Energy Department Says It Is Time To Restart $25 Billion Loan Program

U.S. Energy Secretary Ernest Moniz says the Obama administration is considering reviving the moribund $25 billion auto loan program by revising lending criteria and seeking a new round of loan requests.

Created by Congress in 2007, the Advanced Technology Vehicle Manufacturing Program hasn’t made a new loan since March 2011 and came under scrutiny after two of five companies that received loans halted production. The auto loan program was created to spur the production of more fuel-efficient vehicles in the United States.

“We are looking at what a new (loan) solicitation might look like. That’s an ongoing discussion,” Moniz said in a Detroit News telephone interview on Monday from New Jersey, where he was traveling to a speech. “We are actively looking at what might be an effective new (request for proposals).”

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Agent009 - 8/27/2013 10:36:37 AM

+1 Boost

Might be a good time since it seems like almost everyone that took the first round of money has gone bankrupt now.

LexSucks - 8/27/2013 11:56:49 AM

0 Boost

What would you suggest?

Agent009 - 8/27/2013 12:59:31 PM

+2 Boost

there is no perfect answer, but better accountability and checks and balances, not just a blank check..

vdiv - 8/27/2013 1:46:04 PM

+2 Boost

I'd suggest a stick to go along with the carrot, or what the California ARB is doing. Want to sell CO2 emmitting cars? You also need to sell ZEV cars or buy ZEV credits.

Controversial and maybe heavy handed, but it works.

Agent009 - 8/27/2013 8:46:30 PM

+1 Boost

something needs to be done. Big truck and SUV sales are the bulk of the sales three last few months while the the Fed is pushing smaller cars.

Carbon footprint needs to be the rule. You make it with wise choices you get a yearly tax credit you miss it then you pay a yearly tax.