,,ii #aahth ,,congress #ast ,session ,s4 #cd ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,january #bd 7legislative day1 ,january #c71 #bjbc,mr4 ,rubio introduced the following bill2 which was read twice and referred to the ,committee on ,energy and ,natural ,resources ,a ,,bill ,to require the ,secretary of ,energy to establish a program to provide loans to manufacturers of energy grid products and components4 #a4 ,short title ,this ,act may be cited as the ,facilitating the ,reshoring of ,energy ,grid ,component ,manufacturing ,act of #bjbc4 #b4 ,energy grid product and component manufacturing in the ,united ,states 7a7 ,definitions ,in this section3 7#a7 ,component ,the term component means any part or element of an energy grid product4 7#b7 ,eligible project ,the term eligible project means a project to reequip1 expand1 or establish 7including through new construction7 a manufacturing facility in the ,united ,states to produce energy grid products or components4 7#c7 ,energy grid product ,the term energy grid product means-- 7,a7 a bulk-power system 7as defined in section #bae7;a7 of the ,federal ,power ,act 7#af ,u4,s4,c4 #hbdo7a7772 7,b7 a large power transformer2 7,c7 a switchgear or breaker2 7,d7 a converter2 7,e7 a direct current filter2 7,f7 an alternating current switch or switchyard2 7,g7 an insulated-gate bipolar transistor2 7,h7 a capacitor2 7,i7 an inductor2 7,j7 an arrestor2 7,k7 a resistor2 7,l7 a distribution transformer2 7,m7 grain-oriented electrical steel2 7,n7 continuously transposed conduction 7,,ctc7 copper wire2 7,o7 silicon steel2 7,p7 any insulating material2 and 7,q7 any other electrical equipment commonly used for the transmission or distribution of electric energy by public electric utilities4 7#d7 ,secretary ,the term ,secretary means the ,secretary of ,energy4 7b7 ,loan program 7#a7 ,establishment 7,a7 ,in general ,not later than #ahj days after the date of enactment of this ,act1 and subject to the availability of appropriated funds1 the ,secretary shall establish and carry out a program to provide a total of not more than #h1jjj1jjj1jjj in loans to eligible individuals and entities 7as determined by the ,secretary7 for the costs of activities relating to eligible projects4 7,b7 ,financing method 7i7 ,in general ,except as provided in clause 7ii71 a loan under this subsection shall be provided through the ,federal ,financing ,bank1 with the full faith and credit of the ,united ,states ,government on the principal and interest4 7ii7 ,cooperation with other institutions ,a loan under this subsection may be provided in cooperation with #a or more banks or other financial institutions through agreements to participate on an immediate or deferred 7guaranteed7 basis4 7,c7 ,credit subsidy ,the full credit subsidy for each loan provided under this subsection shall be paid by the ,secretary using appropriated funds4 7#b7 ,application ,an individual or entity desiring a loan under this subsection shall submit to the ,secretary an application at such time1 in such manner1 and containing such information as the ,secretary may require1 including a written assurance that-- 7,a7 all laborers and mechanics employed by contractors or subcontractors during any construction1 alteration1 or repair that is financed1 in whole or in part1 by a loan provided under this subsection shall be paid wages at rates not less than those prevailing on projects of a character similar in the locality1 as determined by the ,secretary of ,labor in accordance with sections #cada through #cadd1 #cadf1 and #cadg of title #dj1 ,united ,states ,code2 and 7,b7 the ,secretary of ,labor shall1 with respect to the labor standards described in this paragraph1 have the authority and functions set forth in ,reorganization ,plan ,numbered #ad of #aiej 7#e ,u4,s4,c4 ,app47 and section #cade of title #dj1 ,united ,states ,code4 7#c7 ,selection of loan recipients and eligible projects 7,a7 ,in general ,the ,secretary may provide a loan under this subsection if the ,secretary determines that-- 7i7 the loan recipient-- 7,i7 has a reasonable prospect of repaying the principal and interest on the loan2 7,,ii7 will provide sufficient information to the ,secretary for the ,secretary to ensure that the loan proceeds are expended efficiently and effectively2 and 7,,iii7 has met such other criteria as may be established and published by the ,secretary2 and 7ii7 the amount of the loan 7when combined with amounts available to the loan recipient from other sources7 will be sufficient to carry out the eligible project for which the loan is provided4 7,b7 ,reasonable prospect of repayment ,the ,secretary shall base a determination of whether there is a reasonable prospect of repayment of the principal and interest on a loan under subparagraph 7,a77i77,i7 on a comprehensive evaluation of whether the loan recipient has a reasonable prospect of repaying the principal and interest1 including1 as applicable1 an evaluation of-- 7i7 the strength of the contractual terms of the applicable eligible project 7if commercially reasonably available72 7ii7 the forecast of noncontractual cash flows supported by market projections from reputable sources1 as determined by the ,secretary2 7iii7 cash sweeps and other structure enhancements2 7iv7 the projected financial strength of the loan recipient-- 7,i7 at the time of loan close2 and 7,,ii7 throughout the loan term after the applicable eligible project is completed2 7v7 the financial strength of the investors and strategic partners of the loan recipient1 if applicable2 and 7vi7 other financial metrics and analyses that are relied on by the private lending community and nationally recognized credit rating agencies1 as determined to be appropriate by the ,secretary4 7#d7 ,rates1 terms1 and repayment of loans ,a loan provided under this subsection-- 7,a7 shall have an interest rate that1 as of the date