H.R. 3241, To clarify the amount of loans to be guaranteed under title XVII of the Energy Policy Act of 2005, and for other purposes

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H.R. 3241 would clarify the amount of loans to be guaranteed under title XVII of the Energy Policy Act of 2005.

Detailed Summary

<b>(This measure has not been amended since it was introduced. The summary of that version is repeated here.)</b>

Amends the Energy Policy Act of 2005 to: (1) prohibit loan guarantees for innovative technologies from being less than the minimum amount determined by the Secretary of Energy to be likely to attract nonguaranteed investment adequate to capitalize the project; (2) authorize the Secretary to guarantee up to 100 % of any debt obligation of the borrower to fund an eligible project; and (3) prohibit the Secretary from issuing a rule or regulation establishing a lower percentage limit.

Conditions such loan guarantee upon reasonable assurances by the borrower that all laborers and mechanics employed by contractors or subcontractors in the performance of construction work financed in whole or in part with the loan will be paid wages at rates not less than those prevailing on similar work in the locality as determined by the Secretary of Labor.

Prohibits any appropriation authorized pursuant to the Act from excluding any category of specified eligible projects.

Status of the Legislation

Latest Major Action: 8/24/2007: Referred to House subcommittee. Status: Referred to the Subcommittee on Energy and Environment.

Points in Favor

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Points Against

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