Rep. Tom Graves (R-GA-09) released the following statement today, after voting for H.R. 6213, the No More Solyndras Act. H.R. 6213 ensures that taxpayers are never again left on the hook for hundreds of millions of dollars because of the Obama Administration's, or any future presidents', risky gambles. The legislation draws on lessons learned from the Congressional investigation into the Department of Energy's (DOE) $535 million loan guarantee to Solyndra, the California solar panel manufacturer that ultimately went bankrupt last summer, leaving taxpayers stuck with a bill worth half a billion dollars. It phases out the DOE's flawed loan guarantee program under the Energy Policy Act of 2005 by prohibiting the DOE from issuing any such loan guarantees for applications submitted after December 31, 2011.
"The Solyndra debacle is an example of bad decisions, gluttonous waste, and government cronyism at its worst. The federal government shouldn't be in the business of picking winners and losers. It certainly shouldn't be in the business of making risky bets with the taxpayers' money. The free market is the best arbiter of success in the private sector."
"The Obama Administration bet half a billion taxpayer dollars on Solyndra, but the company didn't create one job and ultimately went belly-up. This legislation will ensure government bureaucrats can no longer take this type of gamble with taxpayer money. If we want to get our economy back on track and create jobs, Washington should instead focus on unleashing the power of the private sector by reforming the tax code, cutting spending, and removing burdensome regulations."