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Support for US Energy Grid Component Manufacturing: Loans for Businesses

This act aims to strengthen domestic production of critical energy grid components by offering up to $8 billion in loans to manufacturing companies. This could lead to greater energy security and stable power supply for citizens, as well as the creation of new manufacturing jobs. The program also supports small businesses, allocating at least 5% of funds to them.
Key points
Loan Program: Up to $8 billion in loans will be available for companies manufacturing energy grid components in the U.S.
Energy Security: The goal is to increase domestic production, potentially improving the reliability of energy supply for citizens.
Job Creation: Investments in new and expanded factories could lead to the creation of new jobs.
Support for Small Businesses: At least 5% of the loan program funds will be set aside for small manufacturers.
Wage Requirements: Companies receiving loans must pay workers wages consistent with local prevailing rates.
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Additional Information
Print number: 118_HR_7611
Sponsor: Rep. Higgins, Clay [R-LA-3]
Process start date: 2024-03-11
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Facilitating the Reshoring of Energy Grid Component Manufacturing Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_7611.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-03-11.

What are the main provisions?

Key points include:

  • Loan Program: Up to $8 billion in loans will be available for companies manufacturing energy grid components in the U.S.
  • Energy Security: The goal is to increase domestic production, potentially improving the reliability of energy supply for citizens.
  • Job Creation: Investments in new and expanded factories could lead to the creation of new jobs.
  • Support for Small Businesses: At least 5% of the loan program funds will be set aside for small manufacturers.
  • Wage Requirements: Companies receiving loans must pay workers wages consistent with local prevailing rates.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Higgins, Clay [R-LA-3].

What is the latest detailed status?

The latest detailed status is: Referred to the Subcommittee on Energy, Climate and Grid Security.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Public Investments Economy Labor