I 

111TH CONGRESS 

1ST SESSION H. R. 2212 

To improve the loan guarantee program of the Department of Energy under 

title XVII of the Energy Policy Act of 2005, to provide additional 

options for deploying energy technologies, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

APRIL 30, 2009 

Mr. INSLEE (for himself, Mr. ISRAEL, Mr. WEINER, Mr. DINGELL, Mr. KLEIN

of Florida, Mrs. HALVORSON, and Mrs. TAUSCHER) introduced the following bill; which was referred to the Committee on Energy and Commerce, and in addition to the Committee on Science 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 improve the loan guarantee program of the Department 

of Energy under title XVII of the Energy Policy Act 

of 2005, to provide additional options for deploying energy technologies, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘21st Century Energy 

5 Technology Deployment Act’’. 


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1 SEC. 2. PURPOSE. 

2 The purpose of this Act is to promote the domestic 

3 development and deployment of clean energy technologies 

4 required for the 21st century through the improvement of 

5 existing programs and the establishment of a self-sus6 taining Clean Energy Deployment Administration that will 

7 provide for an attractive investment environment through 

8 partnership with and support of the private capital market 

9 in order to promote access to affordable financing for ac10 celerated and widespread deployment of— 

11 (1) clean energy technologies; 

12 (2) advanced or enabling energy infrastructure 

13 technologies; 

14 (3) energy efficiency technologies in residential, 

15 commercial, and industrial applications, including 

16 end-use efficiency in buildings; and 

17 (4) manufacturing technologies for any of the 

18 technologies or applications described in this section. 

19 SEC. 3. DEFINITIONS. 

20 In this Act: 

21 (1) ADMINISTRATION.—The term ‘‘Administra22 tion’’ means the Clean Energy Deployment Adminis23 tration established by section 6. 

24 (2) ADMINISTRATOR.—The term ‘‘Adminis25 trator’’ means the Administrator of the Administra26 tion. 


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1 (3) ADVISORY COUNCIL.—The term ‘‘Advisory 

2 Council’’ means the Energy Technology Advisory 

3 Council of the Administration. 

4 (4) BREAKTHROUGH TECHNOLOGY.—The term 

5 ‘‘breakthrough technology’’ means a clean energy 

6 technology that— 

7 (A) presents a significant opportunity to 

8 advance the goals developed under section 5, as 

9 assessed under the methodology established by 

10 the Advisory Council; but 

11 (B) has generally not been considered a 

12 commercially ready technology as a result of 

13 high perceived technology risk or other similar 

14 factors. 

15 (5) CLEAN ENERGY TECHNOLOGY.—The term 

16 ‘‘clean energy technology’’ means a technology re17 lated to the production, use, transmission, storage, 

18 control, or conservation of energy— 

19 (A) that will— 

20 (i) reduce the need for additional en21 ergy supplies by using existing energy sup22 plies with greater efficiency or by transmit23 ting, distributing, or transporting energy 

24 with greater effectiveness through the in25 frastructure of the United States; 


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1 (ii) diversify the sources of energy 

2 supply of the United States to strengthen 

3 energy security and to increase supplies 

4 with a favorable balance of environmental 

5 effects if the entire technology system is 

6 considered; or 

7 (iii) contribute to a stabilization of at8 mospheric greenhouse gas concentrations 

9 thorough reduction, avoidance, or seques10 tration of energy-related emissions; and 

11 (B) for which, as determined by the Ad12 ministrator, insufficient commercial lending is 

13 available to allow for widespread deployment. 

14 (6) COST.—The term ‘‘cost’’ has the meaning 

15 given the term in section 502 of the Federal Credit 

16 Reform Act of 1990 (2 U.S.C. 661a). 

17 (7) DIRECT LOAN.—The term ‘‘direct loan’’ has 

18 the meaning given the term in section 502 of the 

19 Federal Credit Reform Act of 1990 (2 U.S.C. 661a). 

20 (8) FUND.—The term ‘‘Fund’’ means the Clean 

21 Energy Investment Fund established by section 4(a). 

22 (9) LOAN GUARANTEE.—The term ‘‘loan guar23 antee’’ has the meaning given the term in section 

24 502 of the Federal Credit Reform Act of 1990 (2 

25 U.S.C. 661a). 


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1 (10) NATIONAL LABORATORY.—The term ‘‘Na2 tional Laboratory’’ has the meaning given the term 

3 in section 2 of the Energy Policy Act of 2005 (42 

4 U.S.C. 15801). 

5 (11) SECRETARY.—The term ‘‘Secretary’’ 

6 means the Secretary of Energy. 

7 (12) SECURITY.—The term ‘‘security’’ has the 

8 meaning given the term in section 2 of the Securities 

9 Act of 1933 (15 U.S.C. 77b). 

10 (13) STATE.—The term ‘‘State’’ means— 

11 (A) a State; 

12 (B) the District of Columbia; 

13 (C) the Commonwealth of Puerto Rico; 

14 and 

15 (D) any other territory or possession of the 

16 United States. 

17 (14) TECHNOLOGY RISK.—The term ‘‘tech18 nology risk’’ means the risks during construction or 

19 operation associated with the design, development, 

20 and deployment of clean energy technologies (includ21 ing the cost, schedule, performance, reliability and 

22 maintenance, and accounting for the perceived risk), 

23 from the perspective of commercial lenders, that 

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1 ance data from commercial applications of the tech2 nology. 

3 SEC. 4. IMPROVEMENTS TO EXISTING PROGRAMS. 

4 (a) CLEAN ENERGY INVESTMENT FUND.— 

5 (1) ESTABLISHMENT.—There is established in 

6 the Treasury of the United States a revolving fund, 

7 to be known as the ‘‘Clean Energy Investment 

8 Fund’’, consisting of— 

9 (A) such amounts as have been appro10 priated for administrative expenses to carry out 

11 title XVII of the Energy Policy Act of 2005 (42 

12 U.S.C. 16511 et seq.); 

13 (B) such amounts as are deposited in the 

14 Fund under this Act and amendments made by 

15 this Act; and 

16 (C) such sums as may be appropriated to 

17 supplement the Fund. 

18 (2) EXPENDITURES FROM FUND.— 

19 (A) IN GENERAL.—Notwithstanding sec20 tion 1705(e) of the Energy Policy Act of 2005 

21 (42 U.S.C. 16516(e)), amounts in the Fund 

22 shall be available to the Secretary for obligation 

23 without fiscal year limitation, to remain avail24 able until expended. 

