Congressional Record — Senate, S1313 (March 3, 2020)
Summary
A page of the Congressional Record, Senate, dated March 3, 2020, at page S1313, within the text of amendments submitted. It prints the end of a Clean Energy Victory Bonds proposal, including a Comptroller General report and bonds that bear interest at the rate for Series EE and Series I Savings Bonds, with findings that the Department of Energy's efficiency office estimates a $230,000,000,000 net economic benefit. It then lists SA 1363 through SA 1366 submitted by Mr. Udall to S. 2657, a bill to support innovation in advanced geothermal research, with text on mineral leasing.
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“Congressional Record — Senate, S1313 (March 3, 2020).”
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March 3, 2020 CONGRESSIONAL RECORD — SENATE S1313
(c) REPORT.—If the Comptroller General of effects of climate change and practice re- (d) INTEREST.—Clean Energy Victory Bonds
the United States enters into an arrange- sponsible consumer behavior. shall bear interest at the rate the Secretary
ment with the National Academy of Sciences (5) The Office of Energy Efficiency and Re- sets for Savings Bonds of Series EE and Se-
under subsection (a), not earlier than 3, but newable Energy of the Department of Energy ries I, plus a rate of return determined by
not later than 5, years after the date of en- (referred to in this section as the ‘‘EERE’’) the Secretary which is based on the valu-
actment of this Act, the Comptroller General estimates that taxpayer investment of ation of—
shall submit to Congress a report that de- $12,000,000,000 into the EERE research and de- (1) savings achieved through reduced en-
scribes the results of the study conducted velopment portfolio has already yielded an ergy spending by the Federal Government re-
under that subsection. estimated net economic benefit to the sulting from clean energy projects funded
United States of more than $230,000,000,000, from the proceeds of such bonds; and
SA 1363. Mr. UDALL submitted an with an overall annual return on investment (2) interest collected on loans financed or
amendment intended to be proposed by of more than 20 percent. guaranteed from the proceeds of such bonds.
(6) Investments in renewable energy and (e) FULL FAITH AND CREDIT.—Payment of
him to the bill S. 2657, to support inno- interest and principal with respect to any
energy efficiency projects in the United
vation in advanced geothermal re- Clean Energy Victory Bond issued under this
States create green jobs throughout the Na-
search and development, and for other tion. New and innovative jobs could be cre- section shall be made from the general fund
purposes; which was ordered to lie on ated through expanded government support of the Treasury of the United States and
the table; as follows: for clean energy and energy efficiency. shall be backed by the full faith and credit of
On page 383, line 8, insert ‘‘the Adminis- (7) As Americans choose energy efficiency the United States.
and clean energy and transportation, it re- (f) PROMOTION.—
trator of the Environmental Protection
duces our dependence on foreign oil and im- (1) IN GENERAL.—The Secretary shall take
Agency, the Secretary of State,’’ before ‘‘the
proves our energy security. such actions, independently and in conjunc-
Secretary’’.
(8) Bonds are a low-cost method for encour- tion with financial institutions offering
On page 383, line 12, strike ‘‘national and’’
aging clean energy, as they do not require di- Clean Energy Victory Bonds, to promote the
and insert ‘‘environmental, public health,
rect budget allocations or expenditures. The purchase of Clean Energy Victory Bonds, in-
climate, national, and’’.
On page 383, line 25, strike ‘‘and’’. projects supported through Clean Energy cluding campaigns describing the financial
On page 384, line 23, strike the period and Victory Bonds will create jobs and business and social benefits of purchasing Clean En-
insert ‘‘; and’’. revenues that will increase Federal tax reve- ergy Victory Bonds.
On page 384, between lines 23 and 24, insert nues, while simultaneously reducing nation- (2) PROMOTIONAL ACTIVITIES.—For purposes
the following: wide health and environmental costs in- of paragraph (1), promotional activities may
(C) an analysis of the environmental, eco- curred by the Federal Government. include advertisements, pamphlets, or other
nomic, and public health risks with respect (9) Bonds are voluntary measures that promotional materials—
to the proposed infrastructure, including an (A) in periodicals;
allow Americans to contribute financially in
analysis of— (B) on billboards and other outdoor venues;
whatever amount is available to them.
