Congressman Russell Introduces Bill to Save $16.6 Billion
Washington, DC – Last Friday, Congressman Steve Russell (OK-5) introduced H.R. 1623, a bill to repeal the Advanced Technology Vehicles Manufacturing Incentive Program (ATVM). The ATVM is a $25 billion loan program, created in 2007 with the Energy Independence and Security Act, to assist car manufacturers in producing more fuel-efficient passenger vehicles. Of the $25 billion appropriated, $16.6 billion is left in the fund, and the last completed loan was issued in March 2011. In a Government Accountability Office (GAO) report from March 2013, it was noted that participation in the ATVM program projects higher costs than benefits for these manufacturers. President Trump’s recently proposed budget would eliminate the program. Congressman Russell introduced this bill last Congress.
Congressman Russell spoke about ATVM, saying, “I find it amazing how much money is wasted on unnecessary programs within the federal government. Here we have a fund that has gone completely unused for years, yet $16.6 billion remains tied up for a program that the GAO reports is more costly than it is beneficial to its participants. With no current end date on the books, it is time to eliminate ATVM and return the money to the Treasury.”
H.R. 1623 is the fourth cost cutting bill Congressman Russell has introduced in 2017, following the Federal Agency Mail Management Act of 2017, the Federal Register Printing Savings Act of 2017, and the No Tax Subsidies for Stadiums Act.
Congressman Russell continues to highlight government waste in his Waste Watch series.
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