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[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3331 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 3331

  To require an accounting for financial support made to promote the 
     production or use of renewable energy, and for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                            November 2, 2011

Mr. Sensenbrenner introduced the following bill; which was referred to 
the Committee on Energy and Commerce, and in addition to the Committee 
  on Science, Space, and Technology, for a period to be subsequently 
   determined by the Speaker, in each case for consideration of such 
 provisions as fall within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL

 
  To require an accounting for financial support made to promote the 
     production or use of renewable energy, and for other purposes.

    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 ``Federal Accounting of Renewable 
Energy Act of 2011'' or the ``FARE Act of 2011''.

SEC. 2. GREEN ECONOMICS ACCOUNTING.

    (a) In General.--Not later than 60 days after the date of enactment 
of this Act, the head of each Federal agency shall submit to Congress 
an accounting for all financial support (including grants, loans, loan 
guarantees, and direct payments) made by the agency during fiscal years 
2009 through 2011 to promote the production or use of renewable energy.
    (b) Results.--As part of the accounting for projects described in 
subsection (a), the Federal agency shall include in the accounting--
            (1) a list of the projects that directly led to the 
        production or use of renewable energy (as of the date of the 
        submission of the report);
            (2)(A) the quantity of renewable energy or products on the 
        market as a direct result of the financial support provided to 
        the recipient company; and
            (B) the gross sales of the recipient company during the 
        most recent fiscal year for which data are available; and
            (3)(A) the total quantity of financial support provided;
            (B) the total number of jobs created as a result of the 
        financial support listed by temporary or full-time employment; 
        and
            (C) the average cost to the recipient company of each full-
        time job created.
    (c) Minimum Requirements.--In the case of projects described in 
subsection (a), each accounting required under this section shall 
provide a full accounting (including applicable percentages) for each 
project, including--
            (1)(A) the applicable employment, sales, and revenue 
        targets submitted by each recipient company before receiving 
        financial support; and
            (B) a list of the recipient companies that substantially 
        failed to meet the applicable targets;
            (2) a list of all recipient companies that received 
        financial support but are no longer in operation or have moved 
        any portion of the operations of the companies to a location 
        outside the United States, as of the date of enactment of this 
        Act; and
            (3) a list of all venture capital firms that were directly 
        involved in submitting the proposal for any financial support 
        that was ultimately awarded.
    (d) Investigations.--If a recipient company received financial 
support to carry out a project described in subsection (a) and the 
recipient company is no longer in existence or is unlikely to 
substantially achieve the purpose of the financial support, the 
Inspector General of the Federal agency that provided the financial 
support shall conduct a preliminary investigation of the documents 
submitted by the company and executives of the company to determine 
whether the company or executives potentially committed fraud in 
obtaining the financial support.

SEC. 3. REVIEW OF LOAN GUARANTEES.

    Section 1702 of the Energy Policy Act of 2005 (42 U.S.C. 16512) is 
amended by adding at the end the following new subsection:
    ``(l) Independent Review.--No loan guarantee may be made under this 
section unless the Secretary finds that an independent review, paid for 
by the applicant for the guarantee, demonstrates the ability of the 
applicant to repay the loan to be guaranteed.''.
                                 <all>
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