The Detroit News reports that 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, U.S. Energy Secretary Ernest Moniz said.
The Advanced Technology Vehicle Manufacturing Program was created by Congress in 2007 to spur the production of more fuel-efficient vehicles in the United States.
The program hasn’t made a new loan since March 2011 and came under scrutiny after two of five companies that received loans halted production.
“We are looking at what a new (loan) solicitation might look like. That’s an ongoing discussion,” Moniz said told The Detroit News. “We are actively looking at what might be an effective new (request for proposals).”
Source: The Detroit News
