§16515 Limitation on Commitments to Guarantee Loans

Summary

Limits the total principal amount of loans that can be guaranteed under title XVII of the Energy Policy Act of 2005 to $4,000,000,000, subject to the Federal Credit Reform Act of 1990. The money needed to cover the subsidy cost must come from amounts paid by borrowers under section 16512(b)(2) and must be appropriated and kept available until spent. That subsidy money cannot come from a loan or other federal debt. Fees collected under section 16512(h) in fiscal year 2007 are credited to the Departmental Administration account for Loan Guarantee Program admin costs, the admin appropriation is reduced by those fees, and any excess fees are not available until Congress appropriates them. No loan guarantees may be made until final rules are issued. The rules must explain how projects are chosen (programmatic, technical, and financial factors), how lenders are chosen and monitored, and any other policies needed to run the program. The Secretary of Energy must hire an independent auditor to do yearly evaluations, and the Comptroller General must review the program every three years. Both reports go to the House and Senate Appropriations Committees. Final regulations must be issued within 6 months of February 15, 2007. Within 120 days after February 15, 2007, and every year after, the Secretary must send those Committees a report summarizing activities starting in fiscal year 2007 and listing responses to loan guarantee solicitations, including the technology, amount requested, and the applicants’ risk assessment.