Energy Policy Modernization Act of 2015
Floor Speech
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Mr. UDALL. Mr. President, first I wish to thank and congratulate Chairman Lisa Murkowski and Ranking Member Maria Cantwell for all their hard work and leadership on this Energy bill. They have done a very good job of getting this bill to the floor, and we now find ourselves in the position to offer amendments, which I am here to do. I think all of us are very happy to be able to be moving this legislation along and amending it.
My amendment is a very simple study amendment. It directs the Secretary of the Treasury to study and submit a report to Congress on potential clean energy victory bonds. This amendment is pro-clean energy. It changes no rules, it does not mandate any actual bonds, and being a study it does not score or impact the budget.
Citizens across this country want to see a cleaner energy future. They are doing their part to conserve energy, purchase cleaner energy, and invest in clean energy mutual funds. They are doing this on a voluntary basis. It is having a big impact and pushing clean energy technologies forward in a rather dramatic way, but we also understand our energy challenges are broad and require large-scale investments by many investors.
We can harness and keep it voluntary without any cost to taxpayers through clean energy victory bonds. The Federal Government is our Nation's largest energy consumer, with more than 350,000 buildings and 600,000 road vehicles. Think about your own electricity bill that you pay each month and the gas you buy at the pump. The U.S. Government has to pay such bills as well to the tune of over $20 billion each year. Most of that, about two-thirds, is for petroleum.
The Federal Government wants to cut its bills too. We invest in clean energy through energy efficiency upgrades and through power purchase agreements for cleaner energy and stable, predictable energy prices. The government has a choice about these options just as private citizens do. Private citizens can choose the types of energy they purchase for their homes and their businesses, and many opt for wind power, solar power, or other clean energy sources, or they install energy-efficient windows and appliances. Many tell me they want to help our government make these choices as well. Clean energy victory bonds could help us move in that direction. By purchasing a Treasury bond specifically devoted to clean energy, Americans can help the government supplement its energy purchases with energy efficiency upgrades and clean energy decisions. These investments could provide additional support to existing Federal financing programs already available to States for energy efficiency upgrades and clean energy. What is exciting about this option is that smart investments can help pay for themselves and bring a return on investment to people who purchase these bonds. That is why we think it is so important to study this option. It is a simple financial instrument that is a win for people saving money and a win for reducing the government's energy bill and it is all on a voluntary basis.
During the First and Second World Wars, our country faced threats we had never faced before. We rose to the challenge and gave it everything we had. Everyone contributed, and for many that included investing in victory bonds. They helped pay for the cost of the war--$185 billion. That would be over $2 trillion today. Folks lined up to buy those bonds. That is the spirit of the American people--to pull together. It was true then and it is still true today.
We face a very different challenge today. Our energy challenges are seen on multiple fronts, from the impacts to our environment to our global and international struggles based on our dependence on foreign oil. Citizens want to unite and contribute. They want investments in homegrown American clean energy. Many cannot afford to buy solar panels for their own homes or invest $1,000 minimums to buy clean energy mutual funds, but many can afford $25 for a clean energy victory bond.
This amendment asks the Secretary of the Treasury to help inform Congress on the feasibility and structure of developing such a tool. It has broad support from groups such as the American Sustainable Business Council, Green America, the American Wind Energy Association, Ceres, the Union of Concerned Scientists, and many other groups. It has broad support out there.
Mr. President, I ask to call up my amendment No. 3312 and ask that it be reported by number.
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Mr. UDALL. I thank the Presiding Officer and will yield the floor. I know Senators Bennet and Isakson are here. They are both great leaders when it comes to clean energy and working on this legislation.
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Mr. UDALL. Thank you, Mr. President.
This amendment is a very simple study amendment. It does nothing more than ask for a study. It is pro clean energy; it changes no rules; it doesn't mandate anything; it has no cost; it has no score. It simply directs the Secretary of the Treasury to submit a report to Congress on the issuance of clean energy victory bonds.
It is supported by a number of groups. Just to mention a few: the American Sustainable Business Council, the Evangelical Environmental Network, the League of Conservation Voters, the Union of Concerned Scientists, and a number of others.
I urge my colleagues to support it, and I yield back.
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