Taking deposits: Cleantech Bank of America?

A U.S. lawmaker from Maryland today took the first step to create a bank with the sole purpose of financing cleantech projects in the United States.

Democratic Rep. Chris Van Hollen introduced the Green Bank Act of 2009, which would create a bank initially capitalized with $10 billion funded through the sale of bonds. The tax-exempt government-owned bank would then be able to offer financing to clean energy and energy efficiency projects within the country's borders.

The name GreenBank is already taken by a commercial bank in Tennessee with roots dating back to 1890.

So Van Hollen's team came up with another moniker: the National Clean Energy Lending Authority. Not quite as catchy, but at least it gets its terminology right.

Van Hollen is trying to correct the lack of project finance since the economic crisis began late last year.

"By creating the Green Bank, we will accelerate the development, deployment and production of clean energy and energy efficiency technologies across the country,” said  Van Hollen, who serves as assistant to the Speaker of the House.

Stay tuned to see how other lawmakers react. Van Hollen has already signed on four co-sponsors: David Loebsack of Iowa; Gabrielle Giffords of Arizona; Earl Blumenauer of Oregon; and Madeleine Bordallo of Guam.