(C) on television;
(i) the climate impacts of the proposed in- (10) During World War II, over 80 percent of
(D) on radio;
frastructure during each of the 20- and 50- American households purchased Victory
(E) on the internet;
year periods beginning on the date on which Bonds to support the war effort, raising over
(F) within financial institutions; or
the proposed infrastructure is constructed; $185,000,000,000, or over $2,000,000,000,000 in to-
(G) any other venues or outlets the Sec-
(ii) the environmental and public health day’s dollars.
retary may identify.
impacts (including any cumulative impacts) SEC. 4003. DEFINITIONS.
SEC. 4005.
CLEAN ENERGY VICTORY BONDS
of the proposed infrastructure on commu- For purposes of this title: TRUST FUND.
nities in the vicinity of the proposed infra- (1) CLEAN ENERGY PROJECT.—The term (a) IN GENERAL.—Subchapter A of chapter
structure; ‘‘clean energy project’’ means a technology 98 of the Internal Revenue Code of 1986 is
(iii) the impacts of the proposed infrastruc- that provides— amended by adding at the end the following
ture on contributions to ocean plastic waste; (A) performance-based energy efficiency new section:
(iv) any economic risks associated with the improvements; or ‘‘SEC. 9512. CLEAN ENERGY VICTORY BONDS
proposed infrastructure if global tempera- (B) clean energy improvements, includ- TRUST FUND.
ture increases were to be limited to 1.5 de- ing— ‘‘(a) CREATION OF TRUST FUND.—There is
gree Celsius; and (i) electricity generated from solar, wind, established in the Treasury of the United
(v) which geographical areas would be geothermal, small-scale hydropower, and States a trust fund to be known as the ‘Clean
using the products produced from the pro- hydrokinetic energy sources; Energy Victory Bonds Trust Fund’, con-
posed infrastructure. (ii) fuel cells using non-fossil fuel sources; sisting of such amounts as may be appor-
(iii) advanced storage technologies; tioned or credited to such Trust Fund as pro-
SA 1364. Mr. UDALL submitted an (iv) next generation biofuels from sustain- vided in this section or section 9602(b).
amendment intended to be proposed by able non-food feedstocks; and ‘‘(b) TRANSFERS TO TRUST FUND.—There
him to the bill S. 2657, to support inno- (v) electric vehicle infrastructure. are hereby appropriated to the Trust Fund—
vation in advanced geothermal re- (2) SECRETARY.—The term ‘‘Secretary’’ ‘‘(1) amounts equivalent to revenue from
means the Secretary of the Treasury or the the issuance of Clean Energy Victory Bonds
search and development, and for other under section 4 of the Clean Energy Victory
Secretary’s delegate.
purposes; which was ordered to lie on Bond Act of 2020, and
SEC. 4004. CLEAN ENERGY VICTORY BONDS.
the table; as follows: (a) IN GENERAL.—Not later than 6 months ‘‘(2) any gifts or bequests made to the
At the end, add the following: after the date of the enactment of this Act, Trust Fund which are accepted by the Sec-
TITLE IV—AMENDMENTS TO THE the Secretary, in consultation with the Sec- retary for the benefit of such Fund or any
INTERNAL REVENUE CODE OF 1986 retary of Energy and the Secretary of De- activity financed through such Fund.
fense, shall issue bonds to be known as ‘‘(c) EXPENDITURES FROM TRUST FUND.—
SEC. 4001. SHORT TITLE.
