[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 1510 Placed on Calendar Senate (PCS)]

                                                       Calendar No. 127
112th CONGRESS
  1st Session
                                S. 1510

                          [Report No. 112-47]

  To promote the domestic development and deployment of clean energy 
                 technologies, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

              August 30 (legislative day, August 2), 2011

   Mr. Bingaman, from the Committee on Energy and Natural Resources, 
reported under authority of the order of the Senate of August 2, 2011, 
  the following original bill; which was read twice and placed on the 
                                calendar

_______________________________________________________________________

                                 A BILL


 
  To promote the domestic development and deployment of clean energy 
                 technologies, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Clean Energy Financing Act of 
2011''.

SEC. 2. PURPOSE.

    The purpose of this Act is to promote the domestic development and 
deployment of clean energy technologies required for the 21st century 
through the improvement of existing programs and the establishment of a 
Clean Energy Deployment Administration that will provide for an 
attractive investment environment through partnership with and support 
of the private capital market in order to promote access to affordable 
financing for accelerated and widespread deployment of--
            (1) clean energy technologies, especially breakthrough 
        technologies;
            (2) advanced or enabling energy infrastructure 
        technologies;
            (3) energy efficiency and clean distributed energy 
        technologies in residential, commercial, and industrial 
        applications, including end-use efficiency in buildings; and
            (4) manufacturing technologies for any of the technologies 
        or applications described in this section.

SEC. 3. DEFINITIONS.

    In this Act:
            (1) Administration.--The term ``Administration'' means the 
        Clean Energy Deployment Administration established by section 
        7.
            (2) Administrator.--The term ``Administrator'' means the 
        Administrator of the Administration.
            (3) Advisory council.--The term ``Advisory Council'' means 
        the Energy Technology Advisory Council of the Administration.
            (4) Breakthrough technology.--The term ``breakthrough 
        technology'' means a clean energy technology or clean 
        distributed energy technology that--
                    (A) presents a significant opportunity to advance 
                the goals developed under section 6, as assessed under 
                the methodology established by the Advisory Council; 
                but
                    (B)(i) has generally not been considered a 
                commercially ready technology as a result of high 
                perceived technology risk or other similar factors; or
                    (ii) faces market barriers to widespread adoption 
                in the residential or commercial markets, including a 
                lack of financing availability to overcome upfront 
                capital costs despite the opportunity for reasonable 
                payback timeframes.
            (5) Clean distributed energy.--The term ``clean distributed 
        energy'' means any electric generation or thermal energy 
        production technology that--
                    (A) produces less than 10 megawatts or 10 megawatts 
                thermal equivalent;
                    (B) meets the criteria for clean energy technology 
                described in paragraph (6); and
                    (C) is located at a retail customer site and 
                provides energy directly, at least in part, to a retail 
                customer.
            (6) Clean energy technology.--The term ``clean energy 
        technology'' means a technology or service related to the 
        production, use, transmission, storage, control, or 
        conservation of energy that will--
                    (A) reduce the need for additional energy supplies 
                by using existing energy supplies with greater 
                efficiency or by transmitting, distributing, storing, 
                or transporting energy with greater effectiveness in or 
                through the infrastructure of the United States;
                    (B) diversify the sources of energy supply of the 
                United States to strengthen energy security and to 
                increase supplies with a favorable balance of 
                environmental effects if the entire technology system 
                is considered; or
                    (C) contribute to a stabilization of atmospheric 
                greenhouse gas concentrations through reduction, 
                avoidance, or sequestration of energy-related 
                emissions.
            (7) Cost.--The term ``cost'' has the meaning given the term 
        in section 502 of the Federal Credit Reform Act of 1990 (2 
        U.S.C. 661a).
            (8) Direct loan.--The term ``direct loan'' has the meaning 
        given the term in section 502 of the Federal Credit Reform Act 
        of 1990 (2 U.S.C. 661a).
            (9) Fund.--The term ``Fund'' means the Clean Energy 
        Investment Fund established by section 4(a).
            (10) Loan guarantee.--The term ``loan guarantee'' has the 
        meaning given the term in section 502 of the Federal Credit 
        Reform Act of 1990 (2 U.S.C. 661a).
            (11) National laboratory.--The term ``National Laboratory'' 
        has the meaning given the term in section 2 of the Energy 
        Policy Act of 2005 (42 U.S.C. 15801).
            (12) Secretary.--The term ``Secretary'' means the Secretary 
        of Energy.
            (13) Security.--The term ``security'' has the meaning given 
        the term in section 2 of the Securities Act of 1933 (15 U.S.C. 
        77b).
            (14) State.--The term ``State'' means--
                    (A) a State;
                    (B) the District of Columbia;
                    (C) the Commonwealth of Puerto Rico; and
                    (D) any other territory or possession of the United 
                States.
            (15) Technology risk.--The term ``technology risk'' means 
        the risks during construction or operation associated with the 
        design, development, and deployment of clean energy 
        technologies (including the cost, schedule, performance, 
        reliability and maintenance, and accounting for the perceived 
        risk), from the perspective of commercial lenders, that may be 
        increased as a result of the absence of adequate historical 
        construction, operating, or performance data from commercial 
        applications of the technology.

SEC. 4. CLEAN ENERGY INVESTMENT FUND.

    (a) Establishment.--There is established in the Treasury of the 
United States a fund, to be known as the ``Clean Energy Investment 
Fund'', consisting of--
            (1) such amounts as have been appropriated to carry out 
        title XVII of the Energy Policy Act of 2005 (42 U.S.C. 16511 et 
        seq.);
            (2) such amounts as are deposited in the Fund under this 
        Act and amendments made by this Act; and
            (3) such sums as may be appropriated to supplement the 
        Fund.
    (b) Expenditures From Fund.--
            (1) In general.--Amounts in the Fund shall be available to 
        the Secretary or Administrator for obligation without fiscal 
        year limitation, to remain available until expended.
            (2) Expenses.--
                    (A) Fees.--Fees collected for expenses shall be 
                available without limitation to cover applicable 
                expenses.
                    (B) Fund.--To the extent that expenses are not 
                reimbursed through fees, an amount not to exceed 1.5 
                percent of the amounts in the Fund as of the beginning 
                of each fiscal year shall be available to pay the 
                expenses for the fiscal year necessary to carry out 
                this Act or title XVII of the Energy Policy Act of 2005 
                (42 U.S.C. 16511 et seq.).
    (c) Transfers of Amounts.--
            (1) In general.--The amounts required to be transferred to 
        the Fund under this section shall be transferred at least 
        monthly from the general fund of the Treasury to the Fund on 
        the basis of estimates made by the Secretary of the Treasury.
            (2) Cash flows.--Cash flows associated with costs of the 
        Fund described in section 502(5)(B) of the Federal Credit 
        Reform Act of 1990 (2 U.S.C. 661a(5)(B)) shall be transferred 
        to appropriate credit accounts.
            (3) Adjustments.--Proper adjustment shall be made in 
        amounts subsequently transferred to the extent prior estimates 
        were in excess of or less than the amounts required to be 
        transferred.

