Today, the House Energy and Commerce Committee released an extensive report outlining key findings of the committee's investigation into the Department of Energy's management of the loan guarantee program. Congressman Michael C. Burgess, M.D. (TX-26), released the following statement after the report's release:
"In a rush to create a success story following his inauguration, President Obama directed his agencies to fast track billions of taxpayer dollars in grants and loan for companies that would have otherwise never qualified for loans in the private sector. Solyndra is unfortunately only one of many examples of companies that received federal dollars, over half a billion dollars, and then subsequently filed for bankruptcy.
"During our committee's 18-month investigation, we've reviewed over 300,000 pages of documents, held hearings, and are now able to provide a thorough review of what we've uncovered. This entire ordeal was avoidable had the Obama administration chosen to provide the information from the start. Why was it necessary to draw this out for as long as they did? What happened to the transparency they promised? Why were they withholding information?
"What we have learned is that the Department of Energy violated the law and knew that the Solyndra loan guarantee was destined to fail, yet they continued to parade its so-called "success." The Department of Energy's loan guarantee program is just another chapter in the Obama administration's failed economic novel and another example of their broken promise to be transparent."