I 112th CONGRESS 1st Session H. R. 3331 IN THE HOUSE OF REPRESENTATIVES November 2, 2011 Mr. Sensenbrenner introduced the following bill; which was referred to the Committee on Energy and Commerce, and in addition to the Committee on Science, Space, and Technology, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL To require an accounting for financial support made to promote the production or use of renewable energy, and for other purposes.

1.

Short title

This Act may be cited as the Federal Accounting of Renewable Energy Act of 2011 or the FARE Act of 2011.

2.

Green economics accounting

(a)

In general

Not later than 60 days after the date of enactment of this Act, the head of each Federal agency shall submit to Congress an accounting for all financial support (including grants, loans, loan guarantees, and direct payments) made by the agency during fiscal years 2009 through 2011 to promote the production or use of renewable energy. (b)

Results

As part of the accounting for projects described in subsection (a), the Federal agency shall include in the accounting— (1)a list of the projects that directly led to the production or use of renewable energy (as of the date of the submission of the report); (2)(A)the quantity of renewable energy or products on the market as a direct result of the financial support provided to the recipient company; and (B)the gross sales of the recipient company during the most recent fiscal year for which data are available; and (3)(A)the total quantity of financial support provided; (B)the total number of jobs created as a result of the financial support listed by temporary or full-time employment; and (C)the average cost to the recipient company of each full-time job created. (c)

Minimum requirements

In the case of projects described in subsection (a), each accounting required under this section shall provide a full accounting (including applicable percentages) for each project, including— (1)(A)the applicable employment, sales, and revenue targets submitted by each recipient company before receiving financial support; and (B)a list of the recipient companies that substantially failed to meet the applicable targets; (2)a list of all recipient companies that received financial support but are no longer in operation or have moved any portion of the operations of the companies to a location outside the United States, as of the date of enactment of this Act; and (3)a list of all venture capital firms that were directly involved in submitting the proposal for any financial support that was ultimately awarded. (d)

Investigations

If a recipient company received financial support to carry out a project described in subsection (a) and the recipient company is no longer in existence or is unlikely to substantially achieve the purpose of the financial support, the Inspector General of the Federal agency that provided the financial support shall conduct a preliminary investigation of the documents submitted by the company and executives of the company to determine whether the company or executives potentially committed fraud in obtaining the financial support.

3.

Review of loan guarantees

Section 1702 of the Energy Policy Act of 2005 (42 U.S.C. 16512) is amended by adding at the end the following new subsection: (l)

Independent review

No loan guarantee may be made under this section unless the Secretary finds that an independent review, paid for by the applicant for the guarantee, demonstrates the ability of the applicant to repay the loan to be guaranteed. .