Maryland Congressman Chris Van Hollen introduced on March 24 the Green Bank Act of 2009 — the latest green scheme to rob taxpayers and funnel money to renewable energy scams.
As proposed by Van Hollen, the Green Bank Act of 2009 would:
- Create the Green Bank as an independent, tax-exempt, wholly owned corporation of the United States with the exclusive mission of providing a comprehensive range of financing support to qualified clean energy and energy efficiency projects within the territorial United States.
- Provide 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.
- Assist in advancing vital national objectives — including transitioning to a clean energy economy, job creation through the construction and operation of clean energy and energy efficiency projects, abating climate change, energy independence from foreign sources, and fostering long-term domestic manufacturing capacity in clean energy and energy efficiency technologies.
- Include robust spending safeguards and public disclosure requirements to ensure that the Green Bank operates at the highest levels of efficacy, accountability and transparency.
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).
A couple quick thoughts:
- Don’t taxpayers already provide ample welfare to the renewable energy industry through provisions like tax credits and Obama’s Stimulus plan?
- Has Van Hollen ever heard of the financial disasters that are FannieMae and FreddieMac?