Van Hollen Introduces the Green Bank Act of 2009
Bank Will Provide Range of Financing Support to Clean Energy and Energy Efficiency Projects in the United States
Mar 24, 2009 -
Today, Congressman Chris Van Hollen (D-MD), Assistant to the Speaker, introduced the Green Bank Act of 2009. The legislation creates the Green Bank as an independent, tax-exempt, wholly owned corporation of the United States. The Bank’s exclusive mission will be to provide a comprehensive range of financing support to qualified clean energy and energy efficiency projects within the territorial United States.
“Energy independence is central to our security, our economy and our environment. By creating the Green Bank, we will accelerate the development, deployment and production of clean energy and energy efficiency technologies across the country,” said Van Hollen.
“Last week, I introduced the National Home Energy Savings Revolving Fund Act, which will enable over one million households across the country to save money and make their homes more energy efficient,” Van Hollen added. “Today, with the introduction of the Green Bank Act of 2009, we are taking another step towards America’s clean energy future.”
The Green Bank Act of 2009 would do the following:
- Create the Green Bank as an independent, tax-exempt, wholly owned corporation of the United States with the exclusive mission of providing a comprehensive range of financing support to qualified clean energy and energy efficiency projects within the territorial United States.
- Provide the Green Bank with an initial capitalization of $10 billion through the issuance of Green Bonds by the Department of Treasury, with a maximum authorized limit of $50 billion in Green Bonds outstanding at any one time.
- Assist in advancing vital national objectives — including transitioning to a clean energy economy, job creation through the construction and operation of clean energy and energy efficiency projects, abating climate change, energy independence from foreign sources, and fostering long-term domestic manufacturing capacity in clean energy and energy efficiency technologies.
- Include robust spending safeguards and public disclosure requirements to ensure that the Green Bank operates at the highest levels of efficacy, accountability and transparency.
Original co-sponsors of the Green Bank Act of 2009 include Congressman David Loebsack (D-IA), Congresswoman Gabrielle Giffords (D-AZ), Congressman Earl Blumenauer (D-OR) and Congresswoman Madeleine Z. Bordallo (D-GU).
Click here for the bill text