It has $16 billion to spread around.
Energy Secretary Ernest Moniz announced that the Advanced Technology Vehicles Manufacturing Loan Program that became a political football during the 2012 presidential race is ready to start accepting applications again. GOP presidential nominee Mitt Romney blasted it at the time, and conservative pundits have never let up.
Moniz made the announcement Wednesday at the Motor & Equipment Manufacturers Association Legislative Summit.
The Energy Department says that the loan program "plays a crucial role in supporting the growth of the U.S. auto manufacturing industry." But its success record was decidedly mixed. Electric car maker Tesla Motors received a huge loan and paid it all back with interest. But plug-in hybrid maker Fisker Automotive failed, and the whole affair had Republicans raising questions about whether the federal government belongs in the business of loans to private companies, especially in as risky a sector as alternatively powered vehicles.
The program has provided about $8.4 billion in financing so far. The department says it has created 35,000 direct jobs in California, Illinois, Michigan, Missouri, Ohio, Kentucky, New York and Tennessee.
It's ripe for a restart because times have changed, Moniz says.
"The U.S. auto industry has evolved since the ATVM Program was established and today we are presented with an opportunity to hit the accelerator on U.S. auto manufacturing growth," he says.
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