SEC. 5. REVISIONS TO LOAN GUARANTEE PROGRAM AUTHORITY.

    (a) Definition of Commercial Technology.--Section 1701(1) of the 
Energy Policy Act of 2005 (42 U.S.C. 16511(1)) is amended by striking 
subparagraph (B) and inserting the following:
                    ``(B) Exclusion.--The term `commercial technology' 
                does not include a technology if the sole use of the 
                technology is in connection with--
                            ``(i) a demonstration project; or
                            ``(ii) a project for which the Secretary 
                        approved a loan guarantee.''.
    (b) Specific Appropriation or Contribution.--Section 1702 of the 
Energy Policy Act of 2005 (42 U.S.C. 16512) is amended by striking 
subsection (b) and inserting the following:
    ``(b) Specific Appropriation or Contribution.--
            ``(1) In general.--No guarantee shall be made unless 
        sufficient amounts to account for the cost are available--
                    ``(A) in unobligated balances within the Clean 
                Energy Investment Fund established by section 4(a) of 
                the Clean Energy Financing Act of 2011;
                    ``(B) as a payment from the borrower and the 
                payment is deposited in the Clean Energy Investment 
                Fund; or
                    ``(C) in any combination of balances and payments 
                described in subparagraphs (A) and (B), respectively.
            ``(2) Limitation.--The source of payments received from a 
        borrower under paragraph (1)(B) shall not be a loan or other 
        debt obligation that is made or guaranteed by the Federal 
        Government.''.
    (c) Fees.--Section 1702(h) of the Energy Policy Act of 2005 (43 
U.S.C. 16512(h)) is amended by adding at the end the following:
            ``(3) Adjustment.--The Secretary may adjust the amount or 
        manner of collection of fees under this title as the Secretary 
        determines is necessary to promote, to the maximum extent 
        practicable, eligible projects under this title.
            ``(4) Credit report.--The Secretary may waive any otherwise 
        applicable requirement (including any requirement described in 
        part 609 of title 10, Code of Federal Regulations (or successor 
        regulations)) to provide a third-party credit report if--
                    ``(A) the Secretary determines that a third-party 
                credit rating of the applicant or project is not 
                relevant to the determination of the credit risk of a 
                project;
                    ``(B) the project costs are not projected to exceed 
                $100,000,000; and
                    ``(C) the applicant agrees to accept the credit 
                rating assigned to the applicant by the Secretary.''.
    (d) Processing.--Section 1702 of the Energy Policy Act of 2005 (42 
U.S.C. 16512) is amended by adding at the end the following:
    ``(k) Accelerated Reviews.--To the maximum extent practicable and 
consistent with sound business practices, the Secretary shall seek to 
consolidate internal and interagency reviews of projects under this 
title such that final decisions on applications can generally be issued 
not later than 180 days after the date of submission of a completed 
application.
    ``(l) Professional Advisors.--The Secretary may--
            ``(1) retain agents and legal and other professional 
        advisors in connection with guarantees and related activities 
        authorized under this title;
            ``(2) require applicants for and recipients of loan 
        guarantees to pay all fees and expenses of the agents and 
        advisors; and
            ``(3) notwithstanding any other provision of law, select 
        such advisors in such manner and using such procedures as the 
        Secretary determines to be appropriate to protect the interests 
        of the United States and achieve the purposes of this title.
    ``(m) Multiple Sites.--Notwithstanding any other provision of law 
(including section 609.12 of title 10, Code of Federal Regulations (or 
successor regulations)), an eligible project may be located on 2 or 
more noncontiguous sites in the United States.''.
    (e) Terms and Conditions.--Section 1702 of the Energy Policy Act of 
2005 (42 U.S.C. 16512) (as amended by subsection (d)) is amended at the 
end by adding the following:
    ``(n) Cost of Obligation.--If the borrower is providing a payment 
for the cost of a proposed loan guarantee and the guarantee amount is 
greater than $1,000,000,000, the Secretary shall determine the cost of 
the obligation on the basis of a project-specific financial risk 
assessment that--
            ``(1) includes a written explanation of any differences 
        between--
                    ``(A) the estimated probability of default, as 
                determined by the Secretary; and
                    ``(B) the estimated probability of default 
                contained in any credit assessment performed by an 
                independent rating agency;
            ``(2) includes a written explanation of any differences 
        between--
                    ``(A) the estimated value of the recovery in the 
                event of default, as determined by the Secretary; and
                    ``(B) the estimated value of the recovery in the 
                event of default contained in any recovery plan 
                submitted by the borrower; and
            ``(3) is made available to the borrower for review and 
        comment prior to a final determination.''.
    (f) Eligible Projects.--Section 1703(b)(4) of the Energy Policy Act 
of 2005 (42 U.S.C. 16513(b)(4)) is amended by inserting ``(including 
nuclear power parts, services, and fuel suppliers, and small modular 
reactors, if additional loan volume authority is provided for a project 
described in this parenthetical in an appropriation Act enacted after 
July 1, 2011)'' after ``energy facilities''.
    (g) Wage Rates.--Section 1705(c) of the Energy Policy Act of 2005 
(42 U.S.C. 16516(c)) is amended by striking ``support under this 
section'' and inserting ``support under this title''.

SEC. 6. ENERGY TECHNOLOGY DEPLOYMENT GOALS.

