposes; which was ordered to
lie on the table; as follows:
At the end, add the following:
TITLE IV--AMENDMENTS TO THE INTERNAL REVENUE CODE OF 1986
SEC. 4001. SHORT TITLE.
This title may be cited as the ``Clean Energy Victory Bond
Act of 2020''.
SEC. 4002. 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. 4003. DEFINITIONS.
For purposes of this title:
(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. 4004. 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 4005).
(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. 4005. 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 2020, 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 2020) 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
[[Page S1314]]
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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