The topic of government-owned banks has been making headlines over the past few weeks. The topic is not without controversy; yesterday President Barack Obama held a press conference to address many concerns about the issue. Another government-owned bank concept also made the news yesterday when Maryland Congressman Chris Van Hollen introduced the Green Bank Act of 2009.
The objective of the Green Bank would be to provide financing options for clean energy projects throughout the nation. One of the problems with the state of the economy in the United States right now is that lenders are restricting loans. These clean energy projects aren't in a position to fund themselves but they are a vital part of this country’s shift away from its over-reliance on fossil fuels. The Green Bank Act of 2009 helps address this problem.
One of the goals of the Green Bank that Congressman Van Hollen lists on his website states that the bank would, “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.” Source: Congressman Van Hollen
Congressmen David Loebsack of Iowa and Earl Blumenauer of Oregon as well as Congresswomen Gabrielle Giffords of Arizona and Madeleine Z. Bordallo of Guam are cosponsors of the Act.
Read the entire Green Bank Act of 2009 (PDF) on the U.S. House of Representatives website.
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