Today, I voted for the No More Solyndras Act because taxpayers should not be on the hook for over half a billion dollars for a company that went bankrupt. Private investment, not government investment, is the most effective in creating long lasting job growth and sustainable business models.
The Energy and Commerce Committee conducted an extensive investigation into the Obama administration's failed loan guarantee program. The findings were astounding that this program was dysfunctional, riddled with the Administration pressing forth bad loans that lacked necessary safeguards to protect taxpayers. Warning signs questioning the project's viability and the company's financial condition remained hidden from the public and only came to light well after millions of taxpayer dollars had been paid out to Solyndra. When Solyndra's warnings came to fruition and the company ran out of cash in the autumn of 2010, the Obama administration doubled down on their bad bet, restructuring Solyndra's loan in early 2011 and putting wealthy investors at the front of the line ahead of taxpayers.
President Obama's stimulus made this program easier to get away with picking certain companies to help out by giving away millions of dollars to help further his liberal agenda while leaving taxpayers to pick up the pieces.
Simply put, job growth through privately financed projects like the Keystone Pipeline is much more effective than massive Washington funding companies like Solyndra.