‘‘Clean Energy Victory Bonds’’, the proceeds Amounts in the Trust Fund shall be avail-
This title may be cited as the ‘‘Clean En- able, without further appropriation, to fi-
ergy Victory Bond Act of 2020’’. from which shall be used to carry out the
purposes described in subsection (c) of sec- nance clean energy projects (as defined in
SEC. 4002. FINDINGS. section 3 of the Clean Energy Victory Bond
tion 9512 of the Internal Revenue Code of 1986
Congress finds the following: (as added by section 4005). Act of 2020) at the Federal, State, and local
(1) Potential exists for increasing clean (b) SAVINGS BOND.—Any Clean Energy Vic- level, which may include—
and renewable energy production and energy tory Bond issued under this section shall be ‘‘(1) providing additional support to exist-
efficiency installation in the United States. issued by the Secretary— ing Federal financing programs available to
(2) Other nations, including China and Ger- (1) as a savings bond of series EE, or as ad- States for energy efficiency upgrades and
many, are ahead of the United States in ministered by the Bureau of the Fiscal Serv- clean energy deployment,
manufacturing and deploying various clean ice of the Department of the Treasury, in a ‘‘(2) providing funding for clean energy in-
energy technologies, even though many of manner consistent with the provisions of vestments by all Federal agencies,
these technologies were invented in the section 3105 of title 31, United States Code; ‘‘(3) providing funding for electric grid en-
United States. and hancements and connections that enable
(3) Climate change represents an existen- (2) in denominations of $25 and such other clean energy deployment,
tial threat to the safety, security, and econ- amounts as are determined appropriate by ‘‘(4) providing funding to renovate existing
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omy of the United States. Rapid and robust the Secretary, and shall mature within such inefficient buildings or building new energy
deployment of clean energy will reduce periods as determined by the Secretary. efficient buildings,
greenhouse gas emissions and mitigate the (c) AMOUNT OF CLEAN ENERGY VICTORY ‘‘(5) providing tax incentives and tax cred-
effects of climate change on American soci- BONDS.—The aggregate face amount of the its for clean energy technologies,
ety. Clean Energy Victory Bonds issued annually ‘‘(6) providing funding for new innovation
(4) Many segments of the American public under this section shall be not greater than research, including ARPA–E, public competi-
want to take charge of efforts to combat the $50,000,000,000. tions similar to those designed by the X
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S1314 CONGRESSIONAL RECORD — SENATE March 3, 2020
Prize Foundation, grants provided through (i) the legal and beneficial title to which (c) HARDROCK MINERALS RECLAMATION
the Office of Energy Efficiency and Renew- remains in the United States; and FUND.—
able Energy of the Department of Energy, or (ii) that is not subject to disposition (1) ESTABLISHMENT.—There is established
other mechanisms to fund revolutionary under— in the Treasury of the United States a sepa-
clean energy technology, (I) the Mineral Leasing Act (30 U.S.C. 181 rate account, to be known as the ‘‘Hardrock
‘‘(7) providing additional support to exist- et seq.); Minerals Reclamation Fund’’, consisting of—
ing Federal, State, and local grant programs (II) the Geothermal Steam Act of 1970 (30 (A) any amounts collected under sub-
that finance clean energy projects, and U.S.C. 1001 et seq.); section (b);
‘‘(8) providing funding for zero-emission ve- (III) the Act of July 31, 1947 (commonly (B) any amounts collected under sub-
hicle infrastructure and manufacturing.’’. known as the ‘‘Materials Act of 1947’’) (30 section (d); and
(b) CLERICAL AMENDMENT.—The table of U.S.C. 601 et seq.); or (C) any income on investments under para-
sections for subchapter A of chapter 98 of (IV) the Act of August 7, 1947 (commonly graph (2).
such Code is amended by adding at the end known as the ‘‘Mineral Leasing Act for Ac- (2) INVESTMENT.—
the following new item: quired Lands’’) (30 U.S.C. 351 et seq.). (A) IN GENERAL.—The Secretary shall no-
‘‘Sec. 9512. Clean Energy Victory Bonds (B) EXCLUSIONS.—The term ‘‘locatable min- tify the Secretary of the Treasury of any
Trust Fund.’’. eral’’ does not include any mineral that is— portion of the Fund that the Secretary de-
(i) subject to a restriction against alien- termines is not required to meet current
SA 1365. Mr. UDALL submitted an ation imposed by the United States; and withdrawals.
