Dr. Dan Benishek (MI-01) today endorsed the "No More Solyndras Act" (H.R.6213), a bill which will protect American taxpayers by terminating the Obama Administration's loan guarantee program that was used to give taxpayer dollars to failed companies like Solyndra.
"The Obama Administration made a risky gamble with millions of taxpayer dollars on Solyndra and lost that bet," said Dr. Benishek, a surgeon from Iron River. "I believe Northern Michigan's citizens deserve to have their precious tax dollars used wisely, not given over to failed companies," Dr. Benishek continued.
This legislation phases out the U.S. Department of Energy (DOE) loan guarantee program by prohibiting the department from issuing any loan guarantees for applications submitted after December 31, 2011. The bill also contains additional protections to taxpayers by prohibiting the DOE from making any loan guarantees until the Secretary of Treasury has made a recommendation on the merits of the guarantee. Additionally, this bill requires the DOE to provide a detailed explanation to Congress if a loan guarantee does not confirm to a recommendation made by the Treasury Department.
"This Administration should be focused on creating jobs, not handing out over $500 million in taxpayer dollars to an unproven solar company that ended up going belly-up. These are the kind of antics that make Americans so angry at Washington. We need to put an end to this type of waste, and this bill makes clear--there will be no more Solyndras," added Dr. Benishek.
In March of 2009, the Department of Energy awarded Solyndra, a California-based solar company, $535 million in loan guarantees without receiving outside reviews of the quality of the company. In September 2011, Solyndra filed for bankruptcy and laid off more than 1,000 workers.
The "No More Solyndras Act" was authored by Rep. Fred Upton (MI-06) and has been referred to the House Committee on Energy and Commerce.