    (a) Goals.--Not later than 1 year after the date of enactment of 
this Act, the Secretary, after consultation with the Advisory Council, 
shall develop and publish for review and comment in the Federal 
Register near-, medium-, and long-term goals (including numerical 
performance targets at appropriate intervals to measure progress toward 
those goals) for the deployment of clean energy technologies through 
the credit support programs established by this Act (including an 
amendment made by this Act) to promote--
            (1) sufficient electric generating capacity using clean 
        energy technologies to meet the energy needs of the United 
        States;
            (2) clean energy technologies in vehicles and fuels that 
        will substantially reduce the reliance of the United States on 
        foreign sources of energy and insulate consumers from the 
        volatility of world energy markets;
            (3) a domestic commercialization and manufacturing capacity 
        that will establish the United States as a world leader in 
        clean energy technologies across multiple sectors, including 
        the production of advanced materials used in clean energy 
        technologies;
            (4) installation of sufficient infrastructure to allow for 
        the cost-effective deployment of clean energy technologies 
        appropriate to each region of the United States;
            (5) the transformation of the building stock of the United 
        States to zero net energy consumption, including through energy 
        efficiency and the use of clean distributed energy;
            (6) the recovery, use, and prevention of waste energy;
            (7) domestic manufacturing of clean energy technologies on 
        a scale that is sufficient to achieve price parity with 
        conventional energy sources;
            (8) domestic production of commodities, industrial bio-
        products, and materials (such as steel, chemicals, polymers, 
        biopolymers, and cement) using clean energy technologies so 
        that the United States will become a world leader in 
        environmentally sustainable production of the commodities and 
        materials;
            (9) a robust, efficient, and interactive electricity 
        transmission grid that will allow for the incorporation of 
        clean energy technologies, distributed generation, clean 
        distributed energy, smart grid functions, and demand-response 
        in each regional electric grid;
            (10) to overcome market barriers (including lack of 
        financing as the result of upfront cost despite the possibility 
        of reasonable payback timeframes) and promote energy efficiency 
        and clean distributed energy technologies, ensure sufficient 
        availability of financial products to allow owners and users of 
        residential, retail, commercial, multifamily residence, 
        municipal, institution of higher education, school, hospital, 
        and industrial buildings to make energy efficiency (including 
        building retrofits) and distributed generation and clean 
        distributed energy technology investments with reasonable 
        payback periods, including enabling municipalities, 
        cooperatives, tribes, and other tax-exempt entities to deploy 
        community-owned energy generation and energy efficiency 
        projects; and
            (11) such other goals as the Secretary, in consultation 
        with the Advisory Council, determines to be consistent with the 
        purposes of this Act.
    (b) Revisions.--The Secretary shall revise the goals established 
under subsection (a), from time to time as appropriate, to account for 
advances in technology and changes in energy policy.

SEC. 7. CLEAN ENERGY DEPLOYMENT ADMINISTRATION.

