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 fol-
lowing bill; which was referred to the Committee on Energy and Com-
merce, 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 com-
mittee 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 en-
ergy technologies, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘21st Century Energy 
Technology Deployment Act’’. 
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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 self-sus-
taining 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 ac-
celerated and widespread deployment of— 
(1) clean energy technologies; 
(2) advanced or enabling energy infrastructure 
technologies; 
(3) energy efficiency 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 ‘‘Administra-
tion’’ means the Clean Energy Deployment Adminis-
tration established by section 6. 
(2) ADMINISTRATOR.—The term ‘‘Adminis-
trator’’ means the Administrator of the Administra-
tion. 
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(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 that— 
(A) presents a significant opportunity to 
advance the goals developed under section 5, as 
assessed under the methodology established by 
the Advisory Council; but 
(B) has generally not been considered a 
commercially ready technology as a result of 
high perceived technology risk or other similar 
factors. 
(5) CLEAN ENERGY TECHNOLOGY.—The term 
‘‘clean energy technology’’ means a technology re-
lated to the production, use, transmission, storage, 
control, or conservation of energy— 
(A) that will— 
(i) reduce the need for additional en-
ergy supplies by using existing energy sup-
plies with greater efficiency or by transmit-
ting, distributing, or transporting energy 
with greater effectiveness through the in-
frastructure of the United States; 
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(ii) 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 
(iii) contribute to a stabilization of at-
mospheric greenhouse gas concentrations 
thorough reduction, avoidance, or seques-
tration of energy-related emissions; and 
(B) for which, as determined by the Ad-
ministrator, insufficient commercial lending is 
available to allow for widespread deployment. 
(6) 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). 
(7) 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). 
(8) FUND.—The term ‘‘Fund’’ means the Clean 
Energy Investment Fund established by section 4(a). 
(9) LOAN GUARANTEE.—The term ‘‘loan guar-
antee’’ has the meaning given the term in section 
502 of the Federal Credit Reform Act of 1990 (2 
U.S.C. 661a). 
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(10) NATIONAL LABORATORY.—The term ‘‘Na-
tional Laboratory’’ has the meaning given the term 
in section 2 of the Energy Policy Act of 2005 (42 
U.S.C. 15801). 
(11) 
SECRETARY.—The 
term 
‘‘Secretary’’ 
means the Secretary of Energy. 
(12) SECURITY.—The term ‘‘security’’ has the 
meaning given the term in section 2 of the Securities 
Act of 1933 (15 U.S.C. 77b). 
(13) 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. 
(14) TECHNOLOGY
RISK.—The term ‘‘tech-
nology risk’’ means the risks during construction or 
operation associated with the design, development, 
and deployment of clean energy technologies (includ-
ing 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 ade-
quate historical construction, operating, or perform-
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ance data from commercial applications of the tech-
nology. 
SEC. 4. IMPROVEMENTS TO EXISTING PROGRAMS. 
(a) CLEAN ENERGY INVESTMENT FUND.— 
(1) ESTABLISHMENT.—There is established in 
the Treasury of the United States a revolving fund, 
to be known as the ‘‘Clean Energy Investment 
Fund’’, consisting of— 
(A) such amounts as have been appro-
priated for administrative expenses to carry out 
title XVII of the Energy Policy Act of 2005 (42 
U.S.C. 16511 et seq.); 
(B) such amounts as are deposited in the 
Fund under this Act and amendments made by 
this Act; and 
(C) such sums as may be appropriated to 
supplement the Fund. 
(2) EXPENDITURES FROM FUND.— 
(A) IN
GENERAL.—Notwithstanding sec-
tion 1705(e) of the Energy Policy Act of 2005 
(42 U.S.C. 16516(e)), amounts in the Fund 
shall be available to the Secretary for obligation 
without fiscal year limitation, to remain avail-
able until expended. 
(B) ADMINISTRATIVE EXPENSES.— 
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(i) FEES.—Fees collected for adminis-
trative expenses shall be available without 
limitation to cover applicable expenses. 
(ii) FUND.—To the extent that ad-
ministrative 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 administrative ex-
penses for the fiscal year necessary to 
carry out title XVII of the Energy Policy 
Act of 2005 (42 U.S.C. 16511 et seq.). 
(3) TRANSFERS OF AMOUNTS.— 
(A) IN GENERAL.—The amounts required 
to be transferred to the Fund under this sub-
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. 
