March 25, 2009
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Green Bank Act of 2009 Introduced in US House
Washington, D.C., United States [RenewableEnergyWorld.com]
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.
" By creating the Green Bank, we will accelerate the development, deployment and production of clean energy and energy efficiency technologies across the country."
-- Rep. Chris Van Hollen
-- Rep. Chris Van Hollen
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).
RenewableEnergyWorld.com 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.
“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).
RenewableEnergyWorld.com 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.
Author:
B Nicholson
Date Posted:
March 26, 2009
B Nicholson
Date Posted:
March 26, 2009
Am I really the only economist with a brain IN this country? Issuing bonds right now is a very bad idea because we are in the middle of a terrible deflation that is taking money out of the economy, causing prices (especially illiquid real estate holdings) and salaries to fall, and putting millions of Americans out of work. Duh. Issuing bonds will need to be paid for with money that is far better left in circulation. Just have the federal reserve fork it over or give the function to the federal reserve instead. That way we can have the green economy as a bonus rather than a zero-sum substitution. Who elects these silly-headed congresspeople anyway? Sheesh!
Comment 1 of 2
Author:
LARRY STAIDA
Date Posted:
March 30, 2009
LARRY STAIDA
Date Posted:
March 30, 2009
Surely we all understand that renewable energy is a worthy pursuit. But, this act, like several other recent initiatives, is another attempt to take capital out of the private sector, recycle it and put it onto the backs of the public. I believe the mantra of the present government is "form over substance." I'm told that GE is a prime lobbyist for this statute.
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