    (a) Establishment.--
            (1) In general.--There is established in the Department of 
        Energy an administration to be known as the Clean Energy 
        Deployment Administration, under the direction of the 
        Administrator and the Board of Directors.
            (2) Status.--
                    (A) In general.--The Administration (including 
                officers, employees, and agents of the Administration) 
                shall not be responsible to, or subject to the 
                authority, direction, or control of, any other officer, 
                employee, or agent of the Department of Energy other 
                than the Secretary, acting through the Administrator.
                    (B) Exemption from reorganization.--The 
                Administration shall be exempt from the reorganization 
                authority provided under section 643 of the Department 
                of Energy Organization Act (42 U.S.C. 7253).
                    (C) Inspector general.--Section 12 of the Inspector 
                General Act of 1978 (5 U.S.C. App.) is amended--
                            (i) in paragraph (1), by inserting ``the 
                        Administrator of the Clean Energy Deployment 
                        Administration;'' after ``Export-Import 
                        Bank;''; and
                            (ii) in paragraph (2), by inserting ``the 
                        Clean Energy Deployment Administration,'' after 
                        ``Export-Import Bank,''.
            (3) Offices.--
                    (A) Principal office.--The Administration shall--
                            (i) maintain the principal office of the 
                        Administration in the District of Columbia; and
                            (ii) for purposes of venue in civil 
                        actions, be considered to be a resident of the 
                        District of Columbia.
                    (B) Other offices.--The Administration may 
                establish other offices in such other places as the 
                Administration considers necessary or appropriate for 
                the conduct of the business of the Administration.
    (b) Administrator.--
            (1) In general.--The Administrator shall be--
                    (A) appointed by the President, by and with the 
                advice and consent of the Senate, for a 5-year term; 
                and
                    (B) compensated at the annual rate of basic pay 
                prescribed for level II of the Executive Schedule under 
                section 5313 of title 5, United States Code.
            (2) Duties.--The Administrator shall--
                    (A) serve as the Chief Executive Officer of the 
                Administration and Chairman of the Board;
                    (B) ensure that--
                            (i) the Administration operates in a safe 
                        and sound manner, including maintenance of 
                        adequate capital and internal controls 
                        (consistent with section 404 of the Sarbanes-
                        Oxley Act of 2002 (15 U.S.C. 7262));
                            (ii) the operations and activities of the 
                        Administration foster liquid, efficient, 
                        competitive, and resilient energy and energy 
                        efficiency finance markets;
                            (iii) the Administration carries out the 
                        purposes of this Act only through activities 
                        that are authorized under and consistent with 
                        this Act;
                            (iv) the activities of the Administration 
                        and the manner in which the Administration is 
                        operated are consistent with the public 
                        interest; and
                            (v) no project exceeds the net greenhouse 
                        gas emissions (measured on a ton per unit of 
                        output basis, expressed in, carbon dioxide 
                        equivalency terms) resulting from the operation 
                        of existing and commercially-deployed 
                        technologies or facilities that are producing 
                        comparable commodities or products within the 
                        United States as of the date of enactment of 
                        this Act;
                    (C) develop policies and procedures for the 
                Administration that will--
                            (i) promote a portfolio of investments that 
                        will maximize the value of investments to 
                        effectively promote clean energy technologies;
                            (ii) promote transparency and openness in 
                        Administration operations;
                            (iii) afford the Administration with 
                        sufficient flexibility to meet the purposes of 
                        this Act;
                            (iv) provide for the efficient processing 
                        of applications;
                            (v) promote, consistent with the purposes 
                        of this Act, the participation of private 
                        financial institutions and other sources of 
                        private capital, on commercially reasonable 
                        terms, if and to the extent the capital is 
                        available;
                            (vi) promote the availability of financial 
                        products to small business through working with 
                        entities that have appropriate expertise 
                        extending credit or other relevant financial 
                        services to small companies developing clean 
                        energy technologies; and
                            (vii) promote the availability of financial 
                        products to municipalities, cooperatives, 
                        tribes, and other tax-exempt entities to 
                        develop community-owned clean energy generation 
                        and energy efficiency projects;
                    (D) develop, in consultation with the Advisory 
                Council, and publish for comment in the Federal 
                Register a methodology for the relative assessment of 
                clean energy technologies that will allow for the 
                evaluation of projects based on progress likely to be 
                achieved per-dollar invested toward maximizing the 
                attributes of clean energy technologies, taking into 
                account the extent to which support provided under this 
                Act is likely to accrue subsequent benefits 
                attributable to commercial-scale deployment earlier 
                than would have otherwise occurred; and
                    (E) with the concurrence of the Board, set expected 
                loss reserves for the support provided by the 
                Administration consistent with section 8(a)(1)(C).
    (c) Board of Directors.--
            (1) In general.--The Board of Directors of the 
        Administration shall consist of--
                    (A) the Secretary or the designee of the Secretary, 
                who shall serve as an ex-officio voting member of the 
                Board of Directors;
                    (B) the Administrator, who shall serve as the 
                Chairman of the Board of Directors; and
                    (C) 7 additional members who shall--
                            (i) be appointed, by the President, by and 
                        with the advice and consent of the Senate, for 
                        staggered 5-year terms; and
                            (ii) to the maximum extent practicable, 
                        have experience in banking or financial 
                        services relevant to the operations of the 
                        Administration, including individuals with 
                        substantial experience in the development of 
                        energy projects, the electricity generation 
                        sector, the transportation sector, the 
                        manufacturing sector, and the energy efficiency 
                        sector (including building retrofits).
            (2) Duties.--The Board of Directors shall--
                    (A) oversee the operations of the Administration 
                and ensure industry best practices are followed in all 
                financial transactions involving the Administration;
                    (B) consult with the Administrator on the general 
                policies and procedures of the Administration to ensure 
                the interests of the taxpayers are protected;
                    (C) ensure the portfolio of investments are 
                consistent with purposes of this Act and with the long-
                term financial stability of the Administration;
                    (D) ensure that the operations and activities of 
                the Administration are consistent with the development 
                of a robust private sector that can provide commercial 
                loans or financing products; and
                    (E) not serve on a full-time basis, except that the 
                Board of Directors shall meet at least quarterly to 
                review, as appropriate, applications for credit support 
                and set policies and procedures as necessary.
            (3) Removal.--An appointed member of the Board of Directors 
        may be removed from office by the President for good cause.
            (4) Vacancies.--An appointed seat on the Board of Directors 
        that becomes vacant shall be filled by appointment by the 
        President, but only for the unexpired portion of the term of 
        the vacating member.
            (5) Compensation of members.--An appointed member of the 
        Board of Directors shall be compensated at a rate equal to the 
        daily equivalent of the annual rate of basic pay prescribed for 
        level III of the Executive Schedule under section 5314 of title 
        5, United States Code, for each day (including travel time) 
        during which the member is engaged in the performance of the 
        duties of the Board of Directors.
    (d) Energy Technology Advisory Council.--
            (1) In general.--The Administration shall have an Energy 
        Technology Advisory Council consisting of--
                    (A) 5 members selected by the Secretary; and
                    (B) 3 members selected by the Board of Directors of 
                the Administration.
            (2) Qualifications.--The members of the Advisory Council 
        shall--
                    (A) have relevant scientific expertise; and
                    (B) in the case of the members selected by the 
                Secretary under paragraph (1)(A), include 
                representatives of--
                            (i) the academic community;
                            (ii) the private research community;
                            (iii) National Laboratories;
                            (iv) the technology or project development 
                        community; and
                            (v) the commercial energy financing and 
                        operations sector.
            (3) Duties.--The Advisory Council shall--
                    (A) advise on the methodology developed under 
                subsection (b)(2)(D); and
                    (B) advise on the technological approaches that 
                should be supported by the Administration to meet the 
                technology deployment goals established by the 
                Secretary pursuant to section 6.
            (4) Term.--
                    (A) In general.--Members of the Advisory Council 
                shall have 5-year staggered terms, as determined by the 
                Secretary and the Administrator.
                    (B) Reappointment.--A member of the Advisory 
                Council may be reappointed.
            (5) Compensation.--A member of the Advisory Council, who is 
        not otherwise compensated as a Federal employee, shall be 
        compensated at a rate equal to the daily equivalent of the 
        annual rate of basic pay prescribed for level IV of the 
        Executive Schedule under section 5315 of title 5, United States 
        Code, for each day (including travel time) during which the 
        member is engaged in the performance of the duties of the 
        Advisory Council.
    (e) Staff.--
            (1) In general.--The Administrator, in consultation with 
        the Board of Directors, may--
                    (A) appoint and terminate such officers, attorneys, 
                employees, and agents as are necessary to carry out 
                this Act; and
                    (B) vest those personnel with such powers and 
                duties as the Administrator may determine.
            (2) Direct hire authority.--
                    (A) In general.--Notwithstanding section 3304 and 
                sections 3309 through 3318 of title 5, United States 
                Code, the Administrator may, on a determination that 
                there is a severe shortage of candidates or a critical 
                hiring need for particular positions, recruit and 
                directly appoint highly qualified critical personnel 
                with specialized knowledge important to the function of 
                the Administration into the competitive service.
                    (B) Exception.--The authority granted under 
                subparagraph (A) shall not apply to positions in the 
                excepted service or the Senior Executive Service.
                    (C) Requirements.--In exercising the authority 
                granted under subparagraph (A), the Administrator shall 
                ensure that any action taken by the Administrator--
                            (i) is consistent with the merit principles 
                        of section 2301 of title 5, United States Code; 
                        and
                            (ii) complies with the public notice 
                        requirements of section 3327 of title 5, United 
                        States Code.
                    (D) Termination of effectiveness.--The authority 
                provided by this paragraph terminates effective on the 
                date that is 2 years after the date of enactment of 
                this Act.
            (3) Critical pay authority.--
                    (A) In general.--Notwithstanding section 5377 of 
                title 5, United States Code, and without regard to the 
                provisions of that title governing appointments in the 
                competitive service or the Senior Executive Service and 
                chapters 51 and 53 of that title (relating to 
                classification and pay rates), the Administrator may 
                establish, fix the compensation of, and appoint 
                individuals to critical positions needed to carry out 
                the functions of the Administration, if the 
                Administrator certifies that--
                            (i) the positions require expertise of an 
                        extremely high level in a financial, technical, 
                        or scientific field;
                            (ii) the Administration would not 
                        successfully accomplish an important mission 
                        without such an individual; and
                            (iii) exercise of the authority is 
                        necessary to recruit an individual who is 
                        exceptionally well qualified for the position.
                    (B) Limitations.--The authority granted under 
                subparagraph (A) shall be subject to the following 
                conditions:
                            (i) The number of critical positions 
                        authorized by subparagraph (A) may not exceed 
                        20 at any 1 time in the Administration.
                            (ii) The term of an appointment under 
                        subparagraph (A) may not exceed 4 years.
                            (iii) An individual appointed under 
                        subparagraph (A) may not have been an 
                        Administration employee at any time during the 
                        2-year period preceding the date of 
                        appointment.
                            (iv) Total annual compensation for any 
                        individual appointed under subparagraph (A) may 
                        not exceed the highest total annual 
                        compensation payable at the rate determined 
                        under section 104 of title 3, United States 
                        Code.
                            (v) An individual appointed under 
                        subparagraph (A) may not be considered to be an 
                        employee for purposes of subchapter II of 
                        chapter 75 of title 5, United States Code.
                    (C) Notification.--Each year, the Administrator 
                shall submit to Congress a notification that lists each 
                individual appointed under this paragraph.