(B) ADJUSTMENTS.—Proper adjustment 
shall be made in amounts subsequently trans-
ferred to the extent prior estimates were in ex-
cess of or less than the amounts required to be 
transferred. 
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(b) REVISIONS TO LOAN GUARANTEE PROGRAM AU-
THORITY.— 
(1) 
DEFINITION
OF
COMMERCIAL
TECH-
NOLOGY.—Section 1701(1) of the Energy Policy Act 
of 2005 (42 U.S.C. 16511(1)) is amended by strik-
ing 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.’’. 
(2) SPECIFIC
APPROPRIATION
OR
CONTRIBU-
TION.—Section 1702 of the Energy Policy Act of 
2005 (42 U.S.C. 16512) is amended by striking sub-
section (b) and inserting the following: 
‘‘(b) SPECIFIC
APPROPRIATION
OR
CONTRIBU-
TION.— 
‘‘(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 
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under section 4(a) of the 21st Century Energy 
Technology Deployment Act; 
‘‘(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 re-
ceived 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. 
‘‘(3) RELATION
TO
OTHER
LAWS.—Section 
504(b) of the Federal Credit Reform Act of 1990 (2 
U.S.C. 661c(b)) shall not apply to a loan or loan 
guarantee under this section.’’. 
(3) SUBROGATION.—Section 1702(g)(2) of the 
Energy Policy Act of 2005 (42 U.S.C. 16512(g)(2)) 
is amended— 
(A) by striking subparagraph (B); and 
(B) by redesignating subparagraph (C) as 
subparagraph (B). 
(4) FEES.—Section 1702(h) of the Energy Pol-
icy Act of 2005 (42 U.S.C. 16512(h)) is amended by 
striking paragraph (2) and inserting the following: 
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‘‘(2) AVAILABILITY.—Fees collected under this 
subsection shall— 
‘‘(A) be deposited by the Secretary in the 
Clean Energy Investment Fund established 
under section 4(a) of the 21st Century Energy 
Technology Deployment Act; and 
‘‘(B) remain available to the Secretary for 
expenditure, without further appropriation or 
fiscal year limitation, for administrative ex-
penses incurred in carrying out this title. 
‘‘(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.’’. 
(5) 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 ex-
tent practicable and consistent with sound business prac-
tices, the Secretary shall seek to consolidate reviews of ap-
plications for loan guarantees under this title such that 
decisions as to whether to enter into a commitment on 
an application can be issued not later than 180 days after 
the date of submission of a completed application.’’. 
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(6) WAGE RATES.—Section 1705(c) of the En-
ergy 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. 5. 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-, me-
dium-, and long-term goals (including numerical perform-
ance targets at appropriate intervals to measure progress 
toward those goals) for the deployment of clean energy 
technologies through the credit support programs estab-
lished 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 en-
ergy markets; 
(3) a domestic commercialization and manufac-
turing capacity that will establish the United States 
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as a world leader in clean energy technologies across 
multiple sectors; 
(4) installation of sufficient infrastructure to 
allow for the cost-effective deployment of clean en-
ergy 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; 
(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 and 
materials (such as steel, chemicals, polymers, and 
cement) using clean energy technologies so that the 
United States will become a world leader in environ-
mentally sustainable production of the commodities 
and materials; 
(9) a robust, efficient, and interactive electricity 
transmission grid that will allow for the incorpora-
tion of clean energy technologies, distributed genera-
tion, and demand-response in each regional electric 
grid; 
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(10) sufficient availability of financial products 
to allow owners and users of residential, retail, com-
mercial, and industrial buildings to make energy ef-
ficiency and distributed generation technology in-
vestments with reasonable payback periods; and 
(11) such other goals as the Secretary, in con-
sultation 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 ap-
propriate, to account for advances in technology and 
changes in energy policy. 
SEC. 6. 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 Administra-
tion, 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 De-
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partment of Energy other than the Secretary, 
acting through the Administrator. 
(B) 
EXEMPTION
FROM
REORGANIZA-
TION.—The Administration shall be exempt 
from the reorganization authority provided 
under section 643 of the Department of Energy 
Reorganization 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 Deploy-
ment Administration;’’ after ‘‘Export-Im-
port Bank;’’; and 
(ii) in paragraph (2), by inserting 
‘‘the Clean Energy Deployment Adminis-
tration,’’ after ‘‘Export-Import Bank,’’. 
