Rep. Flores Introduces Repeal of Advanced Technology Vehicle Manufacturing Loan Program
Rep. Bill Flores (TX-17)
Congressman Bill Flores has introduced a bill to repeal the Advanced Technology Vehicle Manufacturing (ATVM) Loan Program, as part of the GOP’s “YouCut” program:
Representative Flores released the following statement:
“The Advanced Technology Vehicle Manufacturing loan program was first funded by a Democrat-led Congress in the FY 2009 Continuing Resolution (CR), enacted on September 30, 2008, making $7.5 billion available from the Department of Energy to support $25 billion in loans to auto manufacturers. These loans were provided in addition to the Obama administration’s Detroit auto company bailout while pushing his green energy agenda. Three years later, however, the program has largely remained unused as more than $4 billion sit idle today. Americans recently learned that one start-up electric car company, Fisker, secured a $529 million federal government loan guarantee to assemble its cars in Finland, sending 500 manufacturing jobs overseas. Yet, 95 percent of applicants for ATVM loans are still awaiting approval or have been rejected from the loan pool."
“My proposed bill to terminate the program prior to the end of the current fiscal year could potentially save additional billions in unused taxpayer dollars. Repealing the ATVM loan program will preserve much-needed funds to support projects that have the best chance of providing middle-class jobs here at home in the near term. It will also ensure that funds are provided for an immediate need, rather than letting them sit idly by waiting for a careless and inefficient bureaucratic process that has made little progress in the past three years."