S. Energy Secretary Ernest Moniz says the Obama administration is considering reviving the moribund $25 billion auto loan program by revising lending criteria and seeking a new round of loan requests.
Created by Congress in 2007, the Advanced Technology Vehicle Manufacturing Program hasn’t made a new loan since March 2011 and came under scrutiny after two of five companies that received loans halted production. The auto loan program was created to spur the production of more fuel-efficient vehicles in the United States.
“We are looking at what a new (loan) solicitation might look like. That’s an ongoing discussion,” Moniz said in a Detroit News telephone interview on Monday from New Jersey, where he was traveling to a speech. “We are actively looking at what might be an effective new (request for proposals).”