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HR 1698 111th Congress House Energy Air quality Alternative and renewable resources Bank accounts, deposits, capital Climate change and greenhouse gases Energy efficiency and conservation Energy storage, supplies, demand Government corporations and government-sponsored enterprises Securities User charges and fees

To establish the Green Bank to assist in the financing of qualified clean energy projects and qualified energy efficiency projects.

Introduced: March 24, 2009 Introduced by: Van Hollen, Chris Democratic · Maryland See on congress.gov
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 Everywhere this bill has been 5 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 25, 2009
Referred to the Subcommittee on Energy and Environment.
Mar 24, 2009
Referred to House Energy and Commerce
Mar 24, 2009
Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, 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.
Mar 24, 2009
Referred to House Ways and Means
Mar 24, 2009
Introduced in House
 Plain-English summary Congressional Research Service

Establishes the Green Bank as a federally owned independent corporation with a 20-year charter. Requires the Secretary of the Treasury to issue Green Bonds to acquire the Bank's capital stock.

Requires the Bank to establish a program to provide, on a competitive basis, loans, loan guarantees, debt securitization, insurance, portfolio insurance, and other forms of financing support or risk management for qualifying clean energy or energy efficiency projects. Sets forth requirements for the provision of financial support from the Bank.

Requires the Bank to assess reasonable fees on its activities to cover its costs and expenses, provided the Bank operates as a not-for-profit.

Gives the Bank immunity from impairment, limitations, or restrictions by or under laws and administrative or other action. Authorizes the Bank to conduct its business without regard to state law relating to incorporation.

Exempts the Bank from all state or local taxation except real property taxation.

Requires the Chief Executive Officer of the Bank to set forth spending safeguards, including: (1) deobligating financial support to entities that demonstrate an insufficient level of performance or wasteful or fraudulent spending; and (2) creating a publicly available online database with information about financing support or risk management.

What's happening now March 25, 2009

Referred to the Subcommittee on Energy and Environment.

 Committees of jurisdiction 3