Page:United States Statutes at Large Volume 124.djvu/4055

 124 STAT. 4029 PUBLIC LAW 111–358—JAN. 4, 2011 shall have access to records and other pertinent documents for the purpose of conducting an audit. ‘‘(k) FULL FAITH AND CREDIT.—The full faith and credit of the United States is pledged to the payment of all loan guarantees issued under this section with respect to principal and interest. ‘‘(l) REGULATIONS.—The Secretary shall issue final regulations before making any loan guarantees under the program. The regula- tions shall include— ‘‘(1) criteria that the Secretary shall use to determine eligi- bility for loan guarantees under this section, including— ‘‘(A) whether a borrower is a small- or medium-sized manufacturer; and ‘‘(B) whether a borrower demonstrates that a market exists for the innovative technology product, or the integral component of such a product, to be manufactured, as evi- denced by written statements of interest from potential purchasers; ‘‘(2) criteria that the Secretary shall use to determine the amount of any fees charged under subsection (i), including criteria related to the amount of the obligation; ‘‘(3) policies and procedures for selecting and monitoring lenders and loan performance; and ‘‘(4) any other policies, procedures, or information necessary to implement this section. ‘‘(m) AUDIT.— ‘‘(1) ANNUAL INDEPENDENT AUDITS.—The Secretary shall enter into an arrangement with an independent auditor for annual evaluations of the program under this section. ‘‘(2) COMPTROLLER GENERAL REVIEW.—The Comptroller General of the United States shall conduct a biennial review of the Secretary’s execution of the program under this section. ‘‘(3) REPORT.—The results of the independent audit under paragraph (1) and the Comptroller General’s review under para- graph (2) shall be provided directly to the Committee on Science and Technology of the House of Representatives and the Com- mittee on Commerce, Science, and Transportation of the Senate. ‘‘(n) REPORT TO CONGRESS.—Concurrent with the submission to Congress of the President’s annual budget request in each year after the date of enactment of the America COMPETES Reauthor- ization Act of 2010, the Secretary shall transmit to the Committee on Science and Technology of the House of Representatives and the Committee on Commerce, Science, and Transportation of the Senate a report containing a summary of all activities carried out under this section. ‘‘(o) COORDINATION AND NONDUPLICATION.—To the maximum extent practicable, the Secretary shall ensure that the activities carried out under this section are coordinated with, and do not duplicate the efforts of, other loan guarantee programs within the Federal Government. ‘‘(p) MEP CENTERS.—The Secretary may use centers established under section 25 of the National Institute of Standards and Tech- nology Act (15 U.S.C. 278k) to provide information about the pro- gram established under this section and to conduct outreach to potential borrowers, as appropriate. ‘‘(q) MINIMIZING RISK.—The Secretary shall promulgate regula- tions and policies to carry out this section in accordance with Office of Management and Budget Circular No. A–129, entitled Regulations. Contracts.