U.S. Rep. Ed Whitfield (KY-01), Chairman of the Subcommittee on Energy and Power, today chaired the mark up on the "No More Solyndras Act" in his Energy and Power subcommittee. He has declared the Energy Department's loan program that handled the loan for Solyndra, a "complete failure."
"It is time the Federal government quits throwing money at failed programs," Whitfield said. "Solyndra is not the only instance of a loan guarantee recipient going bankrupt that had major Administration supporters among its ownership interests. All things considered, three (failed companies that received loans) is more than enough reason to declare the program a failure and put an end to it."
The "No More Solyndras Act" will effectively terminate the Administration's loan guarantee program by prohibiting the Department of Energy from issuing any loan guarantees for applications submitted after December 31, 2011. The legislation will also provide taxpayers with strong new protections for already pending participants, including increased due diligence, new transparency requirements, and the prohibition of taxpayer subordination.
The next action on the bill will be a full committee mark up in the House Energy and Commerce Committee.