(3) OFFICES.— 
(A) PRINCIPAL OFFICE.—The Administra-
tion shall— 
(i) maintain the principal office of the 
Administration in the District of Columbia; 
and 
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(ii) for purposes of venue in civil ac-
tions, 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, 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 Execu-
tive 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 mainte-
nance of adequate capital and internal con-
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trols (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, com-
petitive, and resilient energy and energy ef-
ficiency finance markets; 
(iii) the Administration carries out the 
purposes of this Act only through activities 
that are authorized under and consistent 
with this Act; and 
(iv) the activities of the Administra-
tion and the manner in which the Adminis-
tration is operated are consistent with the 
public interest; 
(C) develop policies and procedures for the 
Administration that will— 
(i) promote a self-sustaining portfolio 
of investments that will maximize the value 
of investments to effectively promote clean 
energy technologies; 
(ii) promote transparency and open-
ness in Administration operations; 
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(iii) afford the Administration with 
sufficient flexibility to meet the purposes of 
this Act; and 
(iv) provide for the efficient proc-
essing of applications; and 
(D) with the concurrence of the Board, set 
expected loss reserves for the support provided 
by the Administration consistent with section 
7(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 vot-
ing 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, 
with the advice and consent of the Senate, 
for staggered 5-year terms; and 
(ii) have experience in banking or fi-
nancial services relevant to the operations 
of the Administration, including individuals 
with substantial experience in the develop-
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ment of energy projects, the electricity 
generation sector, the transportation sec-
tor, the manufacturing sector, and the en-
ergy efficiency sector. 
(2) DUTIES.—The Board of Directors shall— 
(A) oversee the operations of the Adminis-
tration 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 Adminis-
tration 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 Adminis-
tration; 
(D) ensure that the operations and activi-
ties of the Administration are consistent with 
the development of a robust private sector that 
can provide commercial loans or financing prod-
ucts; 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 
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for credit support and set policies and proce-
dures as necessary. 
No member of the Board shall take part in any re-
view or decision of any project as to which that 
member or member’s immediate family has a finan-
cial or other interest. 
(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 ap-
pointed 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 Direc-
tors. 
(d) ENERGY TECHNOLOGY ADVISORY COUNCIL.— 
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(1) IN
GENERAL.—The Administration shall 
have an Energy Technology Advisory Council con-
sisting 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 Ad-
visory 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 develop-
ment community; and 
(v) the commercial energy financing 
and operations sector. 
(3) DUTIES.—The Advisory Council shall— 
(A) develop and publish for comment in 
the Federal Register a methodology for assess-
ment of clean energy technologies that will 
allow the Administration to evaluate projects 
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based on the progress likely to be achieved per 
dollar invested in maximizing the attributes of 
the definition of clean energy technology, taking 
into account the extent to which support for a 
clean energy technology is likely to accrue sub-
sequent benefits that are attributable to a com-
mercial scale deployment taking place earlier 
than that which otherwise would have occurred 
without the support; and 
(B) advise on the technological approaches 
that should be supported by the Administration 
to meet the technology deployment goals estab-
lished by the Secretary pursuant to section 5. 
(4) TERM.— 
(A) IN GENERAL.—Members of the Advi-
sory Council shall have 5-year staggered terms, 
as determined by the Secretary and the Admin-
istrator. 
(B) REAPPOINTMENT.—A member of the 
Advisory Council may be reappointed. 
(5) COMPENSATION.—A member of the Advi-
sory 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 
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Schedule under section 5315 of title 5, United 
States Code, for each day (including travel time) 
during which the member is engaged in the perform-
ance of the duties of the Advisory Council. 
(e) STAFF.— 
(1) IN GENERAL.—The Administrator, in con-
sultation with the Board of Directors, may— 
(A) appoint and terminate such officers, 
attorneys, employees, and agents as are nec-
essary 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 sec-
tion 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 ap-
point highly qualified critical personnel with 
specialized knowledge important to the function 
of the Administration into the competitive serv-
ice. 
(B) EXCEPTION.—The authority granted 
under subparagraph (A) shall not apply to posi-
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tions in the excepted service or the Senior Exec-
utive 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 prin-
ciples of section 2301 of title 5, United 
States Code; and 
(ii) complies with the public notice re-
quirements of section 3327 of title 5, 
United States Code. 