25 (B) ADMINISTRATIVE EXPENSES.— 


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1 (i) FEES.—Fees collected for adminis2 trative expenses shall be available without 

3 limitation to cover applicable expenses. 

4 (ii) FUND.—To the extent that ad5 ministrative expenses are not reimbursed 

6 through fees, an amount not to exceed 1.5 

7 percent of the amounts in the Fund as of 

8 the beginning of each fiscal year shall be 

9 available to pay the administrative ex10 penses for the fiscal year necessary to 

11 carry out title XVII of the Energy Policy 

12 Act of 2005 (42 U.S.C. 16511 et seq.). 

13 (3) TRANSFERS OF AMOUNTS.— 

14 (A) IN GENERAL.—The amounts required 

15 to be transferred to the Fund under this sub16 section shall be transferred at least monthly 

17 from the general fund of the Treasury to the 

18 Fund on the basis of estimates made by the 

19 Secretary of the Treasury. 

20 (B) ADJUSTMENTS.—Proper adjustment 

21 shall be made in amounts subsequently trans22 ferred to the extent prior estimates were in ex23 cess of or less than the amounts required to be 

24 transferred. 


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1 (b) REVISIONS TO LOAN GUARANTEE PROGRAM AU2 THORITY.— 

3 (1) DEFINITION OF COMMERCIAL TECH4 NOLOGY.—Section 1701(1) of the Energy Policy Act 

5 of 2005 (42 U.S.C. 16511(1)) is amended by strik6 ing subparagraph (B) and inserting the following: 

7 ‘‘(B) EXCLUSION.—The term ‘commercial 

8 technology’ does not include a technology if the 

9 sole use of the technology is in connection 

10 with— 

11 ‘‘(i) a demonstration project; or 

12 ‘‘(ii) a project for which the Secretary 

13 approved a loan guarantee.’’. 

14 (2) SPECIFIC APPROPRIATION OR CONTRIBU15 TION.—Section 1702 of the Energy Policy Act of 

16 2005 (42 U.S.C. 16512) is amended by striking sub17 section (b) and inserting the following: 

18 ‘‘(b) SPECIFIC APPROPRIATION OR CONTRIBU19 TION.— 

20 ‘‘(1) IN GENERAL.—No guarantee shall be 

21 made unless sufficient amounts to account for the 

22 cost are available— 

23 ‘‘(A) in unobligated balances within the 

24 Clean Energy Investment Fund established 


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1 under section 4(a) of the 21st Century Energy 

2 Technology Deployment Act; 

3 ‘‘(B) as a payment from the borrower and 

4 the payment is deposited in the Clean Energy 

5 Investment Fund; or 

6 ‘‘(C) in any combination of balances and 

7 payments described in subparagraphs (A) and 

8 (B), respectively. 

9 ‘‘(2) LIMITATION.—The source of payments re10 ceived from a borrower under paragraph (1)(B) shall 

11 not be a loan or other debt obligation that is made 

12 or guaranteed by the Federal Government. 

13 ‘‘(3) RELATION TO OTHER LAWS.—Section 

14 504(b) of the Federal Credit Reform Act of 1990 (2 

15 U.S.C. 661c(b)) shall not apply to a loan or loan 

16 guarantee under this section.’’. 

17 (3) SUBROGATION.—Section 1702(g)(2) of the 

18 Energy Policy Act of 2005 (42 U.S.C. 16512(g)(2)) 

19 is amended— 

20 (A) by striking subparagraph (B); and 

21 (B) by redesignating subparagraph (C) as 

22 subparagraph (B). 

23 (4) FEES.—Section 1702(h) of the Energy Pol24 icy Act of 2005 (42 U.S.C. 16512(h)) is amended by 

25 striking paragraph (2) and inserting the following: 


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1 ‘‘(2) AVAILABILITY.—Fees collected under this 

2 subsection shall— 

3 ‘‘(A) be deposited by the Secretary in the 

4 Clean Energy Investment Fund established 

5 under section 4(a) of the 21st Century Energy 

6 Technology Deployment Act; and 

7 ‘‘(B) remain available to the Secretary for 

8 expenditure, without further appropriation or 

9 fiscal year limitation, for administrative ex10 penses incurred in carrying out this title. 

11 ‘‘(3) ADJUSTMENT.—The Secretary may adjust 

12 the amount or manner of collection of fees under 

13 this title as the Secretary determines is necessary to 

14 promote, to the maximum extent practicable, eligible 

15 projects under this title.’’. 

16 (5) PROCESSING.—Section 1702 of the Energy 

17 Policy Act of 2005 (42 U.S.C. 16512) is amended 

18 by adding at the end the following: 

19 ‘‘(k) ACCELERATED REVIEWS.—To the maximum ex20 tent practicable and consistent with sound business prac21 tices, the Secretary shall seek to consolidate reviews of ap22 plications for loan guarantees under this title such that 

23 decisions as to whether to enter into a commitment on 

24 an application can be issued not later than 180 days after 

25 the date of submission of a completed application.’’. 


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1 (6) WAGE RATES.—Section 1705(c) of the En2 ergy Policy Act of 2005 (42 U.S.C. 16516(c)) is 

3 amended by striking ‘‘support under this section’’ 

4 and inserting ‘‘support under this title’’. 

5 SEC. 5. ENERGY TECHNOLOGY DEPLOYMENT GOALS. 

6 (a) GOALS.—Not later than 1 year after the date of 

7 enactment of this Act, the Secretary, after consultation 

8 with the Advisory Council, shall develop and publish for 

9 review and comment in the Federal Register near-, me10 dium-, and long-term goals (including numerical perform11 ance targets at appropriate intervals to measure progress 

12 toward those goals) for the deployment of clean energy 

13 technologies through the credit support programs estab14 lished by this Act (including an amendment made by this 

15 Act) to promote— 

16 (1) sufficient electric generating capacity using 

17 clean energy technologies to meet the energy needs 

18 of the United States; 

19 (2) clean energy technologies in vehicles and 

20 fuels that will substantially reduce the reliance of 

21 the United States on foreign sources of energy and 

22 insulate consumers from the volatility of world en23 ergy markets; 

24 (3) a domestic commercialization and manufac25 turing capacity that will establish the United States 


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1 as a world leader in clean energy technologies across 

