Green Bank Act of 2009

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.