260 
(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; 
(iii) afford the Administration with 
sufficient flexibility to meet the purpose 
stated in section 182; and 
(iv) provide for the efficient processing 
of applications; and 
(D) with the concurrence of the Board, set 
expected loss reserves for the support provided by 
the 
Administration 
consistent 
with 
section 
187(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 Sec-
retary, who shall serve as an ex-officio voting 
member of the Board of Directors; 
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(B) the Administrator of the Administra-
tion, 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, finan-
cial services, technology assessment, energy 
regulation, or risk management, including 
individuals with substantial experience in 
the development of energy projects, the elec-
tricity generation sector, the transportation 
sector, the manufacturing sector, and the 
energy 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 of the 
Administration on the general policies and pro-
cedures of the Administration to ensure the in-
terests of the taxpayers are protected; 
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(C) ensure the portfolio of investments are 
consistent with purpose stated in section 182 and 
with the long-term financial stability of the Ad-
ministration; 
(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 products; 
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 
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 mem-
ber or member’s immediate family has a financial 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 un-
expired portion of the term of the vacating member. 
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(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 per-
formance of the duties of the Board of Directors. 
(d) ENERGY TECHNOLOGY ADVISORY COUNCIL.— 
(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 Di-
rectors of the Administration. 
(2) QUALIFICATIONS.—The members of the Advi-
sory 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; 
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264 
(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 assessment of 
clean energy technologies that will allow the Ad-
ministration to evaluate projects 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 tech-
nology is likely to accrue subsequent benefits that 
are attributable to a commercial scale deploy-
ment taking place earlier than that which other-
wise 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 185. 
(4) TERM.— 
(A) IN GENERAL.—Members of the Advisory 
Council shall have 5-year staggered terms, as de-
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termined by the Secretary and the Administrator 
of the Administration. 
(B) REAPPOINTMENT.—A member of the 
Advisory Council may be reappointed. 
(5) COMPENSATION.—A member of the Advisory 
Council, who is not otherwise compensated as a Fed-
eral 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 Schedule 
under section 5315 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 Advisory Council. 
(e) STAFF.— 
(1) IN GENERAL.—The Administrator of the Ad-
ministration, in consultation with the Board of Di-
rectors, may— 
(A) appoint and terminate such officers, at-
torneys, employees, and agents as are necessary 
to carry out this subtitle; and 
(B) vest those personnel with such powers 
and duties as the Administrator of the Adminis-
tration may determine. 
(2) DIRECT HIRE AUTHORITY.— 
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(A) IN GENERAL.—Notwithstanding section 
3304 and sections 3309 through 3318 of title 5, 
United States Code, the Administrator of the Ad-
ministration may, on a determination that there 
is a severe shortage of candidates or a critical 
hiring need for particular positions, recruit and 
directly appoint highly qualified critical per-
sonnel with specialized knowledge important to 
the function of the Administration into the com-
petitive service. 
(B) EXCEPTION.—The authority granted 
under subparagraph (A) shall not apply to posi-
tions in the excepted service or the Senior Execu-
tive Service. 
(C) REQUIREMENTS.—In exercising the au-
thority granted under subparagraph (A), the Ad-
ministrator of the Administration shall ensure 
that any action taken by the Administrator of 
the Administration— 
(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. 
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267 
(D) TERMINATION
OF
EFFECTIVENESS.— 
The authority provided by this paragraph termi-
nates effective on the date that is 2 years after 
the date of enactment of this Act. 
(3) CRITICAL PAY AUTHORITY.— 
(A) IN GENERAL.—Notwithstanding section 
5377 of title 5, United States Code, and without 
regard to the provisions of that title governing 
appointments in the competitive service or the 
Senior Executive Service and chapters 51 and 53 
of that title (relating to classification and pay 
rates), the Administrator of the Administration 
may establish, fix the compensation of, and ap-
point individuals to critical positions needed to 
carry out the functions of the Administration, if 
the Administrator of the Administration 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 
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268 
(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 au-
thorized by subparagraph (A) may not ex-
ceed 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-
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 
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269 
be an employee for purposes of subchapter 
II of chapter 75 of title 5, United States 
Code. 
(C) NOTIFICATION.—Each year, the Admin-
istrator of the Administration shall submit to 
Congress a notification that lists each individual 
appointed under this paragraph. 
SEC. 187. DIRECT SUPPORT. 
(a) IN GENERAL.—The Administration may issue di-
rect loans, letters of credit, and loan guarantees to deploy 
clean energy technologies if the Administrator of the Ad-
ministration has determined that deployment of the tech-
nologies would benefit or be accelerated by the support. 
(b) ELIGIBILITY CRITERIA.—In carrying out this sec-
tion and awarding credit support to projects, the Adminis-
trator of the Administration shall account for— 
(1) how the technology rates based on an evalua-
tion methodology established by the Advisory Council; 
(2) how the project fits with the goals established 
under section 185; and 
(3) the potential for the applicant to successfully 
complete the project. 
(c) RISK.— 
(1) EXPECTED LOAN LOSS RESERVE.—The Ad-
ministrator of the Administration shall establish an 
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270 
expected loan loss reserve to account for estimated 
losses attributable to activities under this section that 
is consistent with the purposes of— 
(A) developing breakthrough technologies to 
the point at which technology risk is largely 
mitigated; 
(B) achieving widespread deployment and 
advancing the commercial viability of clean en-
ergy technologies; and 
(C) advancing the goals established under 
section 185. 
