Facilitating the Reshoring of Energy Grid Component Manufacturing Act of 2024

This bill establishes an $8 billion loan program to support U.S. manufacturing of critical energy grid components like transformers, switchgear, and power cables. It provides federal-backed loans (via the Federal Financing Bank) to manufacturers rebuilding, expanding, or opening U.S. facilities producing these components, requiring prevailing wage standards for workers. The program prioritizes projects expanding existing facilities or reopening idle ones, and sets aside at least 5% of annual funding for small manufacturers (under 500 employees). The Department of Energy must report annually on loan recipients, project status, job impacts, and repayment progress.