SEC. 8. ADMINISTRATION FUNCTIONS.

    (a) Operational Units.--
            (1) Direct support.--
                    (A) In general.--The Administration may issue 
                direct loans, letters of credit, loan guarantees, 
                insurance products, or such other credit enhancements 
                (including through participation as a co-lender or a 
                lending member of a syndication) as the Administrator 
                considers appropriate to manufacture or deploy clean 
                energy technologies and clean distributed energy 
                technologies or associated advanced materials if the 
                Administrator has determined that deployment of the 
                technologies would benefit or be accelerated by the 
                support.
                    (B) Eligibility criteria.--In carrying out this 
                paragraph and awarding credit support to projects, the 
                Administrator shall account for--
                            (i) how the technology rates based on an 
                        evaluation methodology established by the 
                        Advisory Council;
                            (ii) how the project fits with the goals 
                        established under section 6; and
                            (iii) the potential for the applicant to 
                        successfully complete the project.
                    (C) Risk.--
                            (i) Expected loss reserve.--The 
                        Administrator shall establish an expected loss 
                        reserve to account for estimated losses 
                        attributable to activities under this section 
                        that is consistent with the purposes of--
                                    (I) developing breakthrough 
                                technologies to the point at which 
                                technology risk is largely mitigated;
                                    (II) achieving widespread 
                                deployment and advancing the commercial 
                                viability of clean energy technologies 
                                and clean distributed energy 
                                technologies; and
                                    (III) advancing the goals 
                                established under section 6.
                            (ii) Initial expected loss reserve.--Until 
                        such time as the Administrator determines 
                        sufficient data exist to establish an expected 
                        loss reserve that is appropriate, the 
                        Administrator shall consider establishing an 
                        initial rate of 10 percent for the portfolio of 
                        investments under this Act.
                            (iii) Portfolio investment approach.--The 
                        Administration shall--
                                    (I) use a portfolio investment 
                                approach to mitigate risk and diversify 
                                investments across technologies;
                                    (II) to the maximum extent 
                                practicable and consistent with 
                                promoting the continued viability of 
                                the Administration and robust private 
                                financing markets for clean energy 
                                technologies, weigh the portfolio of 
                                investments in projects to advance the 
                                goals established under section 6; and
                                    (III) consistent with the expected 
                                loss reserve established under this 
                                subparagraph, the purposes of this Act, 
                                and section 7(b)(2)(B), provide the 
                                maximum practicable percentage of 
                                support to promote breakthrough 
                                technologies.
                            (iv) Loss rate review.--
                                    (I) In general.--The Board of 
                                Directors shall review on an annual 
                                basis the loss rates of the portfolio 
                                to determine the adequacy of the 
                                reserves.
                                    (II) Report.--Not later than 90 
                                days after the date of the initiation 
                                of the review, the Administrator shall 
                                submit to the Committee on Energy and 
                                Natural Resources of the Senate and the 
                                Committee on Energy and Commerce of the 
                                House of Representatives a report 
                                describing the results of the review 
                                and any recommended policy changes.
                    (D) Application review.--
                            (i) In general.--To the maximum extent 
                        practicable and consistent with sound business 
                        practices, the Administration shall seek to 
                        consolidate internal and interagency reviews of 
                        projects under this Act such that final 
                        decisions on applications can generally be 
                        issued not later than 180 days after the date 
                        of submission of a completed application.
                            (ii) Environmental review.--In carrying out 
                        this Act, the Administration shall, to the 
                        maximum extent practicable--
                                    (I) avoid duplicating efforts that 
                                have already been undertaken by other 
                                agencies (including State agencies 
                                acting under Federal programs); and
                                    (II) with the advice of the Council 
                                on Environmental Quality and any other 
                                applicable agencies, use the 
                                administrative records of similar 
                                reviews conducted throughout the 
                                executive branch to develop the most 
                                expeditious review process practicable.
                    (E) Wage rate requirements.--
                            (i) In general.--No credit support shall be 
                        issued under this section unless the borrower 
                        has provided to the Administrator reasonable 
                        assurances that all laborers and mechanics 
                        employed by contractors and subcontractors in 
                        the performance of construction work financed 
                        in whole or in part by the Administration will 
                        be paid wages at rates not less than those 
                        prevailing on projects of a character similar 
                        to the contract work in the civil subdivision 
                        of the State in which the contract work is to 
                        be performed as determined by the Secretary of 
                        Labor in accordance with subchapter IV of 
                        chapter 31 of part A of subtitle II of title 
                        40, United States Code.
                            (ii) Labor standards.--With respect to the 
                        labor standards specified in this section, the 
                        Secretary of Labor shall have the authority and 
                        functions set forth in Reorganization Plan 
                        Numbered 14 of 1950 (64 Stat. 1267; 5 U.S.C. 
                        App.) and section 3145 of title 40, United 
                        States Code.
            (2) Indirect support.--
                    (A) In general.--The Administration shall work to 
                develop financial products and arrangements to both 
                promote the widespread deployment of, and mobilize 
                private sector support of credit and investment 
                institutions for, clean energy technologies, clean 
                distributed energy technologies, and related 
                manufacturing by facilitating aggregation of small 
                projects and by providing indirect credit support, 
                including credit enhancement.
                    (B) Financial products.--The Administration--
                            (i) in cooperation with Federal, State, 
                        local, and private sector entities, shall 
                        develop debt instruments that provide for the 
                        aggregation of, or directly aggregate, projects 
                        for clean energy technology and clean 
                        distributed energy technology deployments on a 
                        scale appropriate for residential or commercial 
                        applications;
                            (ii) may insure, purchase, and make 
                        commitments to purchase, any debt instrument 
                        associated with the deployment of clean energy 
                        technologies and clean distributed energy 
                        technologies (including instruments secured by 
                        liens or other collateral related to the 
                        funding of clean energy technology and clean 
                        distributed energy technology) for the purposes 
                        of enhancing the availability of private 
                        financing for clean energy technology and clean 
                        distributed energy technology deployments; and
                            (iii) may develop appropriate credit 
                        support mechanisms (including insurance, 
                        support for energy services agreements or 
                        property-assessed clean energy bonds, aggregate 
