Bingaman, Murkowski Seek To Establish Energy Loan Agency

Senate Energy and Natural Resources Chairman Jeff Bingaman and ranking member Lisa Murkowski expect to introduce legislation this week to create a Clean Energy Deployment Administration that will oversee loan guarantees and direct loans for new technology in the Energy Department, Bingaman said today. The legislation would transfer authority of the existing loan guarantee program created in 2005 energy legislation to the proposed office. The existing program has been criticized because it has not approved a single loan application. Bingaman said the proposed office must be allowed "to take on some risks in order to bring true breakthroughs to the mainstream marketplace" along with investing in proven technologies.