I
119THCONGRESS
1
STSESSION H. R. 2946
To direct the Secretary of the Treasury to issue Clean Energy Victory
Bonds.
IN THE HOUSE OF REPRESENTATIVES
APRIL17, 2025
Ms. L
OFGREN(for herself and Ms. MATSUI) introduced the following bill;
which was referred to the Committee on Ways and Means, and in addi-
tion to the Committees on Energy and Commerce, and Science, Space,
and Technology, 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
A BILL
To direct the Secretary of the Treasury to issue Clean
Energy Victory Bonds.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Clean Energy Victory 4
Bond Act of 2025’’. 5
SEC. 2. FINDINGS. 6
Congress finds the following: 7
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(1) Potential exists for increasing clean and re-1
newable energy production and energy efficiency in-2
stallation in the United States. 3
(2) Other nations, including China and Ger-4
many, are ahead of the United States in manufac-5
turing and deploying various clean energy tech-6
nologies, even though many of these technologies 7
were invented in the United States. 8
(3) Climate change represents an existential 9
threat to the safety, security, and economy of the 10
United States. Rapid and robust deployment of 11
clean energy will reduce greenhouse gas emissions 12
and mitigate the effects of climate change on Amer-13
ican society. 14
(4) Many segments of the American public 15
want to take charge of efforts to combat the effects 16
of climate change and practice responsible consumer 17
behavior. 18
(5) The Office of Energy Efficiency and Renew-19
able Energy of the Department of Energy (referred 20
to in this section as the ‘‘EERE’’) estimates that 21
taxpayer investment of $12,000,000,000 into the 22
EERE research and development portfolio has al-23
ready yielded an estimated net economic benefit to 24
the United States of more than $230,000,000,000, 25
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with an overall annual return on investment of more 1
than 20 percent. 2
(6) Investments in renewable energy and energy 3
efficiency projects in the United States create green 4
jobs throughout the Nation. New and innovative jobs 5
could be created through expanded government sup-6
port for clean energy and energy efficiency. 7
(7) As Americans choose energy efficiency and 8
clean energy and transportation, it reduces our de-9
pendence on foreign oil and improves our energy se-10
curity. 11
(8) Bonds are a low-cost method for encour-12
aging clean energy, as they do not require direct 13
budget allocations or expenditures. The projects sup-14
ported through Clean Energy Victory Bonds will cre-15
ate jobs and business revenues that will increase 16
Federal tax revenues, while simultaneously reducing 17
nationwide health and environmental costs incurred 18
by the Federal Government. 19
(9) Bonds are voluntary measures that allow 20
Americans to contribute financially in whatever 21
amount is available to them. 22
(10) During World War II, over 80 percent of 23
American households purchased Victory Bonds to 24
support the war effort, raising over 25
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$185,000,000,000, or over $2,000,000,000,000 in 1
today’s dollars. 2
SEC. 3. DEFINITIONS. 3
For purposes of this Act: 4
(1) C
LEAN ENERGY PROJECT .—The term 5
‘‘clean energy project’’ means a technology that pro-6
vides— 7
(A) performance-based energy efficiency 8
improvements; or 9
(B) clean energy improvements, includ-10
ing— 11
(i) electricity generated from solar, 12
wind, geothermal, small-scale hydropower, 13
and hydrokinetic energy sources; 14
(ii) fuel cells using non-fossil fuel 15
sources; 16
(iii) advanced storage technologies; 17
and 18
(iv) electric vehicle infrastructure. 19
(2) S
ECRETARY.—The term ‘‘Secretary’’ means 20
the Secretary of the Treasury or the Secretary’s del-21
egate. 22
SEC. 4. CLEAN ENERGY VICTORY BONDS. 23
(a) I
NGENERAL.—Not later than 6 months after the 24
date of the enactment of this Act, the Secretary, in con-25
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sultation with the Secretary of Energy and the Secretary 1
of Defense, shall issue bonds to be known as ‘‘Clean En-2
ergy Victory Bonds’’, the proceeds from which shall be 3
used to carry out the purposes described in section 4
9512(c) of the Internal Revenue Code of 1986 (as added 5
by section 5). 6
(b) S
AVINGSBOND.—Any Clean Energy Victory 7
Bond issued under this section shall be issued by the Sec-8
retary— 9
(1) as a savings bond of series EE, or as ad-10
ministered by the Bureau of the Fiscal Service of 11
the Department of the Treasury, in a manner con-12
sistent with the provisions of section 3105 of title 13
31, United States Code; and 14
(2) in denominations of $25 and such other 15
amounts as are determined appropriate by the Sec-16
retary, and shall mature within such periods as de-17
termined by the Secretary. 18
(c) A
MOUNT OFCLEANENERGYVICTORYBONDS.— 19
The aggregate face amount of the Clean Energy Victory 20
Bonds issued annually under this section shall be not 21
greater than $50,000,000,000. 22
(d) I
NTEREST.—Clean Energy Victory Bonds shall 23
bear interest at the rate the Secretary sets for Savings 24