(D) TERMINATION OF EFFECTIVENESS.— 
The authority provided by this paragraph ter-
minates effective on the date that is 2 years 
after the date of enactment of this Act. 
(3) CRITICAL PAY AUTHORITY.— 
(A) IN
GENERAL.—Notwithstanding sec-
tion 5377 of title 5, United States Code, and 
without regard to the provisions of that title 
governing appointments in the competitive serv-
ice or the Senior Executive Service and chap-
ters 51 and 53 of that title (relating to classi-
fication and pay rates), the Administrator may 
establish, fix the compensation of, and appoint 
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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, tech-
nical, or scientific field; 
(ii) the Administration would not suc-
cessfully accomplish an important mission 
without such an individual; and 
(iii) exercise of the authority is nec-
essary to recruit an individual who is ex-
ceptionally 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 Administra-
tion. 
(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 dur-
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ing the 2-year period preceding the date of 
appointment. 
(iv) Total annual compensation for 
any individual appointed under subpara-
graph (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 sub-
chapter II of chapter 75 of title 5, United 
States Code. 
(C) NOTIFICATION.—Each year, the Ad-
ministrator shall submit to Congress a notifica-
tion that lists each individual appointed under 
this paragraph. 
SEC. 7. 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 or debt instruments (in-
cluding participation as a co-lender or a mem-
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ber of a syndication) as the Administrator con-
siders appropriate to deploy clean energy tech-
nologies if the Administrator has determined 
that deployment of the technologies would ben-
efit 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 5; and 
(iii) the potential for the applicant to 
successfully complete the project. 
(C) RISK.— 
(i) 
EXPECTED
LOAN
LOSS
RE-
SERVE.—The Administrator shall establish 
an expected loan loss reserve to account 
for estimated losses attributable to activi-
ties under this section that is consistent 
with the purposes of— 
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(I) developing breakthrough tech-
nologies to the point at which tech-
nology risk is largely mitigated; 
(II) achieving widespread deploy-
ment and advancing the commercial 
viability of clean energy technologies; 
and 
(III) advancing the goals estab-
lished under section 5. 
(ii) INITIAL
EXPECTED
LOAN
LOSS 
RESERVE.—Until such time as the Admin-
istrator determines sufficient data exist to 
establish an expected loan loss reserve that 
is appropriate, the Administrator shall con-
sider establishing an initial rate of 10 per-
cent for the portfolio of investments under 
this Act. 
(iii) PORTFOLIO
INVESTMENT
AP-
PROACH.—The Administration shall— 
(I) use a portfolio investment ap-
proach to mitigate risk and diversify 
investments across technologies and 
ensure that no particular technology 
is provided more than 20 percent of 
the financial support available; 
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(II) to the maximum extent prac-
ticable and consistent with long-term 
self-sufficiency, weigh the portfolio of 
investments in projects to advance the 
goals established under section 5; and 
(III) consistent with the expected 
loan loss reserve established under 
this subparagraph, the purposes of 
this Act, and section 6(b)(2)(B), pro-
vide the maximum practicable per-
centage of support to promote break-
through 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 re-
serves. 
(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 Represent-
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atives 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 Administra-
tion shall seek to consolidate reviews of ap-
plications for credit support 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 com-
pleted 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 agen-
cies acting under Federal programs); 
and 
(II) with the advice of the Coun-
cil on Environmental Quality and any 
other applicable agencies, use the ad-
ministrative records of similar reviews 
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conducted throughout the executive 
branch to develop the most expedi-
tious 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 Adminis-
trator reasonable assurances that all labor-
ers 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 pre-
vailing 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 Sec-
retary of Labor in accordance with sub-
chapter IV of chapter 31 of part A of sub-
title II of title 40, United States Code. 
(ii) LABOR
STANDARDS.—With re-
spect 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 
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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 ar-
rangements to both promote the widespread de-
ployment of, and mobilize private sector support 
of credit and investment institutions for, clean 
energy technologies through securitization, indi-
rect credit support, or other similar means of 
credit enhancement. 
(B) FINANCIAL PRODUCTS.—The Adminis-
tration— 
(i) in cooperation with Federal, State, 
local, and private sector entities, shall de-
velop debt instruments that provide for the 
aggregation of, or directly aggregate, 
projects for clean energy technology de-
ployments on a scale appropriate for resi-
dential or commercial applications; and 
(ii) may purchase, and make commit-
ments to purchase, any debt instrument 
associated with the deployment of clean en-
ergy technologies for the purposes of en-
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hancing the availability of private financ-
ing for clean energy technology deploy-
ments. 
