Solar Energy Development Bank Act
Latest action. Referred to House Committee on Banking, Finance and Urban Affairs.
Solar Energy Development Bank Act - Establishes a Solar Energy Development Bank within the Department of Housing and Urban Development (HUD). Directs the President to appoint, with the advice and consent of the Senate, a president to manage and supervise the affairs of such bank subject to the direction of its Board of Directors. Directs the General Accounting Office to periodically audit the financial transactions of the Solar Bank. Permits the Solar Bank to impose fees or charges for its services. Stipulates that the Solar Bank be governed by a Board of Directors consisting of the Secretaries of HUD, the Treasury, and Energy. Directs the Board to adopt, amend, or repeal such regulations as are necessary or convenient for the functioning of the Solar Bank. Empowers the Board to fix the level of subsidy and the interest rate on loans subsidized by the Bank. Permits the Board to alter the level of subsidy and interest rates for new loans subsidized by the Bank. Sets forth factors for the Board to consider when altering such rates, including: (1) the prevailing market rates of interest for home mortgages, home improvement loans, and commercial loans, as well as prevailing market rates of interest for Government and corporate bonds; (2) the availability of other Government incentives and subsidies for solar energy equipment, including Federal income tax credits; (3) the costs of nonrenewable energy resources and systems; and (4) the levels of subsidy needed to induce consumers and builders to install solar energy systems in residential and commercial buildings. Permits the Solar Bank, beginning with fiscal year 1980, to make payments to financial institutions for the purpose of subsidizing below-market rate loans to owners or builders of commercial and residential structures for the purchase and installation of solar energy systems in such structures. Defines "solar energy systems" for the purposes of this Act. Sets forth the procedure and terms governing the payment of such subsidies. Exempts transactions made under this Act from any State or local usury laws. Establishes penalties for knowingly making false statements or misrepresentations of material fact with respect to any loan assisted under this Act. Directs the Board of Directors of the Solar Bank to make an annual report to the President and both Houses of Congress. Directs the Solar Bank to promote the programs established by this Act by informing and actively seeking the participation of financial institutions and consumers. Permits the Solar Bank to utilize the services of personnel within HUD with the permission of the Secretary. Authorizes the use of funds available in the Energy Security Trust Fund to carry out the purposes of this Act, within specified limits.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on July 27, 1979. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on July 27, 1979: Referred to House Committee on Banking, Finance and Urban Affairs.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 96th Congress (1979-80), 613 of the 12,581 bills and joint resolutions introduced became law, about 4.9 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
THOMAS ASHLEY (D-OH) introduced it on July 27, 1979, and 15 members have since signed on as cosponsors.
They come from both major parties: 13 Democrats, 2 Republicans.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on July 27, 1979, 17212 days ago. The most recent recorded action was 17212 days ago, on July 27, 1979.
Measures do not carry over. Anything the 96th Congress has not finished by January 3, 1981 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers