Green Bank Act of 2009 Introduced in US House

U.S. Congressman Chris Van Hollen (D-MD) this week introduced the Green Bank Act of 2009. If passed, the legislation would create the Green Bank as an independent, tax-exempt, wholly owned corporation of the United States. The Bank’s mandate would be to provide a range of financing support to qualified renewable energy and energy efficiency projects within the territorial United States.

The Green Bank Act of 2009 would provide the Green Bank with an initial capitalization of US $10 billion through the issuance of Green Bonds by the U.S. Department of Treasury, with a maximum authorized limit of $50 billion in Green Bonds outstanding at any one time.

“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,” Rep. Van Hollen said. “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. Today, with the introduction of the Green Bank Act of 2009, we are taking another step towards America’s clean energy future.”

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). first reported on the idea of a federal clean energy bank earlier this month when Solarsa’s Scott Jorgensen published an open letter to President Obama highlighting the concept. Click here to read that letter.

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