DOE Secretary Chu Announces Changes to Expedite Economic Recovery Funding

U.S. Department of Energy
February 19, 2009

Restructuring will lead to new investments in energy projects within months

WASHINGTON D.C. --- Two days after President Obama signed the historic American Recovery and Reinvestment Act into law, Energy Secretary Steven Chu announced a sweeping reorganization of the Department of Energy’s dispersal of direct loans, loan guarantees and funding contained in the new recovery legislation. The goal of the restructuring is to expedite disbursement of money to begin investments in a new energy economy that will put Americans back to work and create millions of new jobs.

“These changes will bring a new urgency to investments that will put Americans back to work, reduce our dangerous dependence on foreign oil, and improve the environment.” Secretary Chu said. “We need to start this work in a matter of months, not years – while insisting on the highest standard of accountability.”

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