2 multiple sectors; 

3 (4) installation of sufficient infrastructure to 

4 allow for the cost-effective deployment of clean en5 ergy technologies appropriate to each region of the 

6 United States; 

7 (5) the transformation of the building stock of 

8 the United States to zero net energy consumption; 

9 (6) the recovery, use, and prevention of waste 

10 energy; 

11 (7) domestic manufacturing of clean energy 

12 technologies on a scale that is sufficient to achieve 

13 price parity with conventional energy sources; 

14 (8) domestic production of commodities and 

15 materials (such as steel, chemicals, polymers, and 

16 cement) using clean energy technologies so that the 

17 United States will become a world leader in environ18 mentally sustainable production of the commodities 

19 and materials; 

20 (9) a robust, efficient, and interactive electricity 

21 transmission grid that will allow for the incorpora22 tion of clean energy technologies, distributed genera23 tion, and demand-response in each regional electric 

24 grid; 


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1 (10) sufficient availability of financial products 

2 to allow owners and users of residential, retail, com3 mercial, and industrial buildings to make energy ef4 ficiency and distributed generation technology in5 vestments with reasonable payback periods; and 

6 (11) such other goals as the Secretary, in con7 sultation with the Advisory Council, determines to be 

8 consistent with the purposes of this Act. 

9 (b) REVISIONS.—The Secretary shall revise the goals 

10 established under subsection (a), from time to time as ap11 propriate, to account for advances in technology and 

12 changes in energy policy. 

13 SEC. 6. CLEAN ENERGY DEPLOYMENT ADMINISTRATION. 

14 (a) ESTABLISHMENT.— 

15 (1) IN GENERAL.—There is established in the 

16 Department of Energy an administration to be 

17 known as the Clean Energy Deployment Administra18 tion, under the direction of the Administrator and 

19 the Board of Directors. 

20 (2) STATUS.— 

21 (A) IN GENERAL.—The Administration 

22 (including officers, employees, and agents of the 

23 Administration) shall not be responsible to, or 

24 subject to the authority, direction, or control of, 

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1 partment of Energy other than the Secretary, 

2 acting through the Administrator. 

3 (B) EXEMPTION FROM REORGANIZA4 TION.—The Administration shall be exempt 

5 from the reorganization authority provided 

6 under section 643 of the Department of Energy 

7 Reorganization Act (42 U.S.C. 7253). 

8 (C) INSPECTOR GENERAL.—Section 12 of 

9 the Inspector General Act of 1978 (5 U.S.C. 

10 App.) is amended— 

11 (i) in paragraph (1), by inserting ‘‘the 

12 Administrator of the Clean Energy Deploy13 ment Administration;’’ after ‘‘Export-Im14 port Bank;’’; and 

15 (ii) in paragraph (2), by inserting 

16 ‘‘the Clean Energy Deployment Adminis17 tration,’’ after ‘‘Export-Import Bank,’’. 

18 (3) OFFICES.— 

19 (A) PRINCIPAL OFFICE.—The Administra20 tion shall— 

21 (i) maintain the principal office of the 

22 Administration in the District of Columbia; 

23 and 


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1 (ii) for purposes of venue in civil ac2 tions, be considered to be a resident of the 

3 District of Columbia. 

4 (B) OTHER OFFICES.—The Administration 

5 may establish other offices in such other places 

6 as the Administration considers necessary or 

7 appropriate for the conduct of the business of 

8 the Administration. 

9 (b) ADMINISTRATOR.— 

10 (1) IN GENERAL.—The Administrator shall 

11 be— 

12 (A) appointed by the President, with the 

13 advice and consent of the Senate, for a 5-year 

14 term; and 

15 (B) compensated at the annual rate of 

16 basic pay prescribed for level II of the Execu17 tive Schedule under section 5313 of title 5, 

18 United States Code. 

19 (2) DUTIES.—The Administrator shall— 

20 (A) serve as the Chief Executive Officer of 

21 the Administration and Chairman of the Board; 

22 (B) ensure that— 

23 (i) the Administration operates in a 

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1 trols (consistent with section 404 of the 

2 Sarbanes-Oxley Act of 2002 (15 U.S.C. 

3 7262)); 

4 (ii) the operations and activities of the 

5 Administration foster liquid, efficient, com6 petitive, and resilient energy and energy ef7 ficiency finance markets; 

8 (iii) the Administration carries out the 

9 purposes of this Act only through activities 

10 that are authorized under and consistent 

11 with this Act; and 

12 (iv) the activities of the Administra13 tion and the manner in which the Adminis14 tration is operated are consistent with the 

15 public interest; 

16 (C) develop policies and procedures for the 

17 Administration that will— 

18 (i) promote a self-sustaining portfolio 

19 of investments that will maximize the value 

20 of investments to effectively promote clean 

21 energy technologies; 

22 (ii) promote transparency and open23 ness in Administration operations; 


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1 (iii) afford the Administration with 

2 sufficient flexibility to meet the purposes of 

3 this Act; and 

4 (iv) provide for the efficient proc5 essing of applications; and 

6 (D) with the concurrence of the Board, set 

7 expected loss reserves for the support provided 

8 by the Administration consistent with section 

9 7(a)(1)(C). 

10 (c) BOARD OF DIRECTORS.— 

11 (1) IN GENERAL.—The Board of Directors of 

12 the Administration shall consist of— 

13 (A) the Secretary or the designee of the 

14 Secretary, who shall serve as an ex-officio vot15 ing member of the Board of Directors; 

16 (B) the Administrator, who shall serve as 

17 the Chairman of the Board of Directors; and 

18 (C) 7 additional members who shall— 

19 (i) be appointed by the President, 

20 with the advice and consent of the Senate, 

21 for staggered 5-year terms; and 

22 (ii) have experience in banking or fi23 nancial services relevant to the operations 

24 of the Administration, including individuals 

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1 ment of energy projects, the electricity 

2 generation sector, the transportation sec3 tor, the manufacturing sector, and the en4 ergy efficiency sector. 

