GreenieMae? Dems propose Green Bank

March 25, 2009

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?

Take action:

Contact the bill’s sponsors.

3 Responses to “GreenieMae? Dems propose Green Bank”

  1. justbeau Says:

    At this point, its just a bill. Untold zillions of bills must get written and never go anywhere.

    • justbeau Says:

      This particular bill should go into a dumpster and not get recycled. We have had enough already with Fannie Mae, Freddie Mac, and Farmer Mae, thank you very much.

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