Amid the current mess the financial industry is in, democratic congressman Chris Van Hollen of Maryland thinks this is the right time to create an independent, tax-exempt US-owned bank that will provide a range of green financing support.
The Congressman introduced last week the Green Bank Act of 2009 that would fund clean energy and energy efficiency projects within US. The bank will have an initial capital 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.
He emphasized that it will operate at the highest levels of efficacy, accountability and transparency. Depends on who's going to handle the bank I'd say...remember Madoff??
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