Summary: S.2730 — 110th Congress (2007-2008)All Information (Except Text)

There is one summary for S.2730. Bill summaries are authored by CRS.

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Introduced in Senate (03/06/2008)

Clean Energy Investment Bank Act of 2008 - Establishes the Clean Energy Investment Bank of the United States, which shall be a U.S. agency and a government corporation.

Requires the bank to assist in the financing, and facilitate the commercial use, of clean energy and energy efficient technologies within the United States. Authorizes the Bank to make investments: (1) in projects in the United States related to the production or use of energy that use a commercial technology that avoids, reduces, or sequesters one or more air pollutants or anthropogenic emissions of greenhouse gases more effectively than other technology options available to the project developer; or (2) under provisions of the Energy Policy Act of 2005 concerning incentives for innovative technologies.

Authorizes the Bank to establish an equity finance program under which it may purchase, invest in, or otherwise acquire equity or quasi-equity securities of firms or entities for the purpose of providing capital for any project that is consistent with this Act.

Establishes in the Treasury the Clean Energy Investment Bank Fund that shall be available for discharge of Bank liabilities.

Transfers to the Bank's Board of Directors specified functions and authority of the Secretary of Energy concerning guarantees, loans, and credit assistance, including programs and authorities under the Energy Policy Act of 2005 concerning incentives for innovative technologies. Revises provisions of such Act concerning the terms and conditions of loan guarantees for such incentives.