5 (2) DUTIES.—The Board of Directors shall— 

6 (A) oversee the operations of the Adminis7 tration and ensure industry best practices are 

8 followed in all financial transactions involving 

9 the Administration; 

10 (B) consult with the Administrator on the 

11 general policies and procedures of the Adminis12 tration to ensure the interests of the taxpayers 

13 are protected; 

14 (C) ensure the portfolio of investments are 

15 consistent with purposes of this Act and with 

16 the long-term financial stability of the Adminis17 tration; 

18 (D) ensure that the operations and activi19 ties of the Administration are consistent with 

20 the development of a robust private sector that 

21 can provide commercial loans or financing prod22 ucts; and 

23 (E) not serve on a full-time basis, except 

24 that the Board of Directors shall meet at least 

25 quarterly to review, as appropriate, applications 


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1 for credit support and set policies and proce2 dures as necessary. 

3 No member of the Board shall take part in any re4 view or decision of any project as to which that 

5 member or member’s immediate family has a finan6 cial or other interest. 

7 (3) REMOVAL.—An appointed member of the 

8 Board of Directors may be removed from office by 

9 the President for good cause. 

10 (4) VACANCIES.—An appointed seat on the 

11 Board of Directors that becomes vacant shall be 

12 filled by appointment by the President, but only for 

13 the unexpired portion of the term of the vacating 

14 member. 

15 (5) COMPENSATION OF MEMBERS.—An ap16 pointed member of the Board of Directors shall be 

17 compensated at a rate equal to the daily equivalent 

18 of the annual rate of basic pay prescribed for level 

19 III of the Executive Schedule under section 5314 of 

20 title 5, United States Code, for each day (including 

21 travel time) during which the member is engaged in 

22 the performance of the duties of the Board of Direc23 tors. 

24 (d) ENERGY TECHNOLOGY ADVISORY COUNCIL.— 


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1 (1) IN GENERAL.—The Administration shall 

2 have an Energy Technology Advisory Council con3 sisting of— 

4 (A) 5 members selected by the Secretary; 

5 and 

6 (B) 3 members selected by the Board of 

7 Directors of the Administration. 

8 (2) QUALIFICATIONS.—The members of the Ad9 visory Council shall— 

10 (A) have relevant scientific expertise; and 

11 (B) in the case of the members selected by 

12 the Secretary under paragraph (1)(A), include 

13 representatives of— 

14 (i) the academic community; 

15 (ii) the private research community; 

16 (iii) National Laboratories; 

17 (iv) the technology or project develop18 ment community; and 

19 (v) the commercial energy financing 

20 and operations sector. 

21 (3) DUTIES.—The Advisory Council shall— 

22 (A) develop and publish for comment in 

23 the Federal Register a methodology for assess24 ment of clean energy technologies that will 

25 allow the Administration to evaluate projects 


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1 based on the progress likely to be achieved per 

2 dollar invested in maximizing the attributes of 

3 the definition of clean energy technology, taking 

4 into account the extent to which support for a 

5 clean energy technology is likely to accrue sub6 sequent benefits that are attributable to a com7 mercial scale deployment taking place earlier 

8 than that which otherwise would have occurred 

9 without the support; and 

10 (B) advise on the technological approaches 

11 that should be supported by the Administration 

12 to meet the technology deployment goals estab13 lished by the Secretary pursuant to section 5. 

14 (4) TERM.— 

15 (A) IN GENERAL.—Members of the Advi16 sory Council shall have 5-year staggered terms, 

17 as determined by the Secretary and the Admin18 istrator. 

19 (B) REAPPOINTMENT.—A member of the 

20 Advisory Council may be reappointed. 

21 (5) COMPENSATION.—A member of the Advi22 sory Council, who is not otherwise compensated as 

23 a Federal employee, shall be compensated at a rate 

24 equal to the daily equivalent of the annual rate of 

25 basic pay prescribed for level IV of the Executive 


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1 Schedule under section 5315 of title 5, United 

2 States Code, for each day (including travel time) 

3 during which the member is engaged in the perform4 ance of the duties of the Advisory Council. 

5 (e) STAFF.— 

6 (1) IN GENERAL.—The Administrator, in con7 sultation with the Board of Directors, may— 

8 (A) appoint and terminate such officers, 

9 attorneys, employees, and agents as are nec10 essary to carry out this Act; and 

11 (B) vest those personnel with such powers 

12 and duties as the Administrator may determine. 

13 (2) DIRECT HIRE AUTHORITY.— 

14 (A) IN GENERAL.—Notwithstanding sec15 tion 3304 and sections 3309 through 3318 of 

16 title 5, United States Code, the Administrator 

17 may, on a determination that there is a severe 

18 shortage of candidates or a critical hiring need 

19 for particular positions, recruit and directly ap20 point highly qualified critical personnel with 

21 specialized knowledge important to the function 

22 of the Administration into the competitive serv23 ice. 

24 (B) EXCEPTION.—The authority granted 

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1 tions in the excepted service or the Senior Exec2 utive Service. 

3 (C) REQUIREMENTS.—In exercising the 

4 authority granted under subparagraph (A), the 

5 Administrator shall ensure that any action 

6 taken by the Administrator— 

7 (i) is consistent with the merit prin8 ciples of section 2301 of title 5, United 

9 States Code; and 

10 (ii) complies with the public notice re11 quirements of section 3327 of title 5, 

12 United States Code. 

13 (D) TERMINATION OF EFFECTIVENESS.— 

14 The authority provided by this paragraph ter15 minates effective on the date that is 2 years 

16 after the date of enactment of this Act. 

17 (3) CRITICAL PAY AUTHORITY.— 

18 (A) IN GENERAL.—Notwithstanding sec19 tion 5377 of title 5, United States Code, and 

20 without regard to the provisions of that title 

21 governing appointments in the competitive serv22 ice or the Senior Executive Service and chap23 ters 51 and 53 of that title (relating to classi24 fication and pay rates), the Administrator may 

25 establish, fix the compensation of, and appoint 


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1 individuals to critical positions needed to carry 

2 out the functions of the Administration, if the 

3 Administrator certifies that— 

4 (i) the positions require expertise of 

5 an extremely high level in a financial, tech6 nical, or scientific field; 

7 (ii) the Administration would not suc8 cessfully accomplish an important mission 

9 without such an individual; and 

10 (iii) exercise of the authority is nec11 essary to recruit an individual who is ex12 ceptionally well qualified for the position. 

13 (B) LIMITATIONS.—The authority granted 

14 under subparagraph (A) shall be subject to the 

15 following conditions: 

16 (i) The number of critical positions 

17 authorized by subparagraph (A) may not 

18 exceed 20 at any 1 time in the Administra19 tion. 