(C) DISPOSITION
OF
DEBT
OR
INTER-
EST.—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 tech-
nologies 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 trans-
parency and liquidity and properly charac-
terize the risk of default. 
(E) 
ELIGIBILITY.—The 
Administrator 
shall establish— 
(i) eligibility criteria for loan origina-
tors, sellers, and servicers seeking support 
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for portfolios of financial obligations relat-
ing to clean energy technologies so as to 
ensure the capability of the loan origina-
tors, sellers, and servicers to perform the 
functions required to maintain the ex-
pected performance of the portfolios; and 
(ii) such criteria, standards, guide-
lines, and mechanisms such that, to the 
maximum extent practicable, loan origina-
tors 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, 
with the concurrence of the Board of Di-
rectors— 
(I) borrow; 
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(II) give security; 
(III) pay interest or other return; 
and 
(IV) issue notes, debentures, 
bonds, or other obligations or securi-
ties. 
(G) LENDING ACTIVITIES.— 
(i) IN GENERAL.—The Administrator 
shall determine— 
(I) the volume of the lending ac-
tivities of the Administration; and 
(II) the types of loan ratios, risk 
profiles, interest rates, maturities, and 
charges or fees in the secondary mar-
ket operations of the Administration. 
(ii) 
OBJECTIVES.—Determinations 
under clause (i) shall be consistent with 
the objectives of— 
(I) providing an attractive invest-
ment environment for clean energy 
technologies; 
(II) making the operations of the 
Administration self-supporting over 
the long term; and 
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(III) advancing the goals estab-
lished under section 5. 
(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 Secu-
rities and Exchange Commission. 
(b) OTHER AUTHORIZED PROGRAMS.— 
(1) IN GENERAL.—The Secretary may delegate 
to the Administration the provision of financial serv-
ices 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 Ad-
ministration shall, to the maximum extent prac-
ticable (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. 
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SEC. 8. FEDERAL CREDIT AUTHORITY. 
(a) TRANSFER OF FUNCTIONS AND AUTHORITY.— 
(1) IN GENERAL.—Subject to paragraph (2), on 
a finding by the Secretary and the Administrator 
that the Administration is sufficiently ready to as-
sume the functions and that applicants to those pro-
grams will not be unduly adversely affected but in 
no case later than 18 months after the date of en-
actment of this Act, all of the functions and author-
ity 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 trans-
ferred to the Administration. 
(2) FAILURE TO TRANSFER FUNCTIONS.—If the 
functions and 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 functions and 
authorities to the Administration. 
(3) EFFECT ON EXISTING RIGHTS AND OBLIGA-
TIONS.—The transfer of functions and authority 
under this subsection shall not affect the rights and 
obligations of any party that arise under a prede-
cessor program or authority prior to the transfer 
under this subsection. 
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(4) TRANSFER
OF
FUND
AUTHORITY.—On 
transfer of functions pursuant to paragraph (1), the 
Administration shall have all authorities to make use 
of the Fund reserved for the Secretary before the 
transfer. 
(5) USE.—Amounts in the Fund shall be avail-
able for discharge of liabilities and all other expenses 
of the Administration, including subsequent transfer 
to the respective credit program accounts. 
(6) INITIAL INVESTMENT.— 
(A) IN
GENERAL.—On transfer of func-
tions pursuant to paragraph (1), out of any 
funds in the Treasury not otherwise appro-
priated, the Secretary of the Treasury shall 
transfer to the Fund to carry out this Act 
$10,000,000,000, to remain available until ex-
pended. 
(B) RECEIPT
AND
ACCEPTANCE.—The 
Fund shall be entitled to receive and shall ac-
cept, and shall be used to carry out this Act, 
the funds transferred to the Fund under sub-
paragraph (A), without further appropriation. 
(7) AUTHORIZATION OF APPROPRIATIONS.—In 
addition to funds made available by paragraphs (1) 
through (6), there are authorized to be appropriated 
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to the Fund such sums as are necessary to carry out 
this Act. 
(b) PAYMENTS OF LIABILITIES.— 
(1) IN GENERAL.—Any payment made to dis-
charge liabilities arising from agreements under this 
Act shall be paid out of the Fund or the associated 
credit program account, as appropriate. 