                        on-meter agreements, and other similar 
                        mechanisms) to promote financing of commercial, 
                        industrial, multifamily residence, municipal, 
                        institution of higher education, school, and 
                        hospital building energy efficiency retrofit 
                        projects, or pools of projects, including such 
                        criteria, standards, and guidelines as are 
                        necessary to foster widespread private sector 
                        adoption, including measurement and 
                        verification of energy savings.
                    (C) Disposition of debt or interest.--The 
                Administration may acquire, hold, and sell or otherwise 
                dispose of, pursuant to commitments or otherwise, any 
                debt associated with the deployment of clean energy 
                technologies or interest in the debt.
                    (D) Pricing.--
                            (i) In general.--The Administrator may 
                        establish requirements, and impose charges or 
                        fees, which may be regarded as elements of 
                        pricing, for different classes of sellers, 
                        servicers, or services.
                            (ii) Classification of sellers and 
                        servicers.--For the purpose of clause (i), the 
                        Administrator may classify sellers and 
                        servicers as necessary to promote transparency 
                        and liquidity and properly characterize the 
                        risk of default.
                    (E) Eligibility.--The Administrator shall 
                establish--
                            (i) eligibility criteria for loan 
                        originators, sellers, and servicers seeking 
                        support for portfolios of financial obligations 
                        relating to clean energy technologies so as to 
                        ensure the capability of the loan originators, 
                        sellers, and servicers to perform the functions 
                        required to maintain the expected performance 
                        of the portfolios; and
                            (ii) such criteria, standards, guidelines, 
                        and mechanisms such that, to the maximum extent 
                        practicable, loan originators and sellers will 
                        be able to determine the eligibility of loans 
                        for resale at the time of initial lending.
                    (F) Secondary market support.--
                            (i) In general.--The Administration may 
                        lend on the security of, and make commitments 
                        to lend on the security of, any debt that the 
                        Administration has issued or is authorized to 
                        purchase under this section.
                            (ii) Authorized actions.--On such terms and 
                        conditions as the Administrator may prescribe, 
                        the Administration may, based on the debt and 
                        with the concurrence of the Board of 
                        Directors--
                                    (I) give security or guarantee;
                                    (II) pay interest or other return; 
                                and
                                    (III) issue notes, debentures, 
                                bonds, or other obligations or 
                                securities.
                    (G) Lending activities.--
                            (i) In general.--The Administrator shall 
                        determine--
                                    (I) the volume of the lending 
                                activities of the Administration; and
                                    (II) the types of loan ratios, risk 
                                profiles, interest rates, maturities, 
                                and charges or fees in the secondary 
                                market operations of the 
                                Administration.
                            (ii) Objectives.--Determinations under 
                        clause (i) shall be consistent with the 
                        objectives of--
                                    (I) providing an attractive 
                                investment environment for clean energy 
                                technologies;
                                    (II) making the operations of the 
                                Administration self-supporting over the 
                                long term; and
                                    (III) advancing the goals 
                                established under section 6.
                    (H) Exempt securities.--All securities issued or 
                guaranteed by the Administration shall, to the same 
                extent as securities that are direct obligations of or 
                obligations guaranteed as to principal or interest by 
                the United States, be considered to be exempt 
                securities within the meaning of the laws administered 
                by the Securities and Exchange Commission.
    (b) Other Authorized Programs.--
            (1) In general.--The Secretary may delegate to the 
        Administration the provision of financial services and program 
        management for grant, loan, and other credit enhancement 
        programs authorized under any other provision of law.
            (2) Administration.--In administering any other program 
        delegated by the Secretary, the Administration shall, to the 
        maximum extent practicable (as determined by the 
        Administrator)--
                    (A) administer the program in a manner that is 
                consistent with the terms and conditions of this Act; 
                and
                    (B) minimize the administrative costs to the 
                Federal Government.
            (3) Loans for qualified energy efficiency projects.--
                    (A) Definitions.--In this paragraph:
                            (i) Electric utility.--The term ``electric 
                        utility'' has the meaning given the term in 
                        section 3 of the Public Utility Regulatory 
                        Policies Act of 1978 (16 U.S.C. 2602).
                            (ii) Natural gas utility.--The term 
                        ``natural gas utility'' has the meaning given 
                        the term ``gas utility'' in section 302 of the 
                        Public Utility Regulatory Policies Act of 1978 
                        (15 U.S.C. 3202).
                            (iii) Qualified energy efficiency 
                        project.--The term ``qualified energy 
                        efficiency project'' means, as determined by 
                        the Administrator, a project, technology, 
                        function, or measure--
                                    (I) that results in the reduction 
                                of energy use required to achieve the 
                                same level of service or output prior 
                                to the application of the project, 
                                technology, function, or measure;
                                    (II) that is carried out 
                                domestically within the territorial 
                                borders of the United States; and
                                    (III) the payback period of which 
                                does not exceed 10 years.
                    (B) Loans for electric utilities and natural gas 
                utilities.--
                            (i) In general.--The Administrator may make 
                        loans available to an electric utility or 
                        natural gas utility to carry out qualified 
                        energy efficiency projects.
                            (ii) Term, interest rate, and repayment.--A 
                        loan made by the Administrator to an electric 
                        utility or natural gas utility under this 
                        paragraph shall--
                                    (I) be for a term of 30 years or 
                                less;
                                    (II) bear an annual interest rate 
                                that is 50 basis points more than the 
                                Federal funds rate established by the 
                                Board of Governors of the Federal 
                                Reserve System at the time of loan 
                                approval; and
                                    (III) provide for any additional 
                                revenue, generated after the payback 
                                period from foregone energy costs 
                                attributable to the qualified energy 
                                efficiency project funded by the loan 
                                to be divided equally between the 
                                applicant and the Fund.
                    (C) Disapproval.--The Administrator may disapprove 
                an application for a loan for a qualified energy 
                efficiency project under this paragraph if the 
                Administrator determines that--
                            (i) the qualified energy efficiency project 
                        would not--
                                    (I) result in a significant 
                                reduction in energy consumption; or
                                    (II) benefit a significant number 
                                of energy consumers; or
                            (ii) the project applicant--
                                    (I) has not successfully completed 
                                the qualified energy efficiency project 
                                in a timely manner; or
                                    (II) may not be able to repay the 
                                loan over the life of the loan.