on which the loan is provided1 is equal to the cost of funds to the ,department of the ,treasury for obligations of comparable maturity2 7,b7 shall have a term equal to the lesser of-- 7i7 the projected life1 in years1 of the eligible project to be carried out using proceeds from the loan1 as determined by the ,secretary2 and 7ii7 #bj years2 7,c7 may be subject to a deferral in repayment for not more than #e years after the date on which the eligible project carried out using proceeds from the loan first begins operations1 as determined by the ,secretary2 7,d7 shall be made by the ,federal ,financing ,bank2 and 7,e7 shall be subject to the condition that the loan is not subordinate to other financing4 7#e7 ,conflicts of interest ,for each loan provided under this subsection1 the ,secretary shall certify that political influence did not affect the provision of the loan1 including-- 7,a7 selection of the eligible project for which the loan was provided2 and 7,b7 selection of the loan recipient4 7#f7 ,administrative fee ,the ,secretary may charge a fee for the administrative and closing costs of a loan provided under this subsection1 subject to the condition that the fee does not exceed the lesser of-- 7,a7 #ajj1jjj2 and 7,b7 #aj basis points of the principal amount of the loan4 7c7 ,improvement ,not later than #ij days after the date of enactment of this ,act1 the ,secretary shall promulgate an interim final rule establishing regulations that the ,secretary determines to be necessary to administer this section and any loans provided by the ,secretary under subsection 7b74 7d7 ,priority 7#a7 ,in general ,in providing loans under this section to manufacturers 7including component suppliers7 that have existing facilities1 the ,secretary shall give priority to manufacturers that are seeking to expand manufacturing output through-- 7,a7 the establishment of #a or more new facilities2 or 7,b7 the reopening of #a or more facilities4 7#b7 ,idle facilities ,a facility described in subparagraph 7,a7 or 7,b7 of paragraph 7#a7 may be sitting idle as of the date on which the applicable loan is provided under this section4 7e7 ,set aside for small energy grid product manufacturers and component suppliers 7#a7 ,definition of covered firm ,in this subsection1 the term covered firm means a firm that-- 7,a7 employs fewer than #ejj individuals2 and 7,b7 manufactures energy grid products or components4 7#b7 ,set aside ,of the amounts used to provide loans each fiscal year under subsection 7b71 the ,secretary shall use not less than #e percent to provide loans to-- 7,a7 covered firms2 or 7,b7 consortia led by covered firms4 7f7 ,appointment and pay of personnel 7#a7 ,in general ,the ,secretary may use direct hiring authority pursuant to section #ccjd7;a77#c7 of title #e1 ,united ,states ,code1 to appoint such professional and administrative personnel as the ,secretary determines to be necessary to carry out this section and any functions of the ,secretary under this section4 7#b7 ,rate of pay ,the rate of pay for a person appointed pursuant to paragraph 7#a7 shall not exceed the maximum rate payable for ,,gs-#ae of the ,general ,schedule under chapter #ec of title #e1 ,united ,states ,code4 7#c7 ,consultants ,the ,secretary may retain1 pursuant to section #aija of title #da1 ,united ,states ,code1 such consultants as the ,secretary determines to be necessary to carry out this section and any functions of the ,secretary under this section4 7g7 ,outreach ,in carrying out this section1 the ,secretary shall-- 7#a7 provide assistance with the completion of applications for loans under this section2 and 7#b7 conduct outreach1 including through conferences and online programs1 to disseminate information about loans under this section to potential applicants4 7h7 ,report ,not later than #b years after the date of enactment of this ,act1 and every #b years thereafter1 the ,secretary shall submit to ,congress a report on the status of projects supported by a loan under this section1 including-- 7#a7 a list of projects for which a loan was provided under this section1 including1 with respect to each project-- 7,a7 the loan amount2 and 7,b7 the construction status of the project2 7#b7 the status of the loan repayment for each project1 including future repayment projections2 7#c7 data regarding the number of direct and indirect jobs retained1 restored1 or created by financed projects2 7#d7 a projection of the number of new projects for which the ,secretary expects to provide a loan under this section during the #b-year period beginning on the date of the report1 including the projected aggregate loan amount over that #b-year period2 7#e7 an evaluation of ongoing compliance with the assurances and commitments 7and the accuracy of any predictions7 made by applicants pursuant to paragraphs 7#b7 and 7#c7 of subsection 7b72 7#f7 the total number of applications received by the ,secretary each year2 and 7#g7 any other metrics that the ,secretary determines to be appropriate4 7i7 ,funding 7#a7 ,rescission ,of the unobligated balance of amounts made available by section #abi of division ,a of the ,consolidated ,security1 ,disaster ,assistance1 and ,continuing ,appropriations ,act1 #bjji 7,public ,law #aaj-cbi2 #abb ,stat4 #cegh71 #b1djj1jjj1jjj are rescinded4 7#b7 ,direct appropriation ,if sufficient unobligated amounts made available by section #abi of division ,a of the ,consolidated ,security1 ,disaster ,assistance1 and ,continuing ,appropriations ,act1 #bjji 7,public ,law #aaj-cbi2 #abb ,stat4 #cegh71 are available on the date of enactment of this ,act to execute the entire rescission described in paragraph 7#a71 on the day after the execution of the entire rescission1 there is appropriated to the ,secretary1 out of amounts in the ,treasury not otherwise appropriated1 #b1djj1jjj1jjj to carry out this section1 to remain available until expended4