Sec. 106. Federal credit authority
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Subject to paragraph (2), on a finding by the Secretary and the Administrator that the Administration is sufficiently ready to assume the functions, and that applicants to those programs will not be unduly adversely affected, but in no case later than 18 months after the date of enactment of this Act, the functions and authority of the Secretary described in subparagraph
(B)shall be transferred to the Administration. The functions and authority of the Secretary described in this subparagraph are functions and authority under— subsection title XVII of the Energy Policy Act of 2005 ( 42 U.S.C. 16511 et seq.); section 2602(c) of the Energy Policy Act of 1992 ( 25 U.S.C. 3502(c) ); and financial services and program management for grant, loan, and other credit enhancement programs authorized to be administered by the Secretary under any other provision of law, as the Secretary determines appropriate. If the functions and authorities are not transferred to the Administration in accordance with paragraph (1), the Secretary and the Administrator shall submit to Congress a report on the reasons for delay and an expected timetable for transfer of the functions and authorities to the Administration not later than 2 years after the enactment of this title and every year thereafter until the functions and authorities are transferred to the Administration. The transfer of functions and authority under this subsection shall not affect the rights and obligations of any party that arise under a predecessor program or authority prior to the transfer under this subsection. On transfer of functions pursuant to paragraph (1), the Administration shall have all authorities to make use of the Fund reserved for the Secretary before the transfer. Effective beginning on the date of enactment of this Act, the Administrator may make use of up to 1.5 percent of the amounts in the Fund as of the beginning of each fiscal year to pay administrative expenses for that fiscal year to carry out this subtitle. Amounts in the Fund shall be available for discharge of liabilities and all other expenses of the Administration, including subsequent transfer to the respective credit accounts. All activities of the Administration that could result in a liability for the United States shall be transparently accounted for and no obligation or liability may be incurred unless— the appropriate amounts are transferred to credit accounts for activities pursuant to the Federal Credit Reform Act of 1990 ( 2 U.S.C. 661a ); or sufficient amounts are reserved within the Fund to account for such liabilities. On transfer of functions pursuant to paragraph (1), out of any funds in the Treasury not otherwise appropriated, the Secretary of the Treasury shall transfer to the Fund to carry out this subtitle $10,000,000,000, to remain available until expended. The Fund shall be entitled to receive and shall accept, and shall be used to carry out this subtitle, the funds transferred to the Fund under subparagraph (A), without further appropriation. In addition to funds made available by paragraphs
(1)through (6), there are authorized to be appropriated to the Fund such sums as are necessary to carry out this subtitle. Any payment to discharge liabilities arising from agreements under this subtitle shall be made exclusively out of the Fund or the associated credit account, as appropriate. Consistent with carrying out this subtitle, the Administrator shall charge fees or collect compensation generally in accordance with commercial rates. All fees collected by the Administration may be retained by the Administration and placed in the Fund and may remain available to the Administration, without further appropriation or fiscal year limitation, for use in carrying out this subtitle. The Administration shall charge the minimum amount in fees or compensation practicable for breakthrough technologies, consistent with the long-term viability of the Administration, unless the Administration first determines that a higher charge will not impede the development of the technology. The Administration may use such alternative arrangements (such as profit participation, contingent fees, and other valuable contingent interests) as the Administration considers appropriate to compensate the Administration for the expenses of the Administration and the risk inherent in the support of the Administration. Amounts collected by the Administration for the cost of a loan or loan guarantee shall be transferred by the Administration to the respective credit program accounts. In order to maintain sufficient liquidity for activities authorized under section 104(b), the Administration may issue notes, debentures, bonds, or other obligations for purchase by the Secretary of the Treasury. For the purpose of subsection (e)— the Secretary of the Treasury may use as a public debt transaction the proceeds of the sale of any securities issued under chapter 31 of title 31, United States Code; and the purposes for which securities may be issued under that chapter are extended to include any purchase under this subsection. The Secretary of the Treasury shall purchase instruments issued under subsection
(e)to the extent that the purchase would not increase the aggregate principal amount of the outstanding holdings of obligations under subsection
(e)by the Secretary of the Treasury to an amount that is greater than $2,000,000,000. Each purchase of obligations by the Secretary of the Treasury under this section shall be on terms and conditions established to yield a rate of return determined by the Secretary of the Treasury to be appropriate, taking into account the current average rate on outstanding marketable obligations of the United States as of the last day of the month preceding the purchase. The Secretary of the Treasury may at any time sell, on terms and conditions and at prices determined by the Secretary of the Treasury, any of the obligations acquired by the Secretary of the Treasury under this section. All redemptions, purchases, and sales by the Secretary of the Treasury of obligations under this section shall be treated as public debt transactions of the United States.
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