II 112th CONGRESS 1st Session S. 1556 IN THE SENATE OF THE UNITED STATES September 14, 2011 Mr. Vitter (for himself and Mr. Johnson of Wisconsin) introduced the following bill; which was read twice and referred to the Committee on Homeland Security and Governmental Affairs 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 China, 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

(1)

In general

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. (2)

National Renewable Energy Laboratory

The Inspector General of the Department of Energy shall review and submit to Congress a list of the name of each individual who— (A)is an executive of a recipient company that received financial support from National Renewable Energy Laboratory during any of calendar years 2009 through 2011; and (B)had an immediate family member who was employed by the National Renewable Energy Laboratory as of the date of receipt of the financial support.