"Energy Dept. Oversight on Loans Is Inadequate, GAO Says"

"The Energy Department is mismanaging oversight of $34 billion in taxpayer-backed loans for green-energy and other projects, congressional auditors said Monday in a new report."

"The Government Accountability Office said it took Energy Department staff more than three months to come up with data on the status of applications for loan guarantees, leading auditors to question whether oversight of the program is timely or fair to companies seeking federal subsidies.

'...Maintaining adequate and proper records of agency activities is essential to oversight of the management of public resources,' auditors wrote."

Lisa Rein reports for the Washington Post's Federal Eye blog March 13, 2012.

SEE ALSO:

"Senators Say Energy Loan Programs Need Restructuring" (Detroit News)