A House Republican bill designed to increase oversight of which companies get loans under the Energy Department’s loan guarantee program would cost about $1 million over the 2013-2017 period, the Congressional Budget Office has said.
It said that even with pay-go procedures the HR-6213’s impact on direct spending and revenues would be insignificant.
Specifically, the bill – provocatively titled the “No More Solyndras Act in reference to a solar company that burned through over $530 million in federal funds before going belly-up – would revise the terms and conditions governing DoE’s loan guarantee program for advanced energy technologies, which was established in 2005.
It would also limit eligibility for future guarantees to projects that submitted applications before December 31, 2011, require the Treasury secretary to review those guarantees, and direct DoE to consult with the Treasury regarding any changes in the terms and conditions of a loan guarantee.
The bill also would penalize federal officials that violate the requirements of the title program and direct GAO to prepare a comprehensive report on federal energy subsidies, which would cost about $1 million.
The House could vote on the bill later this week.