amendment intended to be proposed by (ii) held in trust by the United States for, (B) ELIGIBLE INVESTMENTS.—The Secretary
him to the bill S. 2657, to support inno- or owned by, any Indian tribe or member of of the Treasury shall invest portions of the
vation in advanced geothermal re- an Indian tribe, as defined in section 2 of the Fund identified under subparagraph (A) in
Indian Mineral Development Act of 1982 (25 public debt securities with maturities suit-
search and development, and for other
U.S.C. 2101). able for the needs of the Fund.
purposes; which was ordered to lie on (8) SECRETARY.—The term ‘‘Secretary’’ (3) INTEREST.—Investments in public debt
the table; as follows: means the Secretary of the Interior. securities shall bear interest at rates deter-
At the end of title II, add the following: (b) ROYALTY.— mined by the Secretary of the Treasury, tak-
Subtitle D—Miscellaneous (1) IN GENERAL.—Subject to paragraphs (3) ing into consideration current market yields
SEC. 24ll. CODIFICATION OF FINAL RULE RE- and (4), production of all locatable minerals on outstanding marketplace obligations of
LATING TO WASTE PREVENTION. from any mining claim located under the the United States of comparable maturity.
The final rule of the Bureau of Land Man- general mining laws shall be subject to a (4) ADMINISTRATION.—The Fund shall be ad-
agement entitled ‘‘Waste Prevention, Pro- royalty established by the Secretary by reg- ministered by the Secretary, acting through
duction Subject to Royalties, and Resource ulation of not less than 5 percent, and not the Director of the Office of Surface Mining
Conservation’’ (81 Fed. Reg. 83008 (November more than 8 percent, of the gross income Reclamation and Enforcement.
18, 2016)) shall have the force and effect of from mining for production of all locatable (5) EXPENDITURES.—Subject to paragraph
law. minerals. (7), amounts in the Fund may, without fiscal
(2) ROYALTY RATE.—The regulation shall year limitation and without further appro-
SA 1366. Mr. UDALL (for himself, Mr. establish a reasonable royalty rate for each priation—
HEINRICH, Mr. BENNET, Ms. HARRIS, Mr. locatable mineral subject to a royalty under (A) be expended by the Secretary for the
MARKEY, and Ms. STABENOW) submitted this subsection that may vary based on the purposes described in paragraph (7);
an amendment intended to be proposed locatable mineral concerned. (B) be transferred by the Secretary to the
by him to the bill S. 2657, to support in- (3) NO ROYALTY FOR FEDERAL LAND SUBJECT Director of the Bureau of Land Management,
TO EXISTING PERMIT.—No royalty under para- the Chief of the Forest Service, the Director
novation in advanced geothermal re- graph (1) shall be required for production on of the National Park Service, the Director of
search and development, and for other Federal land that— the United States Fish and Wildlife Service,
purposes; which was ordered to lie on (A) is subject to an approved plan of oper- or the head of any other Federal agency,
the table; as follows: ations or an operations permit on the date of that develops, implements, and has the abil-
At the appropriate place, insert the fol- the enactment of this Act; and ity to carry out all or a significant portion
lowing: (B) produces valuable locatable minerals in of a reclamation program under this sub-
SEC. llll. HARDROCK MINING AND RECLAMA- commercial quantities on the date of enact- section; or
TION. ment of this Act. (C) be transferred by the Secretary to an
(a) DEFINITIONS.—In this section: (4) ROYALTY RELIEF.— Indian tribe or a State with an approved rec-
(1) ABANDONED HARDROCK MINE STATE.—The (A) IN GENERAL.—Subject to subparagraph lamation program, as provided in paragraph
term ‘‘abandoned hardrock mine State’’ (B), in order to promote the greatest ulti- (6).
