Republican Sens. Question DOE's $529M Electric Car Loan

Law360, New York (April 23, 2012, 7:54 PM EDT) -- Two Republican senators on Monday called on U.S. Department of Energy Secretary Steven Chu to justify the agency’s decision to issue luxury electric car maker Fisker Automotive Corp. $529 million in loans that the agency later froze.

In a letter to Chu, Sens. Chuck Grassley, R-Iowa, and John Thune, R-S.D., challenged the DOE’s decision to extend loans to Fisker to help fund vehicles that would sell for more than $100,000, and question whether the agency properly vetted the company.

In April 2010, the DOE issued Fisker...
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