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$8 Billion Loan Program to Boost US Energy Grid Component Manufacturing.

This law establishes an $8 billion loan program managed by the Department of Energy to help US manufacturers build, expand, or re-equip facilities producing critical energy grid components, such as transformers and switchgear. The goal is to strengthen the domestic supply chain, enhance energy security, and create well-paying manufacturing jobs by encouraging companies to bring production back to the United States. This initiative aims to reduce reliance on foreign sources for essential infrastructure parts.
Key points
The government will provide up to $8 billion in loans to companies manufacturing essential components for the electric power grid within the US.
Companies receiving loans must ensure that construction workers and mechanics are paid prevailing local wages.
The program prioritizes manufacturers who are establishing new facilities or reopening idle ones to increase domestic production capacity.
A minimum of 5% of the funds is set aside specifically for loans to small businesses (under 500 employees) that supply energy grid products.
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Additional Information
Print number: 118_S_34
Sponsor: Sen. Rubio, Marco [R-FL]
Process start date: 2023-01-24
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Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Facilitating the Reshoring of Energy Grid Component Manufacturing Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_34.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-01-24.

What are the main provisions?

Key points include:

  • The government will provide up to $8 billion in loans to companies manufacturing essential components for the electric power grid within the US.
  • Companies receiving loans must ensure that construction workers and mechanics are paid prevailing local wages.
  • The program prioritizes manufacturers who are establishing new facilities or reopening idle ones to increase domestic production capacity.
  • A minimum of 5% of the funds is set aside specifically for loans to small businesses (under 500 employees) that supply energy grid products.
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 Sen. Rubio, Marco [R-FL].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Economy Public Investments Labor