FARE Act of 2011

Bill: 112-hr-3331
Sponsor: Rep. Sensenbrenner, F. James, Jr. [R-WI-5]
Introduced: 2011-11-02 in the House
Policy area: Energy
Subjects: Accounting and auditing
Alternative and renewable resources
Business ethics
Business investment and capital
Business records
Congressional oversight
Department of Energy
Energy research
Executive agency funding and structure
Fraud offenses and financial crimes
Government information and archives
Government lending and loan guarantees
Government studies and investigations

Summary:
action_date: 2011-11-02
text: 
Federal Accounting of Renewable Energy Act of 2011 or FARE Act of 2011 - Requires the head of each federal agency to submit to Congress an accounting for all FY2009-FY2011 financial support (including grants, loans, loan guarantees, and direct payments) made by the agency to promote the production or use of renewable energy.
 
Directs the agencies to include in such accounting: (1) a list of the projects that directly led to the production or use of renewable energy; (2) the quantity of renewable energy or products on the market as a direct result of such support and the gross sales of the recipient company during a recent fiscal year; and (3) the total quantity of financial support, the number of jobs created, and the average cost to the recipient company of each full-time job created. 
 
Requires, for each project, a full accounting of: (1) the employment, sales, and revenue targets submitted by each recipient company before receiving support and a list of the companies that substantially failed to meet targets; (2) a list of all recipient companies that received support but are no longer in operation or have moved any portion of their operations to a location outside the United States; and (3) a list of all venture capital firms involved in submitting the proposal for awarded support.
 
Directs the Inspector General of an agency that provided support to a company that is no longer in existence, or is unlikely to achieve substantially the purpose of the support, to conduct a preliminary investigation of the documents submitted by the company to determine whether fraud was committed in obtaining such support.
 
Amends the Energy Policy Act of 2005 to prohibit the Secretary of Energy (DOE) from guaranteeing a project loan unless an independent review, paid for by the applicant, demonstrates the applicant's ability to repay such loan. 


Legislative actions:
action_date: 2011-11-10
text: Referred to the Subcommittee on Energy and Environment.
action_date: 2011-11-04
text: Referred to the Subcommittee on Energy and Power.
action_date: 2011-11-02
text: 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.
action_date: 2011-11-02
text: 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.
action_date: 2011-11-02
text: Introduced in House
action_date: 2011-11-02
text: Introduced in House