SEC. 9. FEDERAL CREDIT AUTHORITY.

    (a) Transfer of Authority.--
            (1) In general.--Subject to paragraph (2), on a finding by 
        the Secretary and the Administrator that the Administration is 
        sufficiently ready to assume the functions and that applicants 
        to those programs will not be unduly adversely affected but in 
        no case later than 18 months after the date of enactment of 
        this Act, all of the authority of the Secretary under title 
        XVII of the Energy Policy Act of 2005 (42 U.S.C. 16511 et seq.) 
        and authorities established by this Act shall be transferred to 
        the Administration to carry out this Act.
            (2) Failure to transfer authorities.--If the authorities 
        are not transferred to the Administration in accordance with 
        paragraph (1), the Secretary and the Administrator shall submit 
        to Congress a report on the reasons for delay and an expected 
        timetable for transfer of the authorities to the 
        Administration.
            (3) Effect on existing rights and obligations.--The 
        transfer of authority under this subsection shall not affect 
        the rights and obligations of any party that arise under a 
        predecessor program or authority prior to the transfer under 
        this subsection.
            (4) Transfer of fund authority.--
                    (A) In general.--On transfer of authority pursuant 
                to paragraph (1), the Administration shall have all 
                authorities to make use of the Fund reserved for the 
                Secretary before the transfer.
                    (B) Administrative expenses.--Effective beginning 
                on the date of enactment of this Act, the Administrator 
                may make use of up to 1.5 percent of the amounts in the 
                Fund as of the beginning of each fiscal year to pay 
                administrative expenses for that fiscal year to carry 
                out the purposes of this Act.
            (5) Use.--
                    (A) In general.--Amounts in the Fund shall be 
                available for discharge of liabilities and all other 
                expenses of the Administration, including subsequent 
                transfer to the respective credit accounts.
                    (B) Liability.--All activities of the 
                Administration that could result in a liability for the 
                United States shall be transparently accounted for and 
                no obligation or liability may be incurred unless--
                            (i) the appropriate amounts are transferred 
                        to credit accounts for activities pursuant to 
                        the Federal Credit Reform Act of 1990 (2 U.S.C. 
                        661a); or
                            (ii) sufficient amounts are reserved within 
                        the Fund to account for such liabilities.
            (6) Initial investment.--It is the sense of the Senate that 
        the Fund should include $10,000,000,000 in initial 
        capitalization, with such funds offset to ensure no net 
        increase in the national debt.
    (b) Payments of Liabilities.--
            (1) In general.--Any payment to discharge liabilities 
        arising from agreements under this Act shall be made 
        exclusively out of the Fund or the associated credit account, 
        as appropriate.
            (2) Security.--Subject to paragraph (1), the full faith and 
        credit of the United States is pledged to the payment of all 
        obligations entered into by the Administration pursuant to this 
        Act.
    (c) Fees.--
            (1) In general.--Consistent with achieving the purposes of 
        this Act, the Administrator shall charge fees or collect 
        compensation generally in accordance with commercial rates.
            (2) Availability of fees.--All fees collected by the 
        Administration may be retained by the Administration and placed 
        in the Fund and may remain available to the Administration, 
        without further appropriation or fiscal year limitation, for 
        use in carrying out the purposes of this Act.
            (3) Breakthrough technologies.--To the extent practicable, 
        the Administration shall use alternative fee arrangements and 
        charge the minimum amount in upfront fees or compensation for 
        breakthrough technologies, consistent with the long-term 
        viability of the Administration, unless the Administration 
        first determines that a higher initial charge will not impede 
        the development of the technology.
            (4) Alternative fee arrangements.--The Administration may 
        use such alternative arrangements (such as profit 
        participation, contingent fees, warrants, and other valuable 
        contingent interests) as the Administration considers 
        appropriate to compensate the Administration for the expenses 
        of the Administration (including amounts used from the Fund) 
        and the inherent risk of the support.
    (d) Cost Transfer Authority.--Amounts collected from applicants by 
the Administration or otherwise designated from the Fund for the cost 
of a loan or loan guarantee shall be transferred by the Administration 
to the respective credit program accounts.

SEC. 10. GENERAL PROVISIONS.