(2) SECURITY.—The full faith and credit of the 
United States is pledged to the payment of all obli-
gations 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 ac-
cordance with commercial rates. 
(2) AVAILABILITY OF FEES.—All fees collected 
by the Administration may be retained by the Ad-
ministration and placed in the Fund and may re-
main available to the Administration, without fur-
ther appropriation or fiscal year limitation, for use 
in carrying out the purposes of this Act. 
(3) BREAKTHROUGH TECHNOLOGIES.—The Ad-
ministration shall charge the minimum amount in 
fees or compensation practicable for breakthrough 
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technologies, consistent with the long-term viability 
of the Administration, unless the Administration 
first determines that a higher charge will not impede 
the development of the technology. 
(4) ALTERNATIVE FEE ARRANGEMENTS.—The 
Administration may use such alternative arrange-
ments (such as profit participation, contingent fees, 
and other valuable contingent interests) as the Ad-
ministration considers appropriate to compensate the 
Administration for the expenses of the Administra-
tion and the risk inherent in the support of the Ad-
ministration. 
(d) COST TRANSFER AUTHORITY.—Amounts col-
lected by the Administration for the cost of a loan or loan 
guarantee shall be transferred by the Administration to 
the respective credit program accounts. 
(e) SUPPLEMENTAL BORROWING AUTHORITY.—In 
order to maintain sufficient liquidity for activities author-
ized under section 7(a)(2), the Administration may issue 
notes, debentures, bonds, or other obligations for purchase 
by the Secretary of the Treasury. 
(f) PUBLIC DEBT TRANSACTIONS.—For the purpose 
of subsection (e)— 
(1) the Secretary of the Treasury may use as 
a public debt transaction the proceeds of the sale of 
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any securities issued under chapter 31 of title 31, 
United States Code; and 
(2) the purposes for which securities may be 
issued under that chapter are extended to include 
any purchase under this subsection. 
(g) MAXIMUM OUTSTANDING HOLDING.—The Sec-
retary of the Treasury shall purchase instruments issued 
under subsection (e) to the extent that the purchase would 
not increase the aggregate principal amount of the out-
standing holdings of obligations under subsection (e) by 
the Secretary of the Treasury to an amount that is greater 
than $2,000,000,000. 
(h) RATE OF RETURN.—Each purchase of obligations 
by the Secretary of the Treasury under this section shall 
be on terms and conditions established to yield a rate of 
return determined by the Secretary of the Treasury to be 
appropriate, taking into account the current average rate 
on outstanding marketable obligations of the United 
States as of the last day of the month preceding the pur-
chase. 
(i) SALE OF OBLIGATIONS.—The Secretary of the 
Treasury may at any time sell, on terms and conditions 
and at prices determined by the Secretary of the Treasury, 
any of the obligations acquired by the Secretary of the 
Treasury under this section. 
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(j) PUBLIC DEBT TRANSACTIONS.—All redemptions, 
purchases, and sales by the Secretary of the Treasury of 
obligations under this section shall be treated as public 
debt transactions of the United States. 
SEC. 9. GENERAL PROVISIONS. 
(a) IMMUNITY FROM IMPAIRMENT, LIMITATION, OR 
RESTRICTION.— 
(1) IN GENERAL.—All rights and remedies of 
the Administration (including any rights and rem-
edies of the Administration on, under, or with re-
spect to any mortgage or any obligation secured by 
a mortgage) shall be immune from impairment, limi-
tation, or restriction by or under— 
(A) any law (other than a law enacted by 
Congress expressly in limitation of this para-
graph) that becomes effective after the acquisi-
tion 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 con-
duct the business of the Administration without re-
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(B) any supplemental information or alter-
native presentation that the Secretary may re-
quire; 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 Adminis-
tration, of— 
(i) the effectiveness of the internal 
control structure and procedures of the 
Administration; and 
(ii) the compliance of the Administra-
tion with applicable safety and soundness 
laws. 
(3) SPECIAL REPORTS.—The Secretary may re-
quire the Administrator to submit other reports on 
the condition (including financial condition), man-
agement, activities, or operations of the Administra-
tion, as the Secretary considers appropriate. 
(4) ACCURACY.—Each report of financial condi-
tion shall contain a declaration by the Administrator 
or any other officer designated by the Board of Di-
rectors of the Administration to make the declara-
tion, that the report is true and correct to the best 
of the knowledge and belief of the officer. 
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