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03/25/2009 11:33 AM     print story email story  

Green Bank Legislation Introduced in House News

Legislation introduced in the U.S. House of Representatives yesterday would create a "Green Bank" to provide financing support to qualified clean energy and energy efficiency projects.

Representative Chris Van Hollen (D-MD), Assistant to the Speaker, introduced the Green Bank Act of 2009, which would set up the bank as an independent, tax-exempt, wholly owned corporation of the United States. 

The legislation provides 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.

“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,” Van Hollen said.

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).

Last week, Van Holen introduced the National Home Energy Savings Revolving Fund Act, which would help finance home energy efficiency retrofits.

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