CAP: Start a National Green Bank

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Along the same lines of the last post, the Center for American Progress distributed a report authored by CAP people John Podesta (who was part of the Obama Transition Team) and Karen Kornbluh.

They argue the government should use its authority to launch a bank that would focus on green development. As noted in the last post, launching a bank gives the launchers of said bank the opportunity to lend out 10 times more than its initial deposits with the FDIC (see- fractional reserve lending).

####WASHINGTON, DC—A new report released today by the Center for American Progress (CAP) argues for the creation of a new Green Bank that could lead to the steady and reliable creation of clean-energy jobs and would be a crucial element of the transition to a clean-energy economy.

The report’s authors, John Podesta, CAP President and CEO, and Karen Kornbluh argue that a new Green Bank could start the transition to a clean-energy economy that creates millions of good jobs here in the United States and moves us off our dependence on foreign oil.

Designed along the lines of the proposals in their memo, a Green Bank is a critical part of an integrated strategy that would begin to build a strong foundation for broad-based economic growth and prosperity while allowing our nation to lead the world in the transformation to a global economy powered by low-carbon energy.

The debate over energy legislation begins in earnest in Congress this week and the stakes couldn’t be higher. The United States is falling behind in the space race of our generation—building long-term economic prosperity powered by low-carbon energy. China’s stimulus package invests $12.6 million every hour in greening its economy, for a total of $220 billion, twice as much as similar U.S. investments. Meanwhile, during the most recent economic expansion the average American family paid more than $1,100 a year in rising energy bills for U.S. policies that favor fossil fuels.

Today, we have the opportunity to make the same choice that we have made throughout our history—to spur investments in critical new technologies and enjoy the broad-based economic growth that has made us the envy of the world.

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