means each of the States of Alaska, Arizona, mate recovery pursuant to a mining permit (6) STATE AND TRIBAL RECLAMATION PRO-
California, Colorado, Idaho, Montana, Ne- or a plan of operations under which produc- GRAMS.—
vada, New Mexico, North Dakota, Oregon, tion in commercial quantities has occurred (A) IN GENERAL.—Each State having within
South Dakota, Utah, Washington, and Wyo- and in the interest of conservation of natural the borders of the State, or Indian tribe hav-
ming. resources, the Secretary may reduce any ing within the borders of the reservation of
(2) FEDERAL LAND.—The term ‘‘Federal royalty otherwise required for all or part of the Indian tribe, mined land that is eligible
land’’ means any land and any interest in a mining operation under paragraph (1), on a for reclamation under this subsection may
land that is— showing by clear and convincing evidence by submit to the Secretary a reclamation pro-
(A) owned by the United States; and the person conducting mineral activities gram for the land.
(B) open to location of mining claims under the operations or mining permit or (B) APPROVAL.—If the Secretary deter-
under the general mining laws. plan of operations that, without the reduc- mines that a State or Indian tribe has devel-
(3) FUND.—The term ‘‘Fund’’ means the tion in royalty, production would not occur. oped and submitted a program for reclama-
Hardrock Minerals Reclamation Fund estab- (B) EFFECTIVE DATE.—Any reduction in a tion of abandoned mines consistent with the
lished by subsection (c)(1). royalty provided for by this paragraph shall priorities established under paragraph (7)(C)
(4) INDIAN LAND.—The term ‘‘Indian land’’ not be effective until 60 days after the date and has the ability and necessary State or
means land that is— on which the Secretary— tribal legislation to implement this sub-
(A) held in trust for the benefit of an In- (i) publishes public notice of the royalty section, the Secretary shall—
dian tribe or member of an Indian tribe; or reduction; and (i) approve the program; and
(B) held by an Indian tribe or member of an (ii) submits to the Committee on Energy (ii) grant to the State or Indian tribe the
Indian tribe, subject to a restriction by the and Natural Resources of the Senate and the exclusive responsibility and authority to im-
United States against alienation. Committee on Natural Resources of the plement the approved program.
(5) INDIAN TRIBE.—The term ‘‘Indian tribe’’ House of Representatives notice and a state- (C) WITHDRAWAL OF APPROVAL.—The Sec-
has the meaning given the term in section 4 ment of the reasons for granting the royalty retary shall withdraw the approval and au-
of the Indian Self-Determination and Edu- reduction. thorization if the Secretary determines that
cation Assistance Act (25 U.S.C. 5304). (5) FEDERAL LAND NOT SUBJECT TO EXISTING the State or tribal program is not in compli-
(6) HARDROCK MINERAL.—The term OPERATIONS PERMIT.—Production from any ance with procedures, guidelines, and re-
‘‘hardrock mineral’’ has the meaning given Federal land not specifically approved for quirements established by the Secretary.
the term ‘‘locatable mineral’’ except that— mineral extraction under a plan of oper- (D) APPROVAL OF EXISTING PROGRAMS.—
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(A) legal and beneficial title to the mineral ations or an operations permit in existence Subject to subparagraph (C), any State pro-
need not be held by the United States; and on the date of enactment of this Act shall be gram in an abandoned hardrock mine State
(B) paragraph (7)(B) does not apply to this subject to the royalty described in paragraph or tribal program for reclamation of aban-
paragraph. (1). doned mines approved under title IV of the
(7) LOCATABLE MINERAL.— (6) DEPOSIT.—Amounts received by the Surface Mining Control and Reclamation
(A) IN GENERAL.—The term ‘‘locatable min- United States as royalties under this sub- Act of 1977 (30 U.S.C. 1231 et seq.) before the
eral’’ means any mineral— section shall be deposited in the Fund. date of enactment of this Act and in good
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