20 (ii) The term of an appointment 

21 under subparagraph (A) may not exceed 4 

22 years. 

23 (iii) An individual appointed under 

24 subparagraph (A) may not have been an 

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1 ing the 2-year period preceding the date of 

2 appointment. 

3 (iv) Total annual compensation for 

4 any individual appointed under subpara5 graph (A) may not exceed the highest total 

6 annual compensation payable at the rate 

7 determined under section 104 of title 3, 

8 United States Code. 

9 (v) An individual appointed under 

10 subparagraph (A) may not be considered 

11 to be an employee for purposes of sub12 chapter II of chapter 75 of title 5, United 

13 States Code. 

14 (C) NOTIFICATION.—Each year, the Ad15 ministrator shall submit to Congress a notifica16 tion that lists each individual appointed under 

17 this paragraph. 

18 SEC. 7. ADMINISTRATION FUNCTIONS. 

19 (a) OPERATIONAL UNITS.— 

20 (1) DIRECT SUPPORT.— 

21 (A) IN GENERAL.—The Administration 

22 may issue direct loans, letters of credit, loan 

23 guarantees, insurance products, or such other 

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1 ber of a syndication) as the Administrator con2 siders appropriate to deploy clean energy tech3 nologies if the Administrator has determined 

4 that deployment of the technologies would ben5 efit or be accelerated by the support. 

6 (B) ELIGIBILITY CRITERIA.—In carrying 

7 out this paragraph and awarding credit support 

8 to projects, the Administrator shall account 

9 for— 

10 (i) how the technology rates based on 

11 an evaluation methodology established by 

12 the Advisory Council; 

13 (ii) how the project fits with the goals 

14 established under section 5; and 

15 (iii) the potential for the applicant to 

16 successfully complete the project. 

17 (C) RISK.— 

18 (i) EXPECTED LOAN LOSS RE19 SERVE.—The Administrator shall establish 

20 an expected loan loss reserve to account 

21 for estimated losses attributable to activi22 ties under this section that is consistent 

23 with the purposes of— 


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1 (I) developing breakthrough tech2 nologies to the point at which tech3 nology risk is largely mitigated; 

4 (II) achieving widespread deploy5 ment and advancing the commercial 

6 viability of clean energy technologies; 

7 and 

8 (III) advancing the goals estab9 lished under section 5. 

10 (ii) INITIAL EXPECTED LOAN LOSS

11 RESERVE.—Until such time as the Admin12 istrator determines sufficient data exist to 

13 establish an expected loan loss reserve that 

14 is appropriate, the Administrator shall con15 sider establishing an initial rate of 10 per16 cent for the portfolio of investments under 

17 this Act. 

18 (iii) PORTFOLIO INVESTMENT AP19 PROACH.—The Administration shall— 

20 (I) use a portfolio investment ap21 proach to mitigate risk and diversify 

22 investments across technologies and 

23 ensure that no particular technology 

24 is provided more than 20 percent of 

25 the financial support available; 


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1 (II) to the maximum extent prac2 ticable and consistent with long-term 

3 self-sufficiency, weigh the portfolio of 

4 investments in projects to advance the 

5 goals established under section 5; and 

6 (III) consistent with the expected 

7 loan loss reserve established under 

8 this subparagraph, the purposes of 

9 this Act, and section 6(b)(2)(B), pro10 vide the maximum practicable per11 centage of support to promote break12 through technologies. 

13 (iv) LOSS RATE REVIEW.— 

14 (I) IN GENERAL.—The Board of 

15 Directors shall review on an annual 

16 basis the loss rates of the portfolio to 

17 determine the adequacy of the re18 serves. 

19 (II) REPORT.—Not later than 90 

20 days after the date of the initiation of 

21 the review, the Administrator shall 

22 submit to the Committee on Energy 

23 and Natural Resources of the Senate 

24 and the Committee on Energy and 

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1 atives a report describing the results 

2 of the review and any recommended 

3 policy changes. 

4 (D) APPLICATION REVIEW.— 

5 (i) IN GENERAL.—To the maximum 

6 extent practicable and consistent with 

7 sound business practices, the Administra8 tion shall seek to consolidate reviews of ap9 plications for credit support under this Act 

10 such that final decisions on applications 

11 can generally be issued not later than 180 

12 days after the date of submission of a com13 pleted application. 

14 (ii) ENVIRONMENTAL REVIEW.—In 

15 carrying out this Act, the Administration 

16 shall, to the maximum extent practicable— 

17 (I) avoid duplicating efforts that 

18 have already been undertaken by 

19 other agencies (including State agen20 cies acting under Federal programs); 

21 and 

22 (II) with the advice of the Coun23 cil on Environmental Quality and any 

24 other applicable agencies, use the ad25 ministrative records of similar reviews 


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1 conducted throughout the executive 

2 branch to develop the most expedi3 tious review process practicable. 

4 (E) WAGE RATE REQUIREMENTS.— 

5 (i) IN GENERAL.—No credit support 

6 shall be issued under this section unless 

7 the borrower has provided to the Adminis8 trator reasonable assurances that all labor9 ers and mechanics employed by contractors 

10 and subcontractors in the performance of 

11 construction work financed in whole or in 

12 part by the Administration will be paid 

13 wages at rates not less than those pre14 vailing on projects of a character similar to 

15 the contract work in the civil subdivision of 

16 the State in which the contract work is to 

17 be performed as determined by the Sec18 retary of Labor in accordance with sub19 chapter IV of chapter 31 of part A of sub20 title II of title 40, United States Code. 

21 (ii) LABOR STANDARDS.—With re22 spect to the labor standards specified in 

23 this section, the Secretary of Labor shall 

24 have the authority and functions set forth 

25 in Reorganization Plan Numbered 14 of 


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1 1950 (64 Stat. 1267; 5 U.S.C. App.) and 

2 section 3145 of title 40, United States 

3 Code. 

4 (2) INDIRECT SUPPORT.— 

5 (A) IN GENERAL.—The Administration 

6 shall work to develop financial products and ar7 rangements to both promote the widespread de8 ployment of, and mobilize private sector support 

9 of credit and investment institutions for, clean 

10 energy technologies through securitization, indi11 rect credit support, or other similar means of 

12 credit enhancement. 

