One of the hidden gems of American government is a small division of the Department of Energy called the Loan Programs Office. This is a government bank that hands out loans to companies with business plans that go beyond the technological frontier, with ideas nobody has tried before. Commercial banks will generally not loan to such companies—as a rule, private bankers want something that is already proven to work—so the LPO helps such entrepreneurs get from the drawing board to producing and selling an actual product.

The LPO has funded thousands of successful projects, from renewable-energy installations, to solar and battery factories, to new low-emission industrial processes, to power grid upgrades, to the first new nuclear power plant in decades, to domestic EV companies, and much more in that vein. It has virtually no overhead, with just a few hundred staffers running a fund of more than $400 billion. Almost all of these projects are successfully paying back their loans. For any government—and especially the American one, with its underfunded and sclerotic agencies—this counts as a smashing success.