Congressman Bill Shuster voted today to pass the No More Solyndras Act (H.R. 6213). The bill ensures taxpayers are never again stuck with a loss of hundreds of millions of dollars because of the Obama Administration's flawed decisions.
"The Obama administration squandered hundreds of millions of taxpayer dollars even after they were warned several times that Solyndra was a bad investment. The administration put their pet projects above the interests of taxpayers. This legislation will stop that from happening again," said Shuster.
The "No More Solyndras Act" will phase out the Department of Energy's flawed loan guarantee program and prohibit DOE from issuing any new loan guarantees for projects submitted after December 31, 2011. While the legislation will ultimately terminate the loan guarantee program entirely, projects already pending will be subject to greater transparency and accountability to prevent another Solyndra disaster.