U S Government Accountability Office

Department of Energy U S Government Accountability Office

the Energy Independence andSecurity Act of 2007, Congressmandated higher vehicle fueleconomy by model year 2020 andestablished the Advanced TechnologyVehicles Manufacturing (ATVM) loanprogram in the Department of Energy(DOE). ATVM is to provide up to $25billion in loans for more fuel-efficientvehicles and components. Congressalso provided $7.5 billion to pay therequired credit subsidy coststhegovernments estimated net long-termcost, in present value terms, of theloans. GAO was asked to review theATVM program and agreed to (1)identify the steps DOE has taken toimplement the program, (2) examinethe programs progress in awardingloans, (3) assess how the program isoverseeing the loans, and (4) evaluatethe extent to which DOE can assessprogress toward meeting its goals. GAO analyzed loan documents andrelevant laws and regulations andinterviewed DOE and ATVM officials.