New York Green Bank could be model for federal green bank

In Washington, Rep. Paul Tonko, NY, has proposed a bill that would funnel federal funds for investment in renewable energy including biofuels through state green banks following the success of the New York Green Bank that is already profitable a year ahead of schedule. The bill would seek $10 billion minimum capitalization for the federal green bank with a cap of $50 billion that would then be funneled through green banks at the state level. Currently six states have green banks.