    (a) Immunity From Impairment, Limitation, or Restriction.--
            (1) In general.--All rights and remedies of the 
        Administration (including any rights and remedies of the 
        Administration on, under, or with respect to any mortgage or 
        any obligation secured by a mortgage) shall be immune from 
        impairment, limitation, or restriction by or under--
                    (A) any law (other than a law enacted by Congress 
                expressly in limitation of this paragraph) that becomes 
                effective after the acquisition by the Administration 
                of the subject or property on, under, or with respect 
                to which the right or remedy arises or exists or would 
                so arise or exist in the absence of the law; or
                    (B) any administrative or other action that becomes 
                effective after the acquisition.
            (2) State law.--The Administrator may conduct the business 
        of the Administration without regard to any qualification or 
        law of any State relating to incorporation.
    (b) Use of Other Agencies.--With the consent of a department, 
establishment, or instrumentality (including any field office), the 
Administration may--
            (1) use and act through any department, establishment, or 
        instrumentality; or
            (2) use, and pay compensation for, information, services, 
        facilities, and personnel of the department, establishment, or 
        instrumentality.
    (c) Procurement.--The Administrator shall be the senior procurement 
officer for the Administration for purposes of section 16(a) of the 
Office of Federal Procurement Policy Act (41 U.S.C. 414(a)).
    (d) Financial Matters.--
            (1) Investments.--Funds of the Administration may be 
        invested in such investments as the Board of Directors may 
        prescribe.
            (2) Interest.--Interest earnings from funds described in 
        paragraph (1) (other than fees collected under section 9(c)) 
        may be spent by the Administration only to such extent, or in 
        such amounts, as are provided in advance by appropriation Acts.
            (3) Fiscal agents.--Any Federal Reserve bank or any bank as 
        to which at the time of the designation of the bank by the 
        Administrator there is outstanding a designation by the 
        Secretary of the Treasury as a general or other depository of 
        public money, may be designated by the Administrator as a 
        depositary or custodian or as a fiscal or other agent of the 
        Administration.
    (e) Jurisdiction.--Notwithstanding section 1349 of title 28, United 
States Code, or any other provision of law--
            (1) the Administration shall be considered a corporation 
        covered by sections 1345 and 1442 of title 28, United States 
        Code;
            (2) all civil actions to which the Administration is a 
        party shall be considered to arise under the laws of the United 
        States, and the district courts of the United States shall have 
        original jurisdiction of all such actions, without regard to 
        amount or value; and
            (3) any civil or other action, case or controversy in a 
        court of a State, or in any court other than a district court 
        of the United States, to which the Administration is a party 
        may at any time before trial be removed by the Administration, 
        without the giving of any bond or security and by following any 
        procedure for removal of causes in effect at the time of the 
        removal--
                    (A) to the district court of the United States for 
                the district and division embracing the place in which 
                the same is pending; or
                    (B) if there is no such district court, to the 
                district court of the United States for the district in 
                which the principal office of the Administration is 
                located.
    (f) Periodic Reports.--Not later than 1 year after commencement of 
operation of the Administration and at least biannually thereafter, the 
Administrator shall submit to the Committee on Energy and Natural 
Resources of the Senate and the Committee on Energy and Commerce of the 
House of Representatives a report that includes a description of--
            (1) the technologies supported by activities of the 
        Administration and how the activities advance the purposes of 
        this Act; and
            (2) the performance of the Administration on meeting the 
        goals established under section 6.
    (g) Audits by the Comptroller General.--
            (1) In general.--The programs, activities, receipts, 
        expenditures, and financial transactions of the Administration 
        shall be subject to audit by the Comptroller General of the 
        United States under such rules and regulations as may be 
        prescribed by the Comptroller General.
            (2) Access.--The representatives of the Government 
        Accountability Office shall--
                    (A) have access to the personnel and to all books, 
                accounts, documents, records (including electronic 
                records), reports, files, and all other papers, 
                automated data, things, or property belonging to, under 
                the control of, or in use by the Administration, or any 
                agent, representative, attorney, advisor, or consultant 
                retained by the Administration, and necessary to 
                facilitate the audit;
                    (B) be afforded full facilities for verifying 
                transactions with the balances or securities held by 
                depositories, fiscal agents, and custodians;
                    (C) be authorized to obtain and duplicate any such 
                books, accounts, documents, records, working papers, 
                automated data and files, or other information relevant 
                to the audit without cost to the Comptroller General; 
                and
                    (D) have the right of access of the Comptroller 
                General to such information pursuant to section 716(c) 
                of title 31, United States Code.
            (3) Assistance and cost.--
                    (A) In general.--For the purpose of conducting an 
                audit under this subsection, the Comptroller General 
                may, in the discretion of the Comptroller General, 
                employ by contract, without regard to section 3709 of 
                the Revised Statutes (41 U.S.C. 5), professional 
                services of firms and organizations of certified public 
                accountants for temporary periods or for special 
                purposes.
                    (B) Reimbursement.--
                            (i) In general.--On the request of the 
                        Comptroller General, the Administration shall 
                        reimburse the General Accountability Office for 
                        the full cost of any audit conducted by the 
                        Comptroller General under this subsection.
                            (ii) Crediting.--Such reimbursements 
                        shall--
                                    (I) be credited to the 
                                appropriation account entitled 
                                ``Salaries and Expenses, Government 
                                Accountability Office'' at the time at 
                                which the payment is received; and
                                    (II) remain available until 
                                expended.
    (h) Annual Independent Audits.--
            (1) In general.--The Administrator shall--
                    (A) have an annual independent audit made of the 
                financial statements of the Administration by an 
                independent public accountant in accordance with 
                generally accepted auditing standards; and
                    (B) submit to the Secretary the results of the 
                audit.
            (2) Content.--In conducting an audit under this subsection, 
        the independent public accountant shall determine and report on 
        whether the financial statements of the Administration--
                    (A) are presented fairly in accordance with 
                generally accepted accounting principles; and
                    (B) comply with any disclosure requirements imposed 
                under this Act.
    (i) Financial Reports.--
            (1) In general.--The Administrator shall submit to the 
        Secretary annual and quarterly reports of the financial 
        condition and operations of the Administration, which shall be 
        in such form, contain such information, and be submitted on 
        such dates as the Secretary shall require.
            (2) Contents of annual reports.--Each annual report shall 
        include--
                    (A) financial statements prepared in accordance 
                with generally accepted accounting principles;
                    (B) any supplemental information or alternative 
                presentation that the Secretary may require; and
                    (C) an assessment (as of the end of the most recent 
                fiscal year of the Administration), signed by the chief 
                executive officer and chief accounting or financial 
                officer of the Administration, of--
                            (i) the effectiveness of the internal 
                        control structure and procedures of the 
                        Administration; and
                            (ii) the compliance of the Administration 
                        with applicable safety and soundness laws.
            (3) Special reports.--The Secretary may require the 
        Administrator to submit other reports on the condition 
        (including financial condition), management, activities, or 
        operations of the Administration, as the Secretary considers 
        appropriate.
            (4) Accuracy.--Each report of financial condition shall 
        contain a declaration by the Administrator or any other officer 
        designated by the Board of Directors of the Administration to 
        make the declaration, that the report is true and correct to 
        the best of the knowledge and belief of the officer.
            (5) Availability of reports.--Reports required under this 
        section shall be published and made publicly available as soon 
        as is practicable after receipt by the Secretary.
    (j) Scope and Termination of Authority.--
            (1) New obligations.--The Administrator shall not initiate 
        any new obligations under this Act on or after January 1, 2031.
            (2) Reversion to secretary.--The authorities and 
        obligations of the Administration shall revert to the Secretary 
        on January 1, 2031.

SEC. 11. TRANSPARENCY FOR DELAYED LOAN GUARANTEE APPLICATIONS.

    Section 1702 of the Energy Policy Act of 2005 (42 U.S.C. 16512) (as 
amended by section 5(e)) is amended by adding at the end the following:
    ``(o) Reporting Requirement.--
            ``(1) In general.--If the Secretary fails to make a final 
        decision by the date that is 270 days after the date on which 
        the Secretary selects an application to proceed to negotiations 
        of terms and conditions for issuance of a conditional 
        commitment for a loan guarantee application under this title, 
        not later than 7 days after that date, and for every 90-day 
        period thereafter, the Secretary shall--
                    ``(A) prepare a status report for the period 
                covered by the report; and
                    ``(B) submit the status report to--
                            ``(i) the Committee on Energy and Natural 
                        Resources of the Senate; and
                            ``(ii) the Committee on Energy and Commerce 
                        of the House of Representatives.
            ``(2) Contents.--The status report described in paragraph 
        (1) shall contain--
                    ``(A) a description of each reason for the delay of 
                the application;
                    ``(B) the specific office within the loan guarantee 
                program, the Office of Management and Budget, or other 
                office within the Administration that, for the period 
                covering the status report, has reviewed the 
                application; and
                    ``(C) a detailed schedule for completion of the 
                application review.''.

SEC. 12. LOAN GUARANTEES.

    Section 1703(b) of the Energy Policy Act of 2005 (42 U.S.C. 
16513(b)) is amended by adding at the end the following:
            ``(11) Substitute natural gas production facilities, if the 
        gas is produced--
                    ``(A) from a solid feedstock through a gasification 
                process; and
                    ``(B) in a manner that captures, for storage or 
                beneficial use, at least 90 percent of the carbon 
                produced through the gasification process.''.
                                                       Calendar No. 127

112th CONGRESS

  1st Session

                                S. 1510

                          [Report No. 112-47]

_______________________________________________________________________

                                 A BILL

  To promote the domestic development and deployment of clean energy 
                 technologies, and for other purposes.

_______________________________________________________________________

              August 30 (legislative day, August 2), 2011

                 Read twice and placed on the calendar