Bonds of Series EE and Series I, plus a rate of return 25
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determined by the Secretary which is based on the valu-1
ation of— 2
(1) savings achieved through reduced energy 3
spending by the Federal Government resulting from 4
clean energy projects funded from the proceeds of 5
such bonds; and 6
(2) interest collected on loans financed or guar-7
anteed from the proceeds of such bonds. 8
(e) F
ULLFAITH ANDCREDIT.—Payment of interest 9
and principal with respect to any Clean Energy Victory 10
Bond issued under this section shall be made from the 11
general fund of the Treasury of the United States and 12
shall be backed by the full faith and credit of the United 13
States. 14
(f) P
ROMOTION.— 15
(1) I
N GENERAL.—The Secretary shall take 16
such actions, independently and in conjunction with 17
financial institutions offering Clean Energy Victory 18
Bonds, to promote the purchase of Clean Energy 19
Victory Bonds, including campaigns describing the 20
financial and social benefits of purchasing Clean En-21
ergy Victory Bonds. 22
(2) P
ROMOTIONAL ACTIVITIES .—For purposes 23
of paragraph (1), promotional activities may include 24
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advertisements, pamphlets, or other promotional ma-1
terials— 2
(A) in periodicals; 3
(B) on billboards and other outdoor 4
venues; 5
(C) on television; 6
(D) on radio; 7
(E) on the internet; 8
(F) within financial institutions; or 9
(G) any other venues or outlets the Sec-10
retary may identify. 11
SEC. 5. CLEAN ENERGY VICTORY BONDS TRUST FUND. 12
(a) I
NGENERAL.—Subchapter A of chapter 98 of the 13
Internal Revenue Code of 1986 is amended by adding at 14
the end the following new section: 15
‘‘SEC. 9512. CLEAN ENERGY VICTORY BONDS TRUST FUND. 16
‘‘(a) C
REATION OFTRUSTFUND.—There is estab-17
lished in the Treasury of the United States a trust fund 18
to be known as the ‘Clean Energy Victory Bonds Trust 19
Fund’, consisting of such amounts as may be apportioned 20
or credited to such Trust Fund as provided in this section 21
or section 9602(b). 22
‘‘(b) T
RANSFERS TOTRUSTFUND.—There are here-23
by appropriated to the Trust Fund— 24
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‘‘(1) amounts equivalent to revenue from the 1
issuance of Clean Energy Victory Bonds under sec-2
tion 4 of the Clean Energy Victory Bond Act of 3
2025, and 4
‘‘(2) any gifts or bequests made to the Trust 5
Fund which are accepted by the Secretary for the 6
benefit of such Fund or any activity financed 7
through such Fund. 8
‘‘(c) E
XPENDITURESFROMTRUSTFUND.—Amounts 9
in the Trust Fund shall be available, without further ap-10
propriation, to finance clean energy projects (as defined 11
in section 3 of the Clean Energy Victory Bond Act of 12
2025) at the Federal, State, and local level, which may 13
include— 14
‘‘(1) providing additional support to existing 15
Federal financing programs available to States for 16
energy efficiency upgrades and clean energy deploy-17
ment, 18
‘‘(2) providing funding for clean energy invest-19
ments by all Federal agencies, 20
‘‘(3) providing funding for electric grid en-21
hancements and connections that enable clean en-22
ergy deployment, 23
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‘‘(4) providing funding to renovate existing inef-1
ficient buildings or building new energy efficient 2
buildings, 3
‘‘(5) providing tax incentives and tax credits for 4
clean energy technologies, 5
‘‘(6) providing funding for new innovation re-6
search, including ARPA–E, public competitions simi-7
lar to those designed by the X Prize Foundation, 8
grants provided through the Office of Energy Effi-9
ciency and Renewable Energy of the Department of 10
Energy, or other mechanisms to fund revolutionary 11
clean energy technology, 12
‘‘(7) providing additional support to existing 13
Federal, State, and local grant programs that fi-14
nance clean energy projects, and 15
‘‘(8) providing funding for zero-emission vehicle 16
infrastructure and manufacturing. 17
‘‘(d) P
ROJECTPRIORITY.— 18
‘‘(1) I
N GENERAL.—The Secretary shall ensure 19
that not less than 40 percent of the amounts ex-20
pended under subsection (c) in each year are ex-21
pended for clean energy projects which are located 22
in and reduce energy rates in disadvantaged and vul-23
nerable communities. 24
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‘‘(2) DISADVANTAGED AND VULNERABLE COM -1
MUNITIES.—For purposes of paragraph (1), the 2
term ‘disadvantaged and vulnerable communities’ 3
means communities— 4
‘‘(A) which bear disproportionate burdens 5
of negative public health effects, environmental 6
pollution, or impacts of climate change, 7
‘‘(B) have significant representation of 8
people of color, low-wealth individuals, or Tribal 9
and Indigenous members, or 10
‘‘(C) which have a high concentration of 11
low- and moderate-income households as com-12
pared to other communities, 13
as determined by the Secretary.’’. 14
(b) C
LERICALAMENDMENT.—The table of sections 15
for subchapter A of chapter 98 of such Code is amended 16
by adding at the end the following new item: 17
‘‘Sec. 9512. Clean Energy Victory Bonds Trust Fund.’’.
Æ
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