(2) INITIAL EXPECTED LOAN LOSS RESERVE.— 
Until such time as the Administrator of the Adminis-
tration determines sufficient data exist to establish an 
expected loan loss reserve that is appropriate, the Ad-
ministrator of the Administration shall consider es-
tablishing an initial rate of 10 percent for the port-
folio of investments under this subtitle. 
(3) PORTFOLIO
INVESTMENT
APPROACH.—The 
Administration shall— 
(A) use a portfolio investment approach to 
mitigate risk and diversify investments across 
technologies and ensure that no particular tech-
nology is provided more than 30 percent of the 
financial support available; 
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271 
(B) to the maximum extent practicable and 
consistent with long-term self-sufficiency, weigh 
the portfolio of investments in projects to ad-
vance the goals established under section 185; 
(C) consistent with the expected loan loss re-
serve established under this subsection, the pur-
pose 
stated 
in 
section 
182, 
and 
section 
186(b)(2)(B), provide the maximum practicable 
percentage of support to promote breakthrough 
technologies; and 
(D) give the highest priority to investments 
that promote technologies that will achieve the 
maximum greenhouse gas emission reductions 
within a reasonable period of time per dollar in-
vested and the earliest reductions in greenhouse 
gas emissions. 
(4) LOSS RATE REVIEW.— 
(A) 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. 
(B) REPORT.—Not later than 90 days after 
the date of the initiation of the review, the Ad-
ministrator of the Administration shall submit 
to the Committee on Energy and Natural Re-
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272 
sources of the Senate and the Committee on En-
ergy and Commerce of the House of Representa-
tives a report describing the results of the review 
and any recommended policy changes. 
(5) FEDERAL COST SHARE.—A loan guarantee 
by the Administration shall not exceed an amount 
equal to 80 percent of the project cost of the facility 
that is the subject of the guarantee, as estimated at 
the time at which the guarantee is issued. 
(d) APPLICATION REVIEW.— 
(1) IN GENERAL.—To the maximum extent prac-
ticable and consistent with sound business practices, 
the Administration shall seek to consolidate reviews of 
applications for credit support under this subtitle 
such that final decisions on applications can gen-
erally be issued not later than 180 days after the date 
of submission of a completed application. 
(2) ENVIRONMENTAL REVIEW.—In carrying out 
this subtitle, the Administration shall, to the max-
imum extent practicable— 
(A) avoid duplicating efforts that have al-
ready been undertaken by other agencies (includ-
ing State agencies acting under Federal pro-
grams); and 
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(B) with the advice of the Council on Envi-
ronmental Quality and any other applicable 
agencies, use the administrative records of simi-
lar reviews conducted throughout the executive 
branch to develop the most expeditious review 
process practicable. 
(e) WAGE RATE REQUIREMENTS.— 
(1) IN
GENERAL.—No credit support shall be 
issued under this section unless the borrower has pro-
vided to the Administrator of the Administration rea-
sonable assurances that all laborers 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 prevailing 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 Secretary of 
Labor in accordance with subchapter IV of chapter 31 
of part A of subtitle II of title 40, United States Code. 
(2) LABOR
STANDARDS.—With respect to the 
labor standards specified in this subsection, the Sec-
retary of Labor shall have the authority and functions 
set forth in Reorganization Plan Numbered 14 of 
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274 
1950 (64 Stat. 1267; 5 U.S.C. App.) and section 3145 
of title 40, United States Code. 
SEC. 188. FEDERAL CREDIT AUTHORITY. 
(a) PAYMENTS OF LIABILITIES.— 
(1) IN GENERAL.—Any payment made to dis-
charge liabilities arising from agreements under this 
subtitle shall be paid out of the Fund or the associ-
ated credit account, as appropriate. 
(2) SECURITY.—The full faith and credit of the 
United States is pledged to the payment of all obliga-
tions entered into by the Administration pursuant to 
this subtitle. 
(b) FEES.— 
(1) IN GENERAL.—Consistent with achieving the 
purpose stated in section 182, the Administrator of 
the Administration shall charge fees or collect com-
pensation generally in accordance with commercial 
rates. 
(2) AVAILABILITY OF FEES.—All fees collected by 
the Administration may be retained by the Adminis-
tration and placed in the Fund and may remain 
available to the Administration, without further ap-
propriation or fiscal year limitation, for use in car-
rying out the purpose stated in section 182. 
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(3) BREAKTHROUGH TECHNOLOGIES.—The Ad-
ministration shall charge the minimum amount in 
fees or compensation practicable for breakthrough 
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 Administration 
and the risk inherent in the support of the Adminis-
tration. 
(c) COST TRANSFER AUTHORITY.—Amounts collected 
by the Administration for the cost of a loan or loan guar-
antee shall be transferred by the Administration to the re-
spective credit accounts. 
SEC. 189. GENERAL PROVISIONS. 
(a) IMMUNITY FROM IMPAIRMENT, LIMITATION, OR 
RESTRICTION.— 
(1) IN GENERAL.—All rights and remedies of the 
Administration (including any rights and remedies of 
the Administration on, under, or with respect to any 
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276 
mortgage or any obligation secured by a mortgage) 
shall be immune from impairment, limitation, or re-
striction 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 acquisition 
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 of the Ad-
ministration may conduct the business of the Admin-
istration without regard to any qualification or law 
of any State relating to incorporation. 
(b) USE OF OTHER AGENCIES.—With the consent of 
a department, establishment, or instrumentality (including 
any field office), the Administration may— 
(1) use and act through any department, estab-
lishment, or instrumentality; and 
(2) use, and pay compensation for, information, 
services, facilities, and personnel of the department, 
establishment, or instrumentality. 
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