Commercial Space Transportation Cost Reduction Act - Sets forth the purposes of this Act, including to: (1) ensure the availability of otherwise unavailable private sector "bridge" financing for U.S. private sector development of commercial space transportation vehicles with launch costs significantly below current levels; (2) avoid undue reliance on foreign space transportation services; (3) reduce substantially U.S. Government space transportation expenditures; (4) encourage the growth of space-related commerce in the United States and internationally; and (5) increase the number of high-value jobs in U.S. space-related industries.
Title I: Increasing the Availability of Private Sector Financing for the U.S. Commercial Space Transportation Vehicle Industry Through a Loan Guarantee Program - Establishes the U.S. Commercial Space Transportation Vehicle Industry Loan Guarantee program to provide loan guarantees to support the private development of multiple qualified U.S. commercial space transportation vehicle providers with launch costs significantly below current levels.
Sets forth provisions regarding the administration and scope of the program.
(Sec. 102) Sets out functions of the Secretary of Transportation, including: (1) consultation with appropriate Federal agencies, congressional and space industry representatives, and members of the risk management industry concerning assessments of international competition, potential markets for space transportation vehicles, and availability of private investment capital, and recommendations of commercial entities, partnerships, joint ventures, or consortia regarding effective implementation of the loan guarantee program; and (2) management of the program consistent with the purposes of this Act.
(Sec. 103) Authorizes appropriations to be deposited in a Fund to be used to reduce governmental costs related to the loan guarantee program.
(Sec. 104) Authorizes the Secretary to guarantee 100 percent of the payment of the interest on, and the unpaid balance of the principal of, any loan guaranteed under this Act.
Directs the Secretary to make certain risk determinations based on specified risk factors with respect to guaranteed loans made under this Act.
(Sec. 105) Sets forth provisions regarding eligibility and default requirements for loans guaranteed under this Act.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S2011-2012)
Read twice and referred to the Committee on Commerce.
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