The bill would create a Climate Change Resiliency Fund and an 11-member advisory commission. The commission would develop guidelines for choosing projects that help communities adapt to climate change, such as improving infrastructure, preparing for disasters, protecting ecosystems, and safeguarding food and water supplies. The Commerce Secretary would award project funds to eligible entities, including governments, Tribal governments, utilities, transit agencies, and nonprofits. At least 40 percent of Fund amounts would support projects benefiting communities facing disproportionate climate impacts or pollution.
The Treasury Secretary would issue climate change obligations to raise money for the Fund. These obligations would be backed by the full faith and credit of the United States. Projects would generally require recipients to provide matching funds, though the Secretary could waive some or all of that requirement. The bill also sets wage requirements for workers on funded projects.
Eligible organizations could apply for project funding and receive technical help with applications. The Secretary would give priority to projects serving areas with the greatest need. Some projects could receive funding without a required match, with priority for communities facing disproportionate climate impacts. The bill does not specify a direct payment or benefit for individuals.
The bill sets an annual face amount of $200 million for climate change obligations. If those obligations are all purchased in a calendar year, the Treasury Secretary may issue up to $800 million in additional obligations that year. The obligations and their interest would be paid from the Treasury’s general fund. The bill authorizes $10 million per fiscal year from 2026 through 2030 for promoting the obligations. Commission administrative expenses could not exceed 3 percent of the amounts made available for projects in a calendar year. Project recipients would generally provide at least 25 percent of the federal project funding amount, subject to waivers and no-match awards.
No publicly available information.
No publicly available information.