13 (B) FINANCIAL PRODUCTS.—The Adminis14 tration— 

15 (i) in cooperation with Federal, State, 

16 local, and private sector entities, shall de17 velop debt instruments that provide for the 

18 aggregation of, or directly aggregate, 

19 projects for clean energy technology de20 ployments on a scale appropriate for resi21 dential or commercial applications; and 

22 (ii) may purchase, and make commit23 ments to purchase, any debt instrument 

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1 hancing the availability of private financ2 ing for clean energy technology deploy3 ments. 

4 (C) DISPOSITION OF DEBT OR INTER5 EST.—The Administration may acquire, hold, 

6 and sell or otherwise dispose of, pursuant to 

7 commitments or otherwise, any debt associated 

8 with the deployment of clean energy tech9 nologies or interest in the debt. 

10 (D) PRICING.— 

11 (i) IN GENERAL.—The Administrator 

12 may establish requirements, and impose 

13 charges or fees, which may be regarded as 

14 elements of pricing, for different classes of 

15 sellers, servicers, or services. 

16 (ii) CLASSIFICATION OF SELLERS AND

17 SERVICERS.—For the purpose of clause (i), 

18 the Administrator may classify sellers and 

19 servicers as necessary to promote trans20 parency and liquidity and properly charac21 terize the risk of default. 

22 (E) ELIGIBILITY.—The Administrator 

23 shall establish— 

24 (i) eligibility criteria for loan origina25 tors, sellers, and servicers seeking support 


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1 for portfolios of financial obligations relat2 ing to clean energy technologies so as to 

3 ensure the capability of the loan origina4 tors, sellers, and servicers to perform the 

5 functions required to maintain the ex6 pected performance of the portfolios; and 

7 (ii) such criteria, standards, guide8 lines, and mechanisms such that, to the 

9 maximum extent practicable, loan origina10 tors and sellers will be able to determine 

11 the eligibility of loans for resale at the time 

12 of initial lending. 

13 (F) SECONDARY MARKET SUPPORT.— 

14 (i) IN GENERAL.—The Administration 

15 may lend on the security of, and make 

16 commitments to lend on the security of, 

17 any debt that the Administration has 

18 issued or is authorized to purchase under 

19 this section. 

20 (ii) AUTHORIZED ACTIONS.—On such 

21 terms and conditions as the Administrator 

22 may prescribe, the Administration may, 

23 with the concurrence of the Board of Di24 rectors— 

25 (I) borrow; 


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1 (II) give security; 

2 (III) pay interest or other return; 

3 and 

4 (IV) issue notes, debentures, 

5 bonds, or other obligations or securi6 ties. 

7 (G) LENDING ACTIVITIES.— 

8 (i) IN GENERAL.—The Administrator 

9 shall determine— 

10 (I) the volume of the lending ac11 tivities of the Administration; and 

12 (II) the types of loan ratios, risk 

13 profiles, interest rates, maturities, and 

14 charges or fees in the secondary mar15 ket operations of the Administration. 

16 (ii) OBJECTIVES.—Determinations 

17 under clause (i) shall be consistent with 

18 the objectives of— 

19 (I) providing an attractive invest20 ment environment for clean energy 

21 technologies; 

22 (II) making the operations of the 

23 Administration self-supporting over 

24 the long term; and 


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1 (III) advancing the goals estab2 lished under section 5. 

3 (H) EXEMPT SECURITIES.—All securities 

4 issued or guaranteed by the Administration 

5 shall, to the same extent as securities that are 

6 direct obligations of or obligations guaranteed 

7 as to principal or interest by the United States, 

8 be considered to be exempt securities within the 

9 meaning of the laws administered by the Secu10 rities and Exchange Commission. 

11 (b) OTHER AUTHORIZED PROGRAMS.— 

12 (1) IN GENERAL.—The Secretary may delegate 

13 to the Administration the provision of financial serv14 ices and program management for grant, loan, and 

15 other credit enhancement programs authorized 

16 under any other provision of law. 

17 (2) ADMINISTRATION.—In administering any 

18 other program delegated by the Secretary, the Ad19 ministration shall, to the maximum extent prac20 ticable (as determined by the Administrator)— 

21 (A) administer the program in a manner 

22 that is consistent with the terms and conditions 

23 of this Act; and 

24 (B) minimize the administrative costs to 

25 the Federal Government. 


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1 SEC. 8. FEDERAL CREDIT AUTHORITY. 

2 (a) TRANSFER OF FUNCTIONS AND AUTHORITY.— 

3 (1) IN GENERAL.—Subject to paragraph (2), on 

4 a finding by the Secretary and the Administrator 

5 that the Administration is sufficiently ready to as6 sume the functions and that applicants to those pro7 grams will not be unduly adversely affected but in 

8 no case later than 18 months after the date of en9 actment of this Act, all of the functions and author10 ity of the Secretary under title XVII of the Energy 

11 Policy Act of 2005 (42 U.S.C. 16511 et seq.) and 

12 authorities established by this Act shall be trans13 ferred to the Administration. 

14 (2) FAILURE TO TRANSFER FUNCTIONS.—If the 

15 functions and authorities are not transferred to the 

16 Administration in accordance with paragraph (1), 

17 the Secretary and the Administrator shall submit to 

18 Congress a report on the reasons for delay and an 

19 expected timetable for transfer of the functions and 

20 authorities to the Administration. 

21 (3) EFFECT ON EXISTING RIGHTS AND OBLIGA22 TIONS.—The transfer of functions and authority 

23 under this subsection shall not affect the rights and 

24 obligations of any party that arise under a prede25 cessor program or authority prior to the transfer 

26 under this subsection. 


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1 (4) TRANSFER OF FUND AUTHORITY.—On 

2 transfer of functions pursuant to paragraph (1), the 

3 Administration shall have all authorities to make use 

4 of the Fund reserved for the Secretary before the 

5 transfer. 

6 (5) USE.—Amounts in the Fund shall be avail7 able for discharge of liabilities and all other expenses 

8 of the Administration, including subsequent transfer 

9 to the respective credit program accounts. 

10 (6) INITIAL INVESTMENT.— 

11 (A) IN GENERAL.—On transfer of func12 tions pursuant to paragraph (1), out of any 

13 funds in the Treasury not otherwise appro14 priated, the Secretary of the Treasury shall 

15 transfer to the Fund to carry out this Act 

16 $10,000,000,000, to remain available until ex17 pended. 

18 (B) RECEIPT AND ACCEPTANCE.—The 

19 Fund shall be entitled to receive and shall ac20 cept, and shall be used to carry out this Act, 

21 the funds transferred to the Fund under sub22 paragraph (A), without further appropriation. 

23 (7) AUTHORIZATION OF APPROPRIATIONS.—In 

24 addition to funds made available by paragraphs (1) 

25 through (6), there are authorized to be appropriated 


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1 to the Fund such sums as are necessary to carry out 

2 this Act. 

3 (b) PAYMENTS OF LIABILITIES.— 

4 (1) IN GENERAL.—Any payment made to dis5 charge liabilities arising from agreements under this 

6 Act shall be paid out of the Fund or the associated 

7 credit program account, as appropriate. 

8 (2) SECURITY.—The full faith and credit of the 

9 United States is pledged to the payment of all obli10 gations entered into by the Administration pursuant 

11 to this Act. 

12 (c) FEES.— 

13 (1) IN GENERAL.—Consistent with achieving 

14 the purposes of this Act, the Administrator shall 

15 charge fees or collect compensation generally in ac16 cordance with commercial rates. 

17 (2) AVAILABILITY OF FEES.—All fees collected 

18 by the Administration may be retained by the Ad19 ministration and placed in the Fund and may re20 main available to the Administration, without fur21 ther appropriation or fiscal year limitation, for use 

22 in carrying out the purposes of this Act. 

23 (3) BREAKTHROUGH TECHNOLOGIES.—The Ad24 ministration shall charge the minimum amount in 

25 fees or compensation practicable for breakthrough 


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1 technologies, consistent with the long-term viability 

2 of the Administration, unless the Administration 

3 first determines that a higher charge will not impede 

4 the development of the technology. 

5 (4) ALTERNATIVE FEE ARRANGEMENTS.—The 

6 Administration may use such alternative arrange7 ments (such as profit participation, contingent fees, 

8 and other valuable contingent interests) as the Ad9 ministration considers appropriate to compensate the 

10 Administration for the expenses of the Administra11 tion and the risk inherent in the support of the Ad12 ministration. 

13 (d) COST TRANSFER AUTHORITY.—Amounts col14 lected by the Administration for the cost of a loan or loan 

15 guarantee shall be transferred by the Administration to 

16 the respective credit program accounts. 

17 (e) SUPPLEMENTAL BORROWING AUTHORITY.—In 

18 order to maintain sufficient liquidity for activities author19 ized under section 7(a)(2), the Administration may issue 

20 notes, debentures, bonds, or other obligations for purchase 

21 by the Secretary of the Treasury. 

22 (f) PUBLIC DEBT TRANSACTIONS.—For the purpose 

23 of subsection (e)— 

24 (1) the Secretary of the Treasury may use as 

25 a public debt transaction the proceeds of the sale of 


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•HR 2212 IH

1 any securities issued under chapter 31 of title 31, 

2 United States Code; and 

3 (2) the purposes for which securities may be 

4 issued under that chapter are extended to include 

5 any purchase under this subsection. 

6 (g) MAXIMUM OUTSTANDING HOLDING.—The Sec7 retary of the Treasury shall purchase instruments issued 

8 under subsection (e) to the extent that the purchase would 

9 not increase the aggregate principal amount of the out10 standing holdings of obligations under subsection (e) by 

11 the Secretary of the Treasury to an amount that is greater 

12 than $2,000,000,000. 

13 (h) RATE OF RETURN.—Each purchase of obligations 

14 by the Secretary of the Treasury under this section shall 

15 be on terms and conditions established to yield a rate of 

16 return determined by the Secretary of the Treasury to be 

17 appropriate, taking into account the current average rate 

18 on outstanding marketable obligations of the United 

19 States as of the last day of the month preceding the pur20 chase. 

21 (i) SALE OF OBLIGATIONS.—The Secretary of the 

22 Treasury may at any time sell, on terms and conditions 

23 and at prices determined by the Secretary of the Treasury, 

24 any of the obligations acquired by the Secretary of the 

25 Treasury under this section. 


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1 (j) PUBLIC DEBT TRANSACTIONS.—All redemptions, 

2 purchases, and sales by the Secretary of the Treasury of 

3 obligations under this section shall be treated as public 

4 debt transactions of the United States. 

5 SEC. 9. GENERAL PROVISIONS. 

6 (a) IMMUNITY FROM IMPAIRMENT, LIMITATION, OR

7 RESTRICTION.— 

8 (1) IN GENERAL.—All rights and remedies of 

9 the Administration (including any rights and rem10 edies of the Administration on, under, or with re11 spect to any mortgage or any obligation secured by 

12 a mortgage) shall be immune from impairment, limi13 tation, or restriction by or under— 

14 (A) any law (other than a law enacted by 

15 Congress expressly in limitation of this para16 graph) that becomes effective after the acquisi17 tion by the Administration of the subject or 

18 property on, under, or with respect to which the 

19 right or remedy arises or exists or would so 

20 arise or exist in the absence of the law; or 

21 (B) any administrative or other action that 

22 becomes effective after the acquisition. 

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1 gard to any qualification or law of any State relating 

2 to incorporation. 

3 (b) USE OF OTHER AGENCIES.—With the consent of 

4 a department, establishment, or instrumentality (including 

5 any field office), the Administration may— 

6 (1) use and act through any department, estab7 lishment, or instrumentality; 

8 (2) use, and pay compensation for, information, 

9 services, facilities, and personnel of the department, 

10 establishment, or instrumentality. 

11 (c) PROCUREMENT.—The Administrator shall be the 

12 senior procurement officer for the Administration for pur13 poses of section 16(a) of the Office of Federal Procure14 ment Policy Act (41 U.S.C. 414(a)). 

15 (d) FINANCIAL MATTERS.— 

16 (1) INVESTMENTS.—Funds of the Administra17 tion may be invested in such investments as the 

18 Board of Directors may prescribe. 

19 (2) FISCAL AGENTS.—Any Federal Reserve 

20 bank or any bank as to which at the time of the des21 ignation of the bank by the Administrator there is 

22 outstanding a designation by the Secretary of the 

23 Treasury as a general or other depository of public 

24 money, may be designated by the Administrator as 


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1 a depositary or custodian or as a fiscal or other 

2 agent of the Administration. 

3 (e) JURISDICTION.—Notwithstanding section 1349 of 

4 title 28, United States Code, or any other provision of 

5 law— 

6 (1) the Administration shall be considered a 

7 corporation covered by sections 1345 and 1442 of 

8 title 28, United States Code; 

9 (2) all civil actions to which the Administration 

10 is a party shall be considered to arise under the laws 

11 of the United States, and the district courts of the 

12 United States shall have original jurisdiction of all 

13 such actions, without regard to amount or value; 

14 and 

15 (3) any civil or other action, case or controversy 

16 in a court of a State, or in any court other than a 

17 district court of the United States, to which the Ad18 ministration is a party may at any time before trial 

19 be removed by the Administration, without the giv20 ing of any bond or security and by following any 

21 procedure for removal of causes in effect at the time 

22 of the removal— 

23 (A) to the district court of the United 

24 States for the district and division embracing 

25 the place in which the same is pending; or 


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1 (B) if there is no such district court, to the 

2 district court of the United States for the dis3 trict in which the principal office of the Admin4 istration is located. 

5 (f) PERIODIC REPORTS.—Not later than 1 year after 

6 commencement of operation of the Administration and at 

7 least biannually thereafter, the Administrator shall submit 

8 to the Committee on Energy and Natural Resources of 

9 the Senate and the Committee on Energy and Commerce 

10 of the House of Representatives a report that includes a 

11 description of— 

12 (1) the technologies supported by activities of 

13 the Administration and how the activities advance 

14 the purposes of this Act; and 

15 (2) the performance of the Administration on 

16 meeting the goals established under section 5. 

17 (g) AUDITS BY THE COMPTROLLER GENERAL.— 

18 (1) IN GENERAL.—The programs, activities, re19 ceipts, expenditures, and financial transactions of 

20 the Administration shall be subject to audit by the 

21 Comptroller General of the United States under 

22 such rules and regulations as may be prescribed by 

23 the Comptroller General. 

24 (2) ACCESS.—The representatives of the Gov25 ernment Accountability Office shall— 


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1 (A) have access to the personnel and to all 

2 books, accounts, documents, records (including 

3 electronic records), reports, files, and all other 

4 papers, automated data, things, or property be5 longing to, under the control of, or in use by 

6 the Administration, or any agent, representa7 tive, attorney, advisor, or consultant retained by 

8 the Administration, and necessary to facilitate 

9 the audit; 

10 (B) be afforded full facilities for verifying 

11 transactions with the balances or securities held 

12 by depositories, fiscal agents, and custodians; 

13 (C) be authorized to obtain and duplicate 

14 any such books, accounts, documents, records, 

15 working papers, automated data and files, or 

16 other information relevant to the audit without 

17 cost to the Comptroller General; and 

18 (D) have the right of access of the Comp19 troller General to such information pursuant to 

20 section 716(c) of title 31, United States Code. 

21 (3) ASSISTANCE AND COST.— 

22 (A) IN GENERAL.—For the purpose of con23 ducting an audit under this subsection, the 

24 Comptroller General may, in the discretion of 

25 the Comptroller General, employ by contract, 


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1 without regard to section 3709 of the Revised 

2 Statutes (41 U.S.C. 5), professional services of 

3 firms and organizations of certified public ac4 countants for temporary periods or for special 

5 purposes. 

6 (B) REIMBURSEMENT.— 

7 (i) IN GENERAL.—On the request of 

8 the Comptroller General, the Administra9 tion shall reimburse the General Account10 ability Office for the full cost of any audit 

11 conducted by the Comptroller General 

12 under this subsection. 

13 (ii) CREDITING.—Such reimburse14 ments shall— 

15 (I) be credited to the appropria16 tion account entitled ‘‘Salaries and 

17 Expenses, Government Accountability 

18 Office’’ at the time at which the pay19 ment is received; and 

20 (II) remain available until ex21 pended. 

22 (h) ANNUAL INDEPENDENT AUDITS.— 

23 (1) IN GENERAL.—The Administrator shall— 

24 (A) have an annual independent audit 

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1 istration by an independent public accountant 

2 in accordance with generally accepted auditing 

3 standards; and 

4 (B) submit to the Secretary the results of 

5 the audit. 

6 (2) CONTENT.—In conducting an audit under 

7 this subsection, the independent public accountant 

8 shall determine and report on whether the financial 

9 statements of the Administration— 

10 (A) are presented fairly in accordance with 

11 generally accepted accounting principles; and 

12 (B) comply with any disclosure require13 ments imposed under this Act. 

14 (i) FINANCIAL REPORTS.— 

15 (1) IN GENERAL.—The Administrator shall 

16 submit to the Secretary annual and quarterly re17 ports of the financial condition and operations of the 

18 Administration, which shall be in such form, contain 

19 such information, and be submitted on such dates as 

20 the Secretary shall require. 

21 (2) CONTENTS OF ANNUAL REPORTS.—Each 

22 annual report shall include— 

23 (A) financial statements prepared in ac24 cordance with generally accepted accounting 

25 principles; 


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1 (B) any supplemental information or alter2 native presentation that the Secretary may re3 quire; and 

4 (C) an assessment (as of the end of the 

5 most recent fiscal year of the Administration), 

6 signed by the chief executive officer and chief 

7 accounting or financial officer of the Adminis8 tration, of— 

9 (i) the effectiveness of the internal 

10 control structure and procedures of the 

11 Administration; and 

12 (ii) the compliance of the Administra13 tion with applicable safety and soundness 

14 laws. 

15 (3) SPECIAL REPORTS.—The Secretary may re16 quire the Administrator to submit other reports on 

17 the condition (including financial condition), man18 agement, activities, or operations of the Administra19 tion, as the Secretary considers appropriate. 

20 (4) ACCURACY.—Each report of financial condi21 tion shall contain a declaration by the Administrator 

22 or any other officer designated by the Board of Di23 rectors of the Administration to make the declara24 tion, that the report is true and correct to the best 

25 of the knowledge and belief of the officer. 


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1 (5) AVAILABILITY OF REPORTS.—Reports re2 quired under this section shall be published and 

3 made publicly available as soon as is practicable 

4 after receipt by the Secretary. 

5 (j) SCOPE AND TERMINATION OF AUTHORITY.— 

6 (1) NEW OBLIGATIONS.—The Administrator 

7 shall not initiate any new obligations under this Act 

8 on or after January 1, 2029. 

9 (2) REVERSION TO SECRETARY.—The authori10 ties and obligations of the Administration shall re11 vert to the Secretary on